Why it matters
The strategic read
Turns Joulent from a project-specific AI power developer into a National Grid-backed platform. The scarce input is not only gas turbines or a single Microsoft PPA: it is financeable, utility-grade execution for large-load data-center power. National Grid is buying exposure to contracted critical infrastructure in the AI-driven large-load economy while adding high-voltage, grid-integration and project-execution capability around Joulent's Across-the-Meter model.
Source-supported terms
What was disclosed
- 01
National Grid Ventures, the commercial arm of National Grid plc, agreed to invest $1.75B for a 35% stake in Joulent LLC.
- 02
The release describes the transaction as forming a broad strategic partnership to develop contracted power and electrical infrastructure solutions for U.S. large-load demand.
- 03
National Grid chief executive Zoe Yujnovich framed the investment as contracted critical infrastructure for the AI-driven large-load economy, with long-duration infrastructure, predictable cash flows and attractive risk-adjusted returns.
- 04
Joulent CEO Chris James said the investment strengthens Joulent's ability to deliver reliable, large-scale power on the timelines AI infrastructure and advanced industry require.
- 05
National Grid said rising demand from data centers and other power-intensive industries is driving the need for dedicated, scalable power that can outpace traditional grid-connection timelines.
- 06
Joulent's integrated power solutions include co-located gas generation, battery storage, renewables integration and Across-the-Meter grid connections.
- 07
The investment will enable development of Joulent's foundational project, Project Kilby, in a 50/50 partnership with Chevron Corporation.
- 08
Project Kilby is described as a 2.67 GW co-located power facility in West Texas that will provide dedicated electricity to a Microsoft-operated data center under a 20-year power purchase agreement.
- 09
The release says Kilby development is at an advanced stage, with secured critical equipment including GE Vernova turbines and reserved EPC capacity.
- 10
Project Kilby is targeting first power delivery by 2028.
- 11
Microsoft Cloud Operations + Innovation president Noelle Walsh said AI and cloud require closer coordination between energy and infrastructure, and welcomed National Grid Ventures' capabilities.
- 12
Joulent also has a multi-gigawatt pipeline of future projects that could provide incremental growth over time.
- 13
National Grid expects to connect more than 10 GW of data-center demand across the U.K. and U.S. over the next five years.
- 14
The release says the investment is incremental to National Grid's existing five-year capital investment program and will be funded through balance-sheet headroom, with a final investment decision expected in 2026.
- 15
The Deal Room already tracks the underlying Chevron / Microsoft / Joulent Project Kilby 20-year PPA; this entry captures the new National Grid platform financing and strategic ownership layer.
Disclosure boundary
What is known—and what is not
Primary National Grid release and PRNewswire distribution. Public materials disclose the buyer, target, $1.75B investment amount, 35% stake, strategic partnership purpose, contracted power / electrical infrastructure focus, Project Kilby enablement, Chevron 50/50 project partnership, Microsoft-operated data-center offtake, 20-year PPA reference, 2.67 GW Kilby scale, advanced-stage development language, GE Vernova equipment, reserved EPC capacity, 2028 first-power target, multi-gigawatt future pipeline and National Grid data-center connection context. Public materials do not disclose the full investment agreement, closing conditions, valuation, governance rights, payout waterfall, project-level debt terms, final investment decision package, Kilby PPA pricing, take-or-pay terms, exact EPC counterparties, turbine delivery schedule, gas-supply contracts, interconnection/export rights, permits, customer remedies, or how much of Joulent's future multi-gigawatt pipeline is already contracted.