U.S. midstream energy company Williams has signed a $5.34 billion investment partnership with funds managed by Blackstone Credit & Insurance, in partnership with Apollo and KKR.
Under the terms of the agreement, Blackstone and its partners will invest in Williams in exchange for a 49 percent noncontrolling equity interest in five behind-the-meter power innovation projects: Socrates, Apollo, Aquila, Socrates the Younger and Neo.
The commitment includes $4.4 billion, representing 49 percent of expected total growth capital expenditures, and approximately $900 million of additional consideration to Williams. Williams will retain a 51 percent interest in the projects and will maintain commercial and operational control.
The partnership will provide Williams with efficient equity capital to fund the growth of existing power-innovation projects and further positions the company to deliver a more than 6-gigawatt backlog that Williams continues to advance.
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