National Grid Ventures to Invest $1.75 Billion in Joulent for US Data Center Power Projects

Jul 1, 2026
National Grid Ventures will invest $1.75 billion for a 35% stake in Joulent to develop large-scale power and electrical infrastructure for US data centers, including a 2.67 GW facility in West Texas supplying a Microsoft data center.

National Grid Ventures plans to invest $1.75 billion for a 35 percent stake in Joulent, announced in a press release. The partnership will focus on developing contracted power and electrical infrastructure solutions for large load customers in the United States, including data centers.

The investment will fund Joulent’s Project Kilby in West Texas, a 2.67 gigawatt power facility built in partnership with Chevron Corporation. The site will supply electricity to a Microsoft-operated data center under a 20-year power purchase agreement. The project has secured key equipment, including GE Vernova turbines, and aims to begin power delivery by 2028.

Joulent’s approach combines gas generation, battery storage, renewable integration, and grid connections to meet high power demand from AI and cloud operations. The company also maintains a pipeline of multi-gigawatt projects that could expand over time.

National Grid Ventures stated that this investment will be funded through its existing balance sheet capacity and aligns with its long-term capital program through 2031. The partnership is expected to strengthen National Grid’s data center connection initiatives in both the United Kingdom and the United States.

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