Microsoft · U.S. · Datacenter Dynamics
National Grid Ventures invests $1.75bn in Joulent for construction of gas plant powering 2GW Microsoft data center in Texas
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The National Grid’s commercial arm, National Grid Ventures (NGV), has acquired a 35 percent stake in Joulent to support the company's development of power and electrical infrastructure solutions for large data centers.
Key facts
- NGV acquired the stake for $1.75 billion, with the investment expected to support the development of Project Kilby, a 2.67GW co-located natural gas facility being developed in partnership with Chevron
- The National Grid’s commercial arm, National Grid Ventures (NGV), has acquired a 35 percent stake in Joulent to support the company's development of power and electrical infrastructure solutions
- The power plant is expected to serve the data center under a 20-year Power Purchase Agreement signed last month
- Joulent was founded by Engine No. 1, which partnered with Chevron last year on the development of gas plants for the data center market
Summary
NGV acquired the stake for $1.75 billion, with the investment expected to support the development of Project Kilby, a 2.67GW co-located natural gas facility being developed in partnership with Chevron. Joulent was founded by Engine No. 1, which partnered with Chevron last year on the development of gas plants for the data center market. "This investment from National Grid Ventures strengthens Joulent's ability to deliver reliable, large-scale power on the timelines AI infrastructure and advanced indus. Outside of the capital investment, NGV said it will contribute operational expertise in high-voltage networks, system integration, and project execution.