National Grid will invest $1.75 billion for a 35% stake in Joulent, gaining exposure to U.S. contracted generation and high-voltage infrastructure demand tied to data centers, including a Texas project for Microsoft.
National Grid has agreed to invest $1.75 billion for a 35% stake in Joulent LLC, valuing the U.S. integrated power solutions company at $5 billion. The deal expands the U.K. utility's U.S. footprint beyond its traditional Northeast presence and gives it exposure to rising electricity demand from data centers and other large customers through contracted power generation and high-voltage infrastructure. Joulent is also working with Chevron in Texas on a natural gas power plant for Microsoft, highlighting how surging power needs from large-scale computing are reshaping investment in generation assets.