What is the structure of Blackstone's $5.34 billion investment in Williams' power plants, and what control does Williams retain?

Blackstone Credit & Insurance, in partnership with Apollo Global Management and KKR, is acquiring a 49% non-controlling interest in five Williams power plants for $5.34 billion — comprising $4.4 billion to fund 49% of expected growth capital expenditures and approximately $900 million payable to Williams. Williams retains a 51% stake and maintains full commercial and operational control of the projects.

Why is Williams expanding into power generation, and how does AI demand factor into its strategy?

Williams began aggressively expanding into power generation in 2025 to capitalize on surging electricity demand driven by artificial intelligence, particularly from data centers. Its Power Innovation portfolio includes about $9.6 billion of power projects under development — such as battery storage, gas pipeline connections, and grid-bypassing power plants — with over 2.6 gigawatts of capacity announced to support American companies' AI infrastructure needs.

Blackstone Leads $5 Billion Stake in Williams Power Plants

Jul 13, 2026

Blackstone leads a $5.34 billion investment group acquiring a minority stake in Williams Cos.' five new power plants designed to meet surging AI-driven electricity demand. Williams will retain operational control while expanding its natural gas and power infrastructure portfolio.

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Blackstone Leads $5 Billion Stake in Williams Power Plants

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