Blackstone plans $25 billion Pennsylvania infrastructure investment

Blackstone (NYSE: BX) announced plans to invest more than $25 billion in Pennsylvania's digital and energy infrastructure, with the investment intended to catalyze an additional $60 billion in funding for the state.

The investment will support data center development through Blackstone-backed QTS, which the company describes as the largest independent data center operator globally. QTS has secured multiple land sites in northeastern Pennsylvania for data center development and operations.

Blackstone has formed a joint venture with PPL, an Allentown-based utility company, to invest in new natural gas power generation facilities in Pennsylvania. The partnership aims to provide electricity to support artificial intelligence infrastructure and industrial development.

The project is expected to create or support over 6,000 jobs annually during an estimated 10-year construction timeline, with more than 3,000 permanent jobs anticipated during operations, according to the company's statement.

"We're thrilled to be investing behind two of our highest conviction themes – digital infrastructure and energy – in a part of the country that is ideally situated to support and expand America's leading position in the AI revolution," said Jon Gray, Blackstone's President and Chief Operating Officer.

Pennsylvania produces 20% of the nation's natural gas, positioning the state as a strategic location for energy-intensive data center operations. QTS plans to utilize Pennsylvania's Fast Track project management system to expedite permitting requirements.

Construction is expected to begin by year-end 2028, subject to permitting and utility approvals. QTS will issue a Request for Information to invite additional communities to participate in the data center development program.

Blackstone manages nearly $1.2 trillion in assets under management across various investment strategies including real estate, private equity, and infrastructure.

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