Investment firm Ardian has taken full control of Hill Top Energy Center by acquiring the 58.1% stake it did not already own in the US natural gas-fired facility.
This acquisition is the first energy investment for the Ardian Americas Infrastructure Fund V fund, the manager said without disclosing any financial details.
Ardian first acquired a 41.9% stake in the 620MW combined cycle gas turbine located in Western Pennsylvania in July 2019.
Hill Top sells capacity and energy to the Pennsylvania-Jersey-Maryland regional transmission organisation, the largest competitive power market in the US.
Mathias Burghardt, EVP, head and founder of infrastructure, Ardian, said: “The proliferation of new data centres and the continued electrification of industry are driving electricity growth at rates not seen in decades. New, efficient assets like Hill Top, utilising state-of-the-art gas turbine technology, will provide around-the-clock reliable power to satisfy this growing demand.
“Hill Top is emblematic of Ardian’s commitment to the energy transition, providing reliable clean energy to power the region’s economic growth.”
Mark Voccola, senior MD and co-head of Ardian infrastructure in the US, said: “Hill Top’s strategic location in the heart of the Marcellus shale provides long-term access to abundant, low-cost, clean-burning natural gas, ensuring that the project will remain among the most efficient producers of electricity in the region.”
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