National Grid Ventures Invests in Joulent for US AI Power Infrastructure
National Grid Ventures (NGV) has announced a strategic investment in Joulent, a company focused on developing contracted power generation and high voltage infrastructure for US large load customers, particularly those in the AI-driven economy. This investment expands National Grid's exposure to the rapidly growing US power market and diversifies its regional presence. A key part of this initiative is Project Kilby, a 2.67 GW co-located power facility in West Texas, developed in a 50/50 partnership with Chevron Corporation, which will supply a Microsoft data center campus under a 20-year power purchase agreement. The investment is incremental to National Grid's existing capital investment program and is expected to yield attractive risk-adjusted returns.
Key Highlights
- National Grid Ventures invests in Joulent to develop power generation for US large load customers.
- Joulent will focus on critical infrastructure for the AI-driven large load economy.
- The investment includes Project Kilby, a 2.67 GW co-located power facility in West Texas.
- Project Kilby is a 50/50 partnership with Chevron Corporation.
- Project Kilby will supply a Microsoft data center campus under a 20-year power purchase agreement.
- First power delivery for Project Kilby is targeted for 2028.
- The investment is incremental to National Grid's existing £70 billion capital program by FY31.
- Joulent is expected to be free cash flow positive from the early 2030s.
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