National Grid Ventures invests $1.75bn in Joulent

National Grid Ventures has announced a $1.75 billion investment for a 35% stake in Joulent LLC to develop contracted power and electrical infrastructure solutions for U.S. large load demand.

• National Grid Ventures will invest $1.75 billion for a 35% stake in Joulent LLC and form a strategic partnership focused on contracted power and electrical infrastructure for U.S. data centers and other large-load customers.
• The partnership will support Project Kilby in West Texas: a 2.67 GW co-located power facility, developed with Chevron Corporation in a 50/50 partnership, supplying a Microsoft-operated data center under a 20-year PPA; the project targets first power by 2028 and has secured GE Vernova turbines and reserved EPC capacity. National Grid also said it expects to connect more than 10 GW of demand across the U.K. and U.S. over the next five years.