Blackstone, the world's largest alternative asset manager, has signed a deal with US natural gas firm Williams to fund the development of five behind-the-meter projects to meet growing power demand from the data center market in North America.
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Per the terms of the agreement, Blackstone and its partners will provide $5.34 billion in committed capital in exchange for a 49 percent noncontrolling equity interest in the five projects. Williams will retain a 51 percent controlling stake in the assets. Williams also holds a buyout right between years seven and 14 of the agreement, valued at Blackstone's outstanding investment balance.
