Williams announced a $5.34 billion joint-venture investment led by Blackstone to fund its five behind-the-meter Power Innovation projects.
Key Highlights:
- Blackstone, with partners Apollo and KKR-managed insurance vehicles, committed $5.34B for a 49% noncontrolling stake in five projects.
- The commitment includes $4.4B (49% of expected growth capex) plus ~ $0.9B additional consideration to Williams.
- Williams retains 51% ownership, operational and commercial control, and cash distributions aligned 51%/49%.
- Transaction reduces Williams’ capital exposure, limits corporate debt and lowers 2026 leverage midpoint to ~3.6x.
- Williams maintains a buyout right in years 7–14 valued at Blackstone’s outstanding investment balance, preserving long-term upside.
Original SEC Filing:
This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.