Canada’s upcoming Ksi Lisims LNG project, with a 12 mtpa capacity and partially owned by First Nations, has received an environmental approval from British Columbia authorities, eyeing a 2029 launch. US investment firm Blackstone announced it had agreed to buy a natural gas plant in Western Pennsylvania from another PE firm, Ardian, for nearly $1 billion, with the Hill Top Energy Center adding 620 MW capacity to its portfolio.
The natural gas and LNG sectors in North America continue to expand rapidly, driven by global demand and strategic export opportunities. In Canada, recent federal and provincial approvals under Prime Minister Mark Carney’s administration have accelerated several LNG projects on the West Coast, positioning the country to boost exports to Asia and Europe. In the US, capacity growth is on track to more than double by 2028, with new construction and supply deals advancing despite regulatory hurdles.
Ksi Lisims LNG Project: British Columbia and the federal government granted environmental approval for this C$10 billion ($7.3 billion USD) FLNG export facility near Gingolx, B.C., backed by Blackstone Inc.’s Western LNG, Rockies LNG Partners, and the Nisga’a Nation. The 12 million tonnes per annum (MMtpa) project, connected to the 559-mile Prince Rupert Gas Transmission pipeline, is set to start exports by 2028, making it Canada’s second-largest LNG terminal. It will create over 1,000 jobs and contribute $17 billion to the economy over 30 years, with Premier David Eby calling it “a win across the board.” This is the fourth B.C. LNG project approved after LNG Canada, Woodfibre LNG, and Cedar LNG. Recent milestones include a long-term supply deal with TotalEnergies and FEED work by Black & Veatch.
Blackstone, through its Blackstone Energy Transition Partners (BETP), has been actively acquiring and developing natural gas-fired power plants in the US, driven by surging electricity demand from AI data centers, cryptocurrency mining, and other high-energy uses. These investments align with Blackstone’s broader strategy to build reliable baseload power infrastructure, leveraging abundant natural gas supplies from regions like the Marcellus and Utica shale basins.
Hill Top Energy Center (Pennsylvania): On September 15, 2025, BETP announced a definitive agreement to acquire the Hill Top Energy Center, a 620-megawatt (MW) combined-cycle natural gas power plant in Greene County, Western Pennsylvania, from global private investment firm Ardian for nearly $1 billion (approximately $1,600 per kW).
The facility, which began commercial operations in 2021, is one of the most efficient combined-cycle gas turbine plants in the US, with best-in-class performance. It serves the PJM Interconnection market and is strategically located near abundant natural gas resources, making it ideal for supporting data center growth and other high-demand applications.
Blackstone executives Bilal Khan and Mark Zhu highlighted the plant’s role in powering the “AI revolution,” noting the need for massive capital in electricity infrastructure. This acquisition builds on Blackstone’s July 2025 announcement of a $25 billion investment in Pennsylvania’s digital and energy infrastructure, including co-located data centers and new gas-fired generation in partnership with PPL Corp. utilities.
The deal reflects a broader trend where natural gas plant values have roughly doubled since 2020, with deal volumes rising due to AI-driven demand. Pennsylvania, Ohio, and West Virginia are prime targets due to pipeline access and low-cost gas.
Potomac Energy Center (Virginia): In January 2025, Blackstone acquired this 774-MW natural gas power plant in Loudoun County, Virginia, for a similar ~$1 billion valuation. The highly efficient facility is near over 130 data centers (home to ~25% of US capacity) and has potential for future hydrogen blending to reduce emissions. It’s managed under Blackstone’s Creto Energy platform.
Over the past 3.5 years, Blackstone has advanced ~1,600 MW of new-build power generation capacity in the US, including natural gas units. In July 2025, the firm also agreed to acquire TXNM Energy in an $11.5 billion deal, expanding its energy footprint.
These moves position Blackstone as a major player in the intersection of energy and tech, with natural gas providing reliable, lower-emission power compared to coal while bridging to renewables. However, they come amid debates over emissions and grid strain. The Hill Top deal is expected to close soon, with Blackstone emphasizing long-term service agreements with hyperscalers (e.g., for AI firms like CoreWeave).
This surge in investments ties into the broader North American natural gas boom, including LNG exports, but focuses on domestic power generation to meet AI’s energy needs.
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