• Blackstone Credit & Insurance-led funds, alongside Apollo- and KKR-affiliated insurance capital, committed $5.34B for a 49% noncontrolling interest in five Williams Power Innovation projects — Socrates, Apollo, Aquila, Socrates the Younger and Neo. About $4.4B funds 49% of expected growth capex; Williams takes another ~$900M of consideration and has announced more than 2.6 GW across the platform.

• Williams keeps 51% and full commercial and operating control, with distributions generally on the 51/49 split and the right to buy the partner out between years 7 and 14 at the outstanding investment balance. The structure protects its 3.5x–4.0x leverage target while it accelerates a 6 GW-plus behind-the-meter backlog. The insurers rent the balance sheet; Williams keeps the option to buy the economics back once construction risk burns off.

Williams Companies

• PJM’s July 14 auction for 2028/2029 procured 138,318 MW, or 149,182 MW including Fixed Resource Requirement supply, and cleared at the FERC-approved ceiling of $325/MW-day — down 2.5% from $333.44. Cleared supply times price runs to roughly $16.4B, though PJM notes that isn’t the full cost to load.

• It still fell 6,831 MW short of the reliability requirement — a 14.7% reserve margin — as only 525 MW of new generation cleared against a ~2,000 MW jump in the peak-load forecast. PJM will ask FERC in September for a special Backstop Procurement. The cap did its job on price and exposed the real problem: you can legislate what capacity costs, not whether it shows up.

• Meta said July 13 that its Hyperion campus in Richland Parish will scale to 5 GW of compute backed by more than $50B. The Entergy package behind it runs to seven combined-cycle gas plants totaling 5.2 GW, ~240 miles of 500-kV transmission, batteries at three sites and nuclear uprates.

• Meta says it will cover the full cost of the energy, water and infrastructure rather than push it onto existing Entergy customers, which projects ~$2.65B of customer savings including an earlier package. One campus now sizes a utility’s entire capital plan — the data center is the generation project.

• BlackRock-owned Global Infrastructure Partners agreed to acquire a majority stake in Summit Ridge Energy, a distributed solar-and-storage developer with more than 275 facilities, over 60,000 customers and 3 GW-plus operating or in development. Terms were not disclosed.

• The deal folds a fleet of small, already-permitted community-solar and storage assets into BlackRock’s infrastructure platform. GIP is buying distribution, not a single megaproject — a portfolio that compounds in value as interconnection queues clog and data-center demand lifts the price of anything already on the grid.

• ePointZero completed an all-cash $2.25B purchase of Traverse Midstream Partners from Energy & Minerals Group — its first U.S. gas-infrastructure investment. Traverse holds a 35% non-operated stake in the Rover Pipeline and 25% of the Ohio River System, both operated by Energy Transfer.

• The systems move Appalachian gas toward LNG, power and industrial demand under long-term take-or-pay contracts, muting commodity and throughput risk. Abu Dhabi is buying contracted minority cash flow, not operatorship — infrastructure yield with someone else running the pipe.

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