Latest news with #JonGray
Yahoo
6 days ago
- Business
- Yahoo
Blackstone to invest $25 billion in Pennsylvania data centers and natural gas plants, COO says
(Reuters) -Blackstone plans to invest $25 billion in developing data centers and power plants in Pennsylvania, President and Chief Operating Officer Jon Gray said at a panel at the Energy and Innovation Summit in Pittsburgh on Tuesday. Blackstone had identified several sites to build the energy-intensive centers, Gray said, adding that the private equity firm also plans to partner with an electric utility to build multiple natural gas power generation facilities to fuel the data centers in Pennsylvania. Big Tech is fueling a turnaround in U.S. power consumption with the expansion of data centers, which are needed to train and roll out artificial intelligence. One of the biggest roadblocks in the race to expand artificial intelligence technologies are the long wait times, caused by supply chain constraints and permitting, to power data centers. Locating data centers directly at the sites of power plants, an arrangement known as co-location, can potentially cut down time to power. Blackstone plans to focus on co-located projects in Pennsylvania, Gray said. "What makes us so excited about this area is the idea that you can co locate data centers directly next to the source of power and that's really the special sauce here is being able to put these things together," Gray said.
Globe and Mail
6 days ago
- Business
- Globe and Mail
Blackstone to Invest More Than $25 Billion in Pennsylvania's Digital and Energy Infrastructure, Plus Catalyze an Additional $60 Billion Investment
Blackstone (NYSE: BX) announced today that funds managed by Blackstone Infrastructure and Blackstone Real Estate ('Blackstone') will invest over $25 billion to support the build out of Pennsylvania's digital and energy infrastructure and help catalyze an additional $60 billion investment into the Commonwealth. This initiative builds on Blackstone's track record as the leading investor in data centers and power infrastructure. Commenting on the announcement, Jon Gray, Blackstone's President and Chief Operating Officer, said: '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. 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's digital and energy infrastructure.' Sean Klimczak, Blackstone's Global Head of Infrastructure, said: 'Pennsylvania is transforming into a strategic hub for AI innovation, and we're excited to work with our partners at PPL to invest in the generation needed to support this critical digital infrastructure.' Nadeem Meghji, Blackstone's Global Co-Head of Real Estate, said: 'This announcement is reflective of Blackstone's 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's digital infrastructure goals.' 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's 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's AI objectives given its abundant low-cost energy that accounts for 20% of the nation's natural gas production. PA Fast Track. QTS will work with local, county and commonwealth officials to utilize Pennsylvania's 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: 'Pennsylvania is well positioned for data center growth and has become a market where we're 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.' Construction is expected to commence by year-end 2028 subject to permitting and utility approvals. About Blackstone Blackstone is the world's 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's 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 LinkedIn, X (Twitter), and Instagram.
Yahoo
6 days ago
- Business
- Yahoo
Blackstone Announces $25B Investment in Pennsylvania Energy, AI
Blackstone will pump $25 billion into energy infrastructure projects and data centers in Pennsylvania, the asset management and investment giant said July 15. 'What we're thinking about, and what makes us so excited about this area, is the idea that you can co-locate the data centers directly next to the source of power,' said Blackstone COO Jon Gray. 'And that's really the special sauce here: being able to put these things together because building transmission lines, building pipelines—that's really difficult.' Gray gave few details about Blackstone's plans other than much of the investment would target sites in the northeastern areas of the state. He made his remarks during an AI panel discussion at the Pennsylvania Energy and Innovation Summit in Pittsburgh. Blackstone is one of several private sector players announcing commitments at the summit that will total about $90 billion. Among them is CoreWeave, an AI hyperscale company based in New Jersey, that announced a $6 billion commitment for a 100-megawatt data center in Lancaster, Pennsylvania. CoreWeave had announced in May that it had secured $7.5 billion in debt financing, led by investments from Blackstone and investment firm Magnetar Capital.
Yahoo
6 days ago
- Business
- Yahoo
Blackstone to Invest More Than $25 Billion in Pennsylvania's 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, July 15, 2025--(BUSINESS WIRE)--Blackstone (NYSE: BX) announced today that funds managed by Blackstone Infrastructure and Blackstone Real Estate ("Blackstone") will invest over $25 billion to support the build out of Pennsylvania's digital and energy infrastructure and help catalyze an additional $60 billion investment into the Commonwealth. This initiative builds on Blackstone's track record as the leading investor in data centers and power infrastructure. Commenting on the announcement, Jon Gray, Blackstone's President and Chief Operating Officer, said: "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. 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's digital and energy infrastructure." Sean Klimczak, Blackstone's Global Head of Infrastructure, said: "Pennsylvania is transforming into a strategic hub for AI innovation, and we're excited to work with our partners at PPL to invest in the generation needed to support this critical digital infrastructure." Nadeem Meghji, Blackstone's Global Co-Head of Real Estate, said: "This announcement is reflective of Blackstone's 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's digital infrastructure goals." 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's 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's AI objectives given its abundant low-cost energy that accounts for 20% of the nation's natural gas production. PA Fast Track. QTS will work with local, county and commonwealth officials to utilize Pennsylvania's 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: "Pennsylvania is well positioned for data center growth and has become a market where we're 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." Construction is expected to commence by year-end 2028 subject to permitting and utility approvals. About Blackstone Blackstone is the world's 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's 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 LinkedIn, X (Twitter), and Instagram. View source version on Contacts Paula ChirhartBlackstone 347-463-5453Jeff KauthBlackstone Real 212-583-5395 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
6 days ago
- Business
- Business Wire
Blackstone to Invest More Than $25 Billion in Pennsylvania's Digital and Energy Infrastructure, Plus Catalyze an Additional $60 Billion Investment
NEW YORK--(BUSINESS WIRE)--Blackstone (NYSE: BX) announced today that funds managed by Blackstone Infrastructure and Blackstone Real Estate ('Blackstone') will invest over $25 billion to support the build out of Pennsylvania's digital and energy infrastructure and help catalyze an additional $60 billion investment into the Commonwealth. This initiative builds on Blackstone's track record as the leading investor in data centers and power infrastructure. Commenting on the announcement, Jon Gray, Blackstone's President and Chief Operating Officer, said: '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. 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's digital and energy infrastructure.' Sean Klimczak, Blackstone's Global Head of Infrastructure, said: 'Pennsylvania is transforming into a strategic hub for AI innovation, and we're excited to work with our partners at PPL to invest in the generation needed to support this critical digital infrastructure.' Nadeem Meghji, Blackstone's Global Co-Head of Real Estate, said: 'This announcement is reflective of Blackstone's 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's digital infrastructure goals.' 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's 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's AI objectives given its abundant low-cost energy that accounts for 20% of the nation's natural gas production. PA Fast Track. QTS will work with local, county and commonwealth officials to utilize Pennsylvania's 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: 'Pennsylvania is well positioned for data center growth and has become a market where we're 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.' Construction is expected to commence by year-end 2028 subject to permitting and utility approvals. About Blackstone Blackstone is the world's 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's 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 LinkedIn, X (Twitter), and Instagram.
