Pipeline operator Williams draws $5.34 billion from Blackstone-led group for power push (updated)

The Williams Companies

13/07/2026 14:25

Adds details and background throughout
July 13 (Reuters) - Williams WMB.N said on Monday that a Blackstone BX.N-led consortium will invest $5.34 billion for a 49% noncontrolling stake in five of its power generation projects, providing the U.S. pipeline operator with capital to expand the business.
The consortium, which also includes Apollo and KKR KKR.N-managed vehicles, will contribute $4.4 billion toward the behind-the-meter projects, representing 49% of expected growth capital expenditures, along with about $900 million of additional consideration.
Surging power demand from AI and data centers is driving energy companies to build behind-the-meter projects that supply users directly, bypassing the grid, with private equity increasingly footing the bill to ease balance-sheet strain.
The deal covers Williams' Ohio projects — Socrates, Apollo, Socrates the Younger and Neo — along with Aquila, which are part of a broader pipeline of more than 6 gigawatts the company is developing.
Williams can buy back Blackstone's stake between years 7 and 14 based on the amount of Blackstone's investment that remains outstanding.
The company said the deal reduces its capital commitment and preserves balance-sheet capacity for more projects, while allowing it to retain commercial and operational control in support of its long-term leverage target.
It added the partnership will help fund expansion of its Power Innovation business, which has more than 2.6 gigawatts of announced projects.

 (Reporting by Sumit Saha in Bengaluru; Editing by Maju Samuel and Vijay Kishore)
 ((Sumit.Saha@thomsonreuters.com;))