Kirkland Advises Blackstone on $5.34 Billion Investment in Power Innovation Joint Venture with Williams

Kirkland & Ellis advised Blackstone in a transaction whereby funds managed by Blackstone Credit & Insurance, in partnership with Apollo and insurance vehicles and accounts managed by KKR, have entered into a definitive agreement to support the development of Williams’ (NYSE: WMB) five announced behind-the-meter Power Innovation projects: Socrates, Apollo, Aquila, Socrates the Younger and Neo. Under the terms of the agreement, Blackstone and its partners will provide Williams with $5.34 billion of committed capital in exchange for a 49% noncontrolling equity interest in the five Power Innovation projects.

Read the transaction press release

The Kirkland team included corporate lawyers Brittany Sakowitz, John Pitts, Patrick Moneypenny and Gabrielle Sumich; debt finance lawyers Lucas Spivey, Jordan Roberts, Charles Martin and Kaitlin Shock; tax lawyer Bill Dong; real assets lawyers Chad Smith and Lauren Stelck; and energy regulatory lawyer Damien Lyster.