Blackstone Infrastructure Forms JV With PPL To Build Combined-Cycle Power Stations For Digital Infrastructure

Venture to serve data center power needs through long-term energy supply agreements

ALLENTOWN, Pa., July 15, 2025 /PRNewswire/ -- PPL Corporation (NYSE:PPL) ("PPL") and Blackstone Infrastructure today announced that they have formed a joint venture to build, own and operate new gas-fired, combined-cycle generation stations to power data centers under long-term energy services agreements (ESA). The announcement was made at the Pennsylvania Energy and Innovation Summit hosted by Sen. David McCormick at Carnegie Mellon University in Pittsburgh.

PPL owns 51% of the joint venture interest, with Blackstone Infrastructure owning 49%. The parties will ratably share joint venture expenses and distributions. The joint venture does not include PPL Electric Utilities or PPL's other regulated subsidiaries.