Williams said Monday it has lined up $5.34 billion of committed capital from Blackstone, in partnership with Apollo and KKR, for five behind-the-meter power projects: Socrates, Apollo, Aquila, Socrates the Younger and Neo.
The deal gives the investor group a 49% noncontrolling stake in the projects, while Williams keeps 51% ownership and operational control. Of the total commitment, $4.4 billion covers 49% of expected growth capital spending, and about $900 million is additional consideration to Williams.
The company said the structure will let it fund the first five projects while preserving balance-sheet capacity for more development. Williams also said it has a buyout right between years 7 and 14 at the outstanding investment balance, which would give it a path to regain full economics later.
Williams said the transaction supports more than 2.6 gigawatts of announced power innovation capacity and helps advance a backlog of more than 6 gigawatts.
On guidance, Williams said it still expects 2026 adjusted EBITDA in the upper half of its $8.05 billion to $8.35 billion range. It kept 2026 growth capex at $7 billion to $7.6 billion and maintenance capex at $850 million to $950 million. The company said its updated 2026 leverage ratio midpoint is about 3.6x.
The capital deal reduces Williams’ direct project funding burden and limits corporate debt exposure, while the Blackstone investment will be recorded as a noncontrolling interest. As a result of these announcements, the company's shares have moved -0.63% on the market, and are now trading at a price of $74.545. For more information, read the company's full 8-K submission here.
