The company said it agreed to invest about $3.1 billion in 2 additional power innovation projects to keep delivering speed-to-market solutions in grid-constrained markets, effective September 30, 2025.

8-KRegulation FD DisclosureFiled Oct 1, 2025Period of report Oct 1, 2025Summary published (UTC) Oct 16, 2026

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The company said it agreed to invest about $3.1 billion in 2 additional power innovation projects to keep delivering speed-to-market solutions in grid-constrained markets, effective September 30, 2025.
Williams said the projects are expected to be completed in the first half of 2027, assuming timely receipt of permits. It said the projects are backed by 10-year power purchase agreements that are primarily fixed-price and give the customer an option to extend.
The company said the counterparty is a large, investment-grade company whose name has not been disclosed, and that the build multiple for the projects is approximately 5x EBITDA.
Williams said total committed capital for its power innovation projects now stands at about $5 billion. It also said it is raising its 2025 growth capex by $875 million to a new total of $3.45 billion to $3.75 billion, which it expects to raise the midpoint of its 2025 leverage ratio to 3.7x.

Summary

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Analysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

Williams to invest about $3.1 billion in 2 power innovation projects

The company said it agreed to invest about $3.1 billion in 2 additional power innovation projects to keep delivering speed-to-market solutions in grid-constrained markets, effective September 30, 2025.

Source · Based on the filing body and exhibits

Project completion timing and 10-year power purchase agreements

Williams said the projects are expected to be completed in the first half of 2027, assuming timely receipt of permits. It said the projects are backed by 10-year power purchase agreements that are primarily fixed-price and give the customer an option to extend.

Source · Based on the filing body and exhibits

Counterparty and build multiple of about 5x EBITDA

The company said the counterparty is a large, investment-grade company whose name has not been disclosed, and that the build multiple for the projects is approximately 5x EBITDA.

Source · Based on the filing body and exhibits

Committed power project capital and 2025 growth capex increase

Williams said total committed capital for its power innovation projects now stands at about $5 billion. It also said it is raising its 2025 growth capex by $875 million to a new total of $3.45 billion to $3.75 billion, which it expects to raise the midpoint of its 2025 leverage ratio to 3.7x.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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