Williams said Monday that funds managed by Blackstone Credit & Insurance, together with partners Apollo and KKR, have committed $5.34 billion to support the company’s Power Innovation program. The capital will be exchanged for a 49% noncontrolling equity stake in five named projects: Socrates, Apollo, Aquila, Socrates the Younger, and Neo. Following the announcement, Williams shares rose about 1% on the session.
Of the total commitment, $4.4 billion represents 49% of the expected total growth capital expenditures for the projects, with roughly $0.9 billion in additional consideration payable to Williams. Under the agreement, Williams will retain a majority 51% interest and will continue to run the projects operationally and commercially. Cash distributions from the projects will follow ownership percentages, with 51% to Williams and 49% to the Blackstone-managed investors.
The transaction includes a buyout provision giving Williams the right to repurchase the investors' interest between years 7 and 14. The value of that buyout would be set at the outstanding investment balance held by Blackstone at the time.
Williams said the capital injection will fund growth across existing Power Innovation projects and help position the company to deliver on a backlog in excess of 6 gigawatts. The company described the structure as aimed at improving project returns while preserving balance sheet capacity for additional opportunities and supporting its long-term leverage target range of 3.5x to 4.0x.
From an accounting perspective, the Blackstone-led investment will be consolidated in Williams’ financial reporting as a noncontrolling interest. Management said the deal reduces Williams’ capital exposure and limits the need to add corporate debt.
The company left its 2026 financial outlook unchanged. Williams reiterated its expectation that Adjusted EBITDA will land in the upper half of the $8.05 billion to $8.35 billion range. The company continues to plan for 2026 growth capital expenditures of between $7.0 billion and $7.6 billion and maintenance capital expenditures between $850 million and $950 million. As a result of the transaction, the updated midpoint for the company’s 2026 leverage ratio is approximately 3.6x.
The deal pairs Williams’ project ownership and operational control with significant committed third-party equity, allocating financial and ownership responsibilities while preserving Williams’ ability to pursue further opportunities within its stated leverage range.