National Grid Ventures Bets $1.75B for 35% Joulent Stake in U.S. AI Power Push
Jul 1, 2026, 7:04 AM EDT2 sourcesAI-analyzed
Why it may matterVerify against the original reporting
The deal expands NGG's exposure to high-growth, contracted infra with visible cash flows (20-year PPA, Kilby). It also signals a scalable AI-power framework and potential multi-GW project pipeline, which could lift NGG's earnings visibility and valuation over time. Similar long-duration infra bets have supported NGG's buy-and-hold intrinsic value when tied to regulated returns and toll-style cash flows.
AI summary
What happened, with direct paths to the underlying reporting
National Grid Ventures will spend $1.75 billion for a 35% stake in Joulent LLC, expanding its U.S. contracted power footprint for AI-driven data centers. The Kilby project, a 2.67 GW co-located facility in West Texas with Chevron, targets first power in 2028 under a 20-year Microsoft PPA, signaling long-duration, high-volume grid connections and an expanded multi-project pipeline.
NGV to invest $1.75B for 35% in Joulent LLC.
Kilby: 2.67 GW West Texas co-located power; first power by 2028.
Final investment decision expected in 2026; expands NGV's U.S. data-center focus.
Joulent enables AI-driven large-load power with Across-the-Meter solutions.
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