AG真人官方

Blackstone to Invest More Than $25 Billion in Pennsylvania鈥檚 Digital and Energy Infrastructure, Plus Catalyze an Additional $60 Billion Investment

• Pennsylvania is uniquely suited to serve as a strategic hub to power America's AI future
• Blackstone-backed QTS, the largest independent data center operator in the world, to develop and operate new Pennsylvania data center sites
• Blackstone has formed a joint venture with PPL to invest in new Pennsylvania natural gas power generation facilities
• Over 6,000 jobs will be created or supported annually over an estimated 10-year construction timeline

NEW YORK--(BUSINESS WIRE)-- Blackstone (NYSE: BX) announced today that funds managed by Blackstone Infrastructure and Blackstone AG真人官方 Estate (鈥淏lackstone鈥�) will invest over $25 billion to support the build out of Pennsylvania鈥檚 digital and energy infrastructure and help catalyze an additional $60 billion investment into the Commonwealth. This initiative builds on Blackstone鈥檚 track record as the leading investor in data centers and power infrastructure.

Commenting on the announcement, Jon Gray, Blackstone鈥檚 President and Chief Operating Officer, said: 鈥淲e鈥檙e thrilled to be investing behind two of our highest conviction themes 鈥� digital infrastructure and energy 鈥� in a part of the country that is ideally situated to support and expand America鈥檚 leading position in the AI revolution. We look forward to working with our partners in government, local communities, and with the people of Pennsylvania to meaningfully invest in the growth of the commonwealth鈥檚 digital and energy infrastructure.鈥�

Sean Klimczak, Blackstone鈥檚 Global Head of Infrastructure, said: 鈥淧ennsylvania is transforming into a strategic hub for AI innovation, and we鈥檙e excited to work with our partners at PPL to invest in the generation needed to support this critical digital infrastructure.鈥�

Nadeem Meghji, Blackstone鈥檚 Global Co-Head of AG真人官方 Estate, said: 鈥淭his announcement is reflective of Blackstone鈥檚 track record of partnering with governments, local communities and customers to create win-win-win outcomes. As the leading global investor in data centers, we are excited to help advance the nation鈥檚 digital infrastructure goals.鈥�

Investment Highlights

• Ready to move. Blackstone-backed QTS, the largest independent data center operator in the world, has secured multiple land sites throughout Northeastern Pennsylvania to develop and operate Pennsylvania data center sites and intends to issue a Request for Information to invite other communities to participate in the build out of additional data centers.
• Strong local partner. Blackstone has also formed a joint venture with PPL, a leading utility headquartered in Allentown, PA, with plans for the joint venture to invest in new natural gas power generation facilities in Pennsylvania to provide electricity for America鈥檚 AI and reindustrialized future.
• Creating local jobs. Over 6,000 jobs will be created or supported annually over an estimated 10-year construction timeline and over 3,000 permanent jobs will be created or supported during operations by QTS and its customers. Blackstone has a long-standing relationship with labor and plans to continue that partnership in Pennsylvania.
• Abundant low-cost energy. Pennsylvania is uniquely suited to serve as a strategic hub to power the nation鈥檚 AI objectives given its abundant low-cost energy that accounts for 20% of the nation鈥檚 natural gas production.
• PA Fast Track. QTS will work with local, county and commonwealth officials to utilize Pennsylvania鈥檚 new project management systems (Fast Track) to ensure that all permitting requirements are accomplished at the speed required to meet national priorities in the development and use of AI.
• Community Partnership. Blackstone aims to invest in alignment with state and community goals, which in Pennsylvania support the build-out of energy and digital infrastructure. Blackstone and QTS intend to engage in a wide range of volunteer opportunities, and community outreach and partnerships across Pennsylvania.

Tag Greason, Co-CEO of QTS, said: 鈥淧ennsylvania is well positioned for data center growth and has become a market where we鈥檙e seeing substantial demand from hyperscalers and other customers for high-quality digital infrastructure. We look forward to engaging with communities and leaders across the Commonwealth to position our leading data center platform to support the digital infrastructure needs of Pennsylvania businesses and families.鈥�

Construction is expected to commence by year-end 2028 subject to permitting and utility approvals.

About Blackstone

Blackstone is the world鈥檚 largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone鈥檚 nearly $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at . Follow @blackstone on , , and .

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Paula Chirhart

Blackstone Infrastructure

[email protected]

347-463-5453



Jeff Kauth

Blackstone AG真人官方 Estate

[email protected]

212-583-5395

Source: Blackstone