Williams Companies To Invest $3.1B In Power Projects; Projects Expected To Complete In First Half Of 2027; Company Raises 2025 Growth CapEx To $3.45B-$3.75B; Projects Backed By 10-Year Fixed-Price Agreements

Author: Benzinga Newsdesk | October 01, 2025 04:20pm

Effective September 30, 2025, The Williams Companies, Inc. (the "Company") has agreed to invest approximately $3.1 billion in two additional power innovation projects to continue to deliver speed-to-market solutions in grid-constrained markets. The projects are anticipated to be completed in the first half of 2027, assuming timely receipt of permits. The projects are backed by 10-year, primarily fixed-price power purchase agreements with an unnamed large, investment-grade counterparty with an option for the customer to extend. The Company's build multiple for the projects is approximately 5x EBITDA.

 

As a result of these agreements, total power innovation projects committed capital now stands at approximately $5 billion. The Company is raising its 2025 growth capex by $875 million to a new total of between $3.45 billion and $3.75 billion, which is expected to raise its leverage ratio midpoint for 2025 to 3.7x.

 

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