Business
NGV to invest $1.75bn in Joulent
National Grid Ventures is investing $1.75 billion for a 35% stake in Joulent LLC, a platform focused on developing contracted power generation and high voltage infrastructure for US large load customers, particularly data centers. This strategic partnership aims to capitalize on the AI-driven demand for reliable, scaled power and diversifies National Grid's US regional exposure. The investment supports Joulent's foundational project, Project Kilby, a 2.67 GW facility in West Texas with a 20-year power purchase agreement for a Microsoft data center, targeting first power delivery in 2028. This investment is incremental to National Grid's existing capital programme and is expected to be funded through balance sheet headroom without impacting the current financial framework. Disclaimer*
About this update from National Grid Plc
01 July 2026 National Grid plc National Grid Ventures to invest $1.75 billion in Joulent, a platform that is developing integrated power solutions for US large load customers National Grid today announces that National Grid Ventures ("NGV") has agreed to invest $1.75 billion to secure a 35% interest in Joulent LLC ("Joulent"), as part of a broader strategic partnership. Joulent will focus on developing contracted power generation and high voltage infrastructure for US large load customers, providing integrated solutions to help meet rapidly rising demand for reliable, scaled power at speed. Zoë Yujnovich, Chief Executive said: "Our investment in Joulent is a disciplined, partner-led investment in contracted critical infrastructure for the AI-driven large load economy. Through National Grid Ventures, we are gaining exposure to a major source of electricity demand growth that diversifies our regional US exposure and is supported by strong partners. It extends National Grid's core strengths of investing in long-duration infrastructure with contractual cash flows and attractive risk-adjusted returns." Chris James, Founder and CEO of Joulent said: "This investment from National Grid Ventures strengthens Joulent's ability to deliver reliable, large-scale power on the timelines AI infrastructure and advanced industry now requires. We are building an independent company designed for speed, scale and execution, without shifting the cost of that growth onto local communities, while also providing tailor-made and cost-competitive solutions for our customers." The investment is consistent with National Grid's ambition to pursue select critical infrastructure growth opportunities emerging from the transforming energy landscape. It expands National Grid's exposure to the rapidly growing US large load power market and diversifies its US regional presence through an advanced platform that is underpinned by experienced partner-led execution. The investment in Joulent provides access to long-term contracted cash...