Williams announces $5.34B joint venture with Blackstone, Apollo, KKR for Power Innovation projects

WILLIAMS COMPANIES, INC.

Blackstone-led group invests $5.34B for 49% noncontrolling interest in five behind-the-meter power projects; Williams retains 51% and operational control.
Commitment includes $4.4B for growth capex and ~$0.9B additional consideration to Williams.
Williams reaffirms 2026 Adjusted EBITDA guidance in upper half of $8.05-$8.35B range; leverage ratio midpoint ~3.6x.
Williams has buyout right between years 7 and 14 at Blackstone's outstanding investment balance, preserving long-term upside.
Transaction reduces Williams' capital exposure and limits corporate debt; structure designed to enhance project returns.

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