We are advising Williams on the transaction

Davis Polk is advising The Williams Companies, Inc. on a $5.34 billion investment in its five announced Power Innovation projects from a consortium led by funds managed by Blackstone Credit & Insurance, in partnership with Apollo and accounts managed by KKR. Under the terms of the agreement, the consortium will receive a 49% noncontrolling equity interest in the projects, while Williams will retain a 51% interest and maintain commercial and operational control. The investment will support the development of Williams’ announced behind-the-meter Power Innovation projects: Socrates, Apollo, Aquila, Socrates the Younger and Neo.

Williams is a trusted energy industry leader committed to safely, reliably and responsibly meeting growing energy demand. The company uses its infrastructure to deliver one-third of the United States’ natural gas to where it is needed most, supplying the energy used to heat homes, cook food and generate low-carbon electricity.

Blackstone is one of the world’s leading investment firms, with businesses spanning private equity, real estate, credit and insurance, infrastructure, life sciences, growth equity, opportunistic, secondaries and hedge funds.

The Davis Polk corporate team includes partners H. Oliver Smith and Shanu Bajaj, counsel Alexander J. Yang and associate Noah Andre Beatty. Counsel Christopher C. Woller and associate Lachlan J. Forrester are providing energy and infrastructure advice. Partner William A. Curran is providing tax advice. Partner Nikolaus Caro is providing sponsor finance advice. All members of the Davis Polk team are based in the New York office.

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