A consortium spearheaded by Blackstone Group LP has finalized a $5.34 billion investment in energy infrastructure firm Williams (NYSE: WMB), with the capital earmarked for five major power infrastructure projects.

Under the terms of the deal, Blackstone and its partners will acquire a 49% non-controlling stake in the five power infrastructure assets. The investment is being managed primarily by Blackstone Credit & Insurance, with participation from Apollo Global Management and capital from KKR's insurance-dedicated vehicles and accounts.

Of the total investment, $4.4 billion will fund 49% of the projects' anticipated incremental capital expenditures. The remaining funds will be paid to Williams as additional consideration. Williams will retain a 51% controlling interest and maintain full operational control and commercial management of the projects.

The company stated that cash distributions from the projects will be allocated proportionally based on ownership stakes. Furthermore, if the actual distribution returns exceed a target rate set by Blackstone, the excess amount will be applied to reduce Blackstone's remaining invested capital.

Williams indicated that this partnership provides efficient equity capital for project expansion while helping to lower the company's overall capital requirements and manage its debt levels.