WMB sees about $2B to fund power supply projects for rest '26

Williams Companies Inc. (WMB) has secured $5.34 billion in funding from a Blackstone-led consortium for five of its behind-the-meter power generation projects, including Socrates, Apollo, Aquila, Socrates the Younger, and Neo. The investment, which includes $4.4 billion representing 49% of expected growth capital expenditures and an additional $900 million in consideration to Williams, will support the development of these projects.

Under the agreement, Blackstone and its partners—Apollo and KKR—will hold a 49% noncontrolling equity interest, while Williams retains a 51% stake and maintains commercial and operational control. The structure allows for cash distributions aligned with ownership interests and includes a buyout right for Williams between years 7 and 14.

The funding is expected to reduce Williams’ capital exposure and corporate debt while supporting its long-term leverage target range of 3.5x to 4.0x. The company has also updated its 2026 leverage ratio midpoint to approximately 3.6x.

With over 6 gigawatts of power projects in its pipeline, Williams aims to continue scaling its Power Innovation portfolio to meet growing energy demand.