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Finance

UK's National Grid to invest $1.75 billion in US-based Joulent

Published by Global Banking & Finance Review

Posted on July 1, 2026

1 min read

· Last updated: July 1, 2026

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UK's National Grid bets $1.75 billion on AI power boom with Joulent investment

National Grid's Strategic Investment in Joulent

Overview of the Investment

July 1 (Reuters) - Britain's National Grid said on Wednesday it will invest $1.75 billion for a 35% stake in Joulent, a U.S. energy platform developing power infrastructure for data centres, as it bets on a booming AI-driven power market.

Details of the Joulent Project

First Project: Kilby Gas-Fired Facility

The deal will help fund Joulent's first project, a 2.67-gigawatt gas-fired facility in West Texas developed in a 50/50 partnership with Chevron, which will supply a Microsoft-operated data centre campus under a 20-year power purchase agreement.

Project Milestones and Timeline

Known as Kilby, the project has already secured critical equipment, including GE Vernova turbines and reserved engineering and construction capacity, and is aiming to start delivering power by 2028.

Reporting Credits

(Reporting by DhanushVignesh Babu in Bengaluru; Editing by Jonathan Ananda)

Key Takeaways

  • National Grid targets the surging AI‑driven data center power market by backing Joulent’s launch as a tech‑driven energy provider. Joulent was launched in June 2026 in collaboration with Engine No. 1 and GE Vernova to serve multi‑gigawatt data infrastructure needs (morningstar.com).
  • The deal aligns with National Grid’s strategy to focus on infrastructure innovation amid its broader portfolio repositioning, following its recent divestment of U.S. renewables and refocused investment strategy (pv-magazine-usa.com).
  • The investment signals growing recognition of AI‑induced power demand, with hyperscale data centers increasingly shaping energy markets and infrastructure planning in the U.S. (powertracker.io)

References

Frequently Asked Questions

How much is National Grid investing in Joulent?
National Grid is investing $1.75 billion for a 35% stake in Joulent.
What does Joulent do?
Joulent is a US-based energy platform developing power infrastructure for data centres.
Why is National Grid investing in Joulent?
National Grid is betting on the booming AI-driven power market by investing in infrastructure supporting data centres.
What is the focus of this investment?
The focus is on powering data centres that are essential for AI technologies.

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