Williams partners with Blackstone-led group on USD 5.34 billion funding for Power Innovation projects

Williams agreed to a Power Innovation joint venture backed by Blackstone Credit & Insurance, with Apollo and KKR-managed insurance vehicles.

The partners will invest USD 5.34 billion for a 49% noncontrolling stake in five behind-the-meter power projects, while Williams keeps 51% control.

The commitment includes USD 4.4 billion toward growth capex plus about USD 900 million of additional consideration to Williams.

Williams said the structure is intended to cut capital exposure, limit corporate debt and support a 3.5x-4.0x long-term leverage target; the 2026 leverage midpoint is guided at 3.6x.

Williams also has a buyout right in years 7-14 priced at Blackstone’s outstanding investment balance, preserving long-term upside.