On February 26, Blackstone Energy Transition Partners finished construction of the 694‑megawatt Magnolia Power Generating Station in Plaquemine, Louisiana. The greenfield facility is a combined‑cycle gas turbine plant that is the first hydrogen‑capable, advanced‑class generator in the Midcontinent Independent System Operator (MISO) South region, and it is expected to supply enough electricity to power more than 500,000 homes each year.
Construction of the plant began in 2022 and cost approximately $750 million. The project created more than 400 local construction jobs and is projected to support 25 permanent direct jobs, providing a significant boost to the Louisiana economy while adding a highly efficient, dispatchable resource to the MISO South grid.
Blackstone’s investment in Magnolia reflects the firm’s broader energy‑transition strategy, which focuses on clean‑energy infrastructure, grid reliability, and decarbonization. The company has already deployed capital in other power projects such as the Wolf Summit, Hill Top, and Potomac Energy Centers, and its Energy Transition Partners IV fund closed at $5.6 billion, underscoring strong investor demand for this sector.
Following the plant’s completion, RBC Capital initiated coverage of Blackstone Inc. with an “Outperform” rating and a price target of $179, signaling confidence in the company’s continued growth in the energy transition space.
Bilal Khan, Senior Managing Director at Blackstone, said, “Blackstone is proud to invest in new energy supply generation needed to fuel economic growth and support rising power demand in the region. We are excited to have backed this critical project, which has created hundreds of jobs and will help deliver more affordable, efficient and reliable electricity for Louisiana.” Lee Davis, CEO of Kindle Energy, added, “This marks an important milestone for our company as we continue to build new, efficient power generation for our valued partners and customers in Louisiana, Colorado, and West Virginia. We look forward to our continued partnership with Blackstone to support rising energy needs in North America.” U.S. Deputy Secretary of Energy James P. Danly commented, “Magnolia Power Generating Station will help deliver affordable and reliable electricity to more than 500,000 homes while supporting hundreds of American jobs in Louisiana.”
The plant’s hydrogen‑capable design positions it as a forward‑looking asset that can adapt to future energy market dynamics, aligning with national decarbonization goals and reinforcing Blackstone’s role as a key player in the evolving U.S. power landscape.
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