PPL and Blackstone's Invitium agrees key terms with QTS for about 2 GW of new gas, fuel cell and battery generation for a Pennsylvania data centre campus
What changed
PPL said in its third-quarter 2026 investor update on 6 November that Invitium Energy, its joint venture with Blackstone Infrastructure in which PPL holds 51%, signed a letter of intent with QTS and agreed all key commercial terms to supply about 2 GW of generation capacity to QTS's Salem Township data centre project in Pennsylvania, for a 20-year initial term with several five-year renewals. The proposed portfolio is two combined-cycle gas plants plus fuel cells and battery storage, with the mix of fuel cells and batteries not yet final. Fuel cells and batteries could be online as early as 2029, and the gas plants are expected in 2032 and 2033. PPL estimates the 2 GW will cost US$5 billion to US$7 billion (PPL share US$2.5 billion to US$3.5 billion), based on market consensus costs of about US$2,500 to US$3,500 per kW. QTS pays fixed monthly charges with annual escalation plus variable payments when the plants run, and a separate agreement reimburses development costs if approvals fail. The term sheet is nonbinding and subject to conditions. Blackstone also owns QTS, Utility Dive notes. PPL also reported 35.3 GW of data centre projects in advanced stages in its Pennsylvania utility territory, with about 8.5 GW under construction.
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