Joint VentureJul 13, 2026, 09:26 AM
Williams Secures $5.34B Investment for Power Innovation JV
AI Summary
Williams Companies, Inc. announced a joint venture financing agreement with Blackstone Credit & Insurance, in partnership with Apollo and KKR, for its five behind-the-meter Power Innovation projects. The partners will provide $5.34 billion in committed capital for a 49% noncontrolling equity interest, while Williams retains a 51% interest and operational control. This partnership is expected to provide efficient equity capital, reduce Williams' capital exposure, enhance project returns, and support its long-term leverage target.
Key Highlights
- Williams secured a $5.34 billion investment from Blackstone and partners for its Power Innovation projects.
- Blackstone, Apollo, and KKR will receive a 49% noncontrolling equity interest in the five projects.
- Williams will retain a 51% interest and maintain commercial and operational control.
- The commitment includes $4.4 billion for growth capital expenditures and $0.9 billion in additional consideration.
- Williams has a buyout right for the partners' interest between years 7 and 14.
- The transaction reduces Williams' capital exposure and limits corporate debt.
- Updated 2026 leverage ratio midpoint is now approximately 3.6x.
- 2026 Adjusted EBITDA guidance remains in the upper half of $8.05 billion and $8.35 billion.
Price Impact
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