Williams says Blackstone group to invest $5.34 billion in power projects; shares fall

** Shares of pipeline operator Williams Companies WMB.N dip ~2% to $73.81

** The company said a consortium led by Blackstone BX.N will invest $5.34 billion for a 49% noncontrolling stake in five of its behind-the-meter power generation projects.

** The consortium will provide $4.4 billion, representing 49% of expected growth capital expenditures for the projects, along with about $900 million of additional consideration to Williams.

** The transaction covers the company's Socrates, Apollo, Aquila, Socrates the Younger and Neo projects, part of a broader pipeline of more than 6 gigawatts of power projects that Williams is developing.

** The partnership would help fund the expansion of its Power Innovation business, which has more than 2.6 gigawatts of announced projects.

** Including session's moves, WMB is up 22.6% year to date.