National Grid Ventures invests $1.75 billion in Joulent to finance power infrastructure for US AI data centers.
National Grid Ventures has agreed to invest $1.75 billion for a 35% stake in Joulent, forming a strategic partnership focused on developing contracted power and electrical infrastructure solutions for large-load demand in the United States.
Joulent develops power solutions for data centers and other power-intensive customers through an integrated platform combining co-located gas generation, battery storage, renewables integration, and Across-the-Meter grid connections. The platform is designed to accelerate speed-to-power delivery.
This investment marks National Grid Ventures' entry into one of the fastest-growing areas of electricity demand. Rising demand from AI data centers and advanced industries is driving need for dedicated and scalable power solutions, often faster than traditional grid connections can provide.
The partnership will support Joulent's flagship Project Kilby in West Texas, a 2.67 GW co-located power facility being developed in a 50/50 partnership with Chevron. Project Kilby will provide dedicated electricity to a Microsoft-operated data center under a 20-year power purchase agreement. The project is in advanced development, with critical equipment secured, including GE Vernova turbines and reserved EPC capacity, targeting first power delivery by 2028. Joulent also maintains a multi-gigawatt pipeline of future projects.
Beyond capital, National Grid Ventures will contribute operational capabilities spanning high-voltage networks, system integration and balancing, infrastructure development, and project execution. The partnership is expected to provide insights and relationships supporting National Grid's broader data center connection program, which aims to connect more than 10 GW of demand across the U.K. and U.S. over the next five years.
The investment is incremental to National Grid's existing five-year capital investment program of at least £70 billion through 2031, and will be funded through the group's balance sheet headroom, with a final investment decision expected in 2026.