Homer City Redevelopment and Kiewit Announce Country’s Largest Natural Gas-Powered Data Center Campus to Support AI and HPC Demand

Projected Cost of Power Infrastructure and Data Centers Will Represent Largest Capital Investment in the History of Pennsylvania

Facility Will Generate Up to 4.5 GW of Energy Production Powered by Seven GE Vernova Turbines; First Turbine Deliveries Expected to Begin in 2026

Will Utilize the Natural Resources and Differentiated Legacy Infrastructure of Pennsylvania to Establish Innovative Data Center Campus and Accelerate the State’s Digital Future

Renderings of the Homer City Energy Campus Available Here: www.homercityredevelopment.com

Today Homer City Redevelopment (HCR) and Kiewit Power Constructors Co. (Kiewit) announced the future of the former Homer City Generating Station. Homer City – previously the largest coal-burning power plant in Pennsylvania – will be transformed into a more than 3,200-acre natural gas-powered data center campus, designed to meet the growing artificial intelligence (AI) and high-performance computing (HPC) needs of the innovative technology companies shaping America’s digital future.

GE Vernova (NYSE: GEV) will provide seven high efficiency 7HA.02 hydrogen-enabled, gas-fired turbines, with the first deliveries expected to begin in 2026. The Homer City Energy Campus will be built by Kiewit Power Constructors Co., one of the leading engineering, procurement and construction (EPC) contractors in the country. Much of the critical infrastructure for the project is already in place from the legacy Homer City plant, including transmission lines connected to the PJM and NYISO power grids, substations and water access. Construction of the site is expected to commence this year and is expected to begin producing power by 2027.

William Wexler, President and CEO of HCR, stated, “This project will honor Homer City’s place in the proud history of Pennsylvania energy generation, while accelerating the state and local community’s ability to meet the needs of a rapidly shifting energy landscape. Alongside our best-in-class partners, we have been working tirelessly to ensure that Homer City’s transformation can happen as quickly and seamlessly as possible. Further, we are fully committed to maximizing the unprecedented level of economic opportunity this project represents not just for Indiana County, but for all of Pennsylvania and the Mid-Atlantic region of the country.”

Key attributes and benefits of the project are expected to include:

• Delivery of up to 4.5 gigawatts (GW) of power to support AI-driven hyperscale data centers, while reducing greenhouse gas emissions by 60–65% per megawatt hour compared to the former coal plant.
• Deployment of numerous previously secured long-lead power components coupled with sufficient generating capacity to serve multiple large data center customers and supply power to thousands of homes on the local grid.
• Creation of more than 10,000 direct on-site construction-related jobs¹ along with approximately 1,000 total direct and indirect permanent high-paying positions² in technology, operations and energy infrastructure.
• An initial capital investment projected to exceed $10 billion for power infrastructure and site readiness, with data center development to inject billions more, making this the largest such investment in Pennsylvania’s history.

Importantly, energy production at the new Homer City Energy Campus will rely on natural gas produced in the Marcellus Shale Region of the U.S., and the project will help address the nation’s growing energy shortage – a crisis that will only intensify as demand surges to support the global race for dominance in AI and HPC technology. According to PJM Interconnection, L.L.C. (“PJM”) – the largest grid operator in the country – the Mid-Atlantic region in particular faces a looming energy capacity deficiency, with more than one fifth of the PJM system in the area expected to retire or reach the end of its useful life by the end of the decade.³

Knighthead Capital Management, LLC, on behalf of certain entities it manages and advises, has had significant equity positions in Homer City for nearly eight years and will continue to lead project financing.

Andrew Shannahan, a Partner at Knighthead, stated, “Knighthead is thrilled to be involved in the long-term development of the Homer City Energy Campus, which we believe will play a vital role in securing America’s AI and energy capacity dominance. We have long recognized the unique value inherent in Homer City’s infrastructure and power generation attributes, and we look forward to working closely with all of the local and national stakeholders that will play essential roles in making this vision a reality.”

Scott Strazik, CEO of GE Vernova noted, “We are honored to provide our U.S. manufactured, highly efficient and advanced HA gas turbine technology and combined cycle equipment for the Homer City Energy Campus. This project demonstrates the best in what investing in power can do; more affordable and reliable energy for everyone, revitalizing local economic development benefits with thousands of skilled jobs and enabling Pennsylvania to help lead the future of AI.”

As part of today’s announcement, detailed renderings of the future campus, developed by Kiewit, have also been released. These renderings are available here: www.homercityredevelopment.com.

Dave Flickinger, Kiewit Power Constructors Co. Executive Vice President, added, "Kiewit is excited to help advance what is poised to become the nation’s largest natural gas-powered plant. We’ve been pleased by how quickly all parties have worked to make this project shovel-ready, all while holding firm to the highest standards of safety and quality – principles we live by at Kiewit. We look forward to continuing our tradition of collaboration and moving with purpose as we enter the next phase on the ground."

About Homer City Redevelopment:

Homer City Generating Station began operations in 1969, employing thousands with jobs and millions of customers with energy when in production. Located only 50 miles east of Pittsburgh, the facility was the largest coal-burning power plant in Pennsylvania and is directly connected to both the PJM and NYISO transmission systems. After powering the region for nearly 55 years, the power plant was permanently decommissioned on July 1, 2023. The Homer City Generating Station has been revitalized through reinvestment and the opening of Homer City Redevelopment. Working with committed and quality partners, HCR is vested in turning the old plant into something positively transformative.

About GE Vernova:

GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with approximately 75,000 employees across approximately 100 countries around the world. Supported by the Company’s purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure energy future. Learn more: GE Vernova and LinkedIn.

About Kiewit:

Kiewit is one of North America’s largest and most respected construction and engineering organizations. With its roots dating back to 1884, the employee-owned organization operates through a network of subsidiaries in the United States, Canada, Mexico and Guam. Kiewit offers construction and engineering services in a variety of markets including power; transportation; water; oil, gas and chemical; marine; building; industrial and mining. Kiewit had 2024 revenues of $16.8 billion and employs 31,800 staff and craft employees.

About Knighthead Capital Management:

Knighthead Capital Management, LLC was co-founded in 2008 by Thomas Wagner and Ara Cohen and has grown to become a diversified asset management platform with an experienced team of investment professionals, specializing in fundamental analysis, operational and financial turnarounds and risk management. Knighthead’s long-term objective is to generate attractive risk-adjusted returns for its clients while emphasizing the preservation of capital. Knighthead manages assets across a variety of investment vehicles including insurance asset management, real estate lending, and closed and open-ended vehicles.

Forward Looking Statements:

This document contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements often address GE Vernova’s expected future business and financial performance and financial condition, and the expected performance of its products, the impact of its services and the results they may generate or produce, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “preliminary,” or “range.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about planned and potential transactions, investments or projects and their expected results and the impacts of macroeconomic and market conditions and volatility on the Company’s business operations, financial results and financial position and on the global supply chain and world economy.

¹ Anticipated total number of direct on-site jobs related to the construction of both the natural gas-powered plant and the data center campus over an expected five-year period.

² Anticipated total number of direct and indirect permanent positions to support the operations of both the natural gas-powered plant and all aspects of the data center campus once running at full capacity following the completion of the construction.

³ Resource Adequacy Comments at 2 (“PJM currently projects a potential shortfall in generation supply by the end of this decade.”).

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