Energy infrastructure company Williams said Monday it has signed an agreement led by funds managed by Blackstone Credit & Insurance, in partnership with Apollo and insurance vehicles and accounts managed by KKR, for $5.34 billion of committed capital to support the development of its five announced behind-the-meter Power Innovation projects. Blackstone and its partners will take a 49% noncontrolling equity interest in the five Power Innovation projects, including Socrates, Apollo, Aquila, Socrates the Younger and Neo.

The commitment includes $4.4 billion, representing 49% of expected total growth capital expenditures, and approximately $0.9 billion of additional consideration to Williams. Williams will retain a 51% interest in the projects along with commercial and operational control.

“Williams is a leader in meeting the country’s rapidly growing power demands, including providing critical hard assets to serve the AI infrastructure buildout,” said Robert Horn, global head of Infrastructure & Asset-Based Credit at Blackstone and Rick Campbell, senior managing director, Blackstone Credit & Insurance. “This is an area where we share deep conviction and expertise and we’re proud to support Williams with a scaled, high-grade capital solution fit for these innovative projects.” 

Citi acted as financial advisor to Williams. Davis Polk & Wardwell is serving as Williams’ legal counsel on the transaction.

Morgan Stanley acted as financial advisor to Blackstone. Kirkland & Ellis is serving as Blackstone’s legal counsel on the transaction.

Pictured: Socrates. Photo courtesy of Williams.

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