Williams is receiving a $5.34 billion investment from a group led by Blackstone to fund five major power-infrastructure projects. As part of the deal, Blackstone and its partners will receive a 49% noncontrolling equity interest in the projects.

The funds are managed by Blackstone Credit & Insurance, in partnership with Apollo and with insurance vehicles and accounts managed by KKR. The commitment includes $4.4 billion representing 49% of expected growth capital expenditures, with the remainder serving as additional consideration for Williams.

Williams will retain a 51% interest in the projects and maintain commercial and operational control. Cash distributions will align with those ownership interests, and distributions exceeding Blackstone's targeted return will reduce their investment balance.

Williams said the partnership provides efficient equity capital to fund project growth while reducing its capital exposure and limiting corporate debt.