Blackstone, Apollo and KKR have agreed to provide $5.34bn to energy company Williams for a minority noncontrolling stake in five Power Innovation projects. Williams will retain a 51 percent stake and maintain commercial and operational control of the assets. The investment supports Williams' power generation portfolio as the company continues to expect 2026 adjusted EBITDA in the upper half of its $8.05 billion and $8.35 billion range.

Chad Zamarin serves as president and CEO of Williams, overseeing the partnership structure that allows the pipeline operator to secure significant capital while preserving majority ownership and operational authority. The three private equity firms gain exposure to critical energy infrastructure through the noncontrolling positions.

The deal highlights continued private equity appetite for energy transition and power infrastructure assets. Williams' ability to attract capital from multiple large alternative asset managers underscores the strategic value of its Power Innovation projects. Terms beyond the investment amount and ownership split were not disclosed.