Williams Companies (NYSE: WMB) disclosed late Wednesday that it plans to spend ~$3.1 billion on two projects to supply power to data centers, in an effort to deliver speed-to-market solutions in grid-constrained markets.

Williams (NYSE: WMB) said the projects, which are anticipated to be completed in H1 2027, are backed by 10-year, primarily fixed-price power purchase agreements with an unnamed large, investment-grade counterparty with an option for the customer to extend; it did not disclose the locations of the two projects in the filing.

The company said the agreements take the total capital committed to such "power innovation" projects to ~$5 billion, and it raised its 2025 growth capital spending by $875 million to a new range of $3.45 billion-$3.75 billion.