National Grid Ventures Plans $1.75 Billion Joulent Investment

National Grid Ventures plans a $1.75 billion strategic minority investment in Joulent, backing a power developer built around dedicated generation for hyperscale AI data centres.

The investment gives National Grid exposure to large-load electricity demand at a time when AI developers are trying to avoid long utility interconnection queues.

Joulent targets electricity supply for AI infrastructure and large industrial customers that need multi-gigawatt capacity.

National Grid said the deal would help Joulent expand its project pipeline and use the utility group's experience in high-voltage infrastructure, project execution and electrical equipment supply chains.

The company described the investment as contracted critical infrastructure for the AI-driven large-load economy.

Project Kilby Names Microsoft Campus And 2.67 GW Gas Generation

Data Center Knowledge reported that National Grid named Project Kilby as the first project.

It is a Texas gas-generation campus in Reeves County with 2.67 GW of planned capacity, and Joulent is developing it with Chevron subsidiary Energy Forge and GE Vernova.

The project is intended to supply a Microsoft-operated data centre campus under a 20-year power purchase agreement.

Joulent said it has formalised a 50% ownership stake in Project Kilby.

Joulent calls the model Across-the-Meter.

Data Center Knowledge described the approach as placing generation close to large AI campuses so developers can move faster while limiting immediate pressure on the transmission system.

The projects are designed for eventual grid interconnection, and Joulent said future developments could include renewables, starting with solar.

Power Availability Becomes The Site Constraint

Persistence Analytics Group founder Neil Osnato said power availability is becoming the main determinant of data centre development, with developers choosing sites based on where reliable electricity can be delivered on the required timetable.

He also said executed power purchase agreements and interconnection requests do not guarantee timely delivery.

Transmission constraints, permitting, fuel availability and execution risk can still delay projects.

The deal extends Joulent's strategic relationships with GE Vernova and Chevron.

GE Vernova executive Pablo Koziner said National Grid's investment showed confidence in the companies' work on large-scale generation for AI compute.

National Grid and Joulent did not disclose a delivery date for Project Kilby, an interconnection timetable or how much power Joulent expects to bring online beyond the Reeves County campus.