National Grid Ventures is investing $1.75bn for a 35% stake in Joulent LLC to develop contracted power and electrical infrastructure tailored to U.S. data centers and AI workloads. The deal includes a 2.67 GW co-located facility in West Texas under a 20-year Microsoft PPA targeting first power delivery by 2028.
National Grid Ventures has agreed to invest $1.75bn for a 35% equity stake in Joulent LLC, a startup specializing in integrated power and electrical infrastructure for high-demand U.S. customers such as data centers and AI facilities.
As part of the partnership, Joulent and National Grid will co-develop Project Kilby, a 2.67 GW co-located power plant in West Texas backed by a 20-year power purchase agreement with Microsoft and Chevron, targeting first power supply by 2028.
The $1.75bn outlay is incremental to National Grid's existing five-year £70bn capital programme and will be funded from the group's balance sheet headroom, with a final investment decision on the Joulent partnership expected in 2026.
Joulent also holds a multi-gigawatt pipeline of future power solutions that could drive long-term growth, positioning National Grid to capitalize on accelerating demand from large load customers and advanced computing infrastructure.
