Joulent lands $1.75B from National Grid; powers Microsoft data center with 2.67 GW Project Kilby

Joulent, a Houston-based energy infrastructure company, closed a $1.75 billion strategic investment from National Grid for a 35% equity stake. National Grid is targeting Joulent's foundational Project Kilby, a 2.67 gigawatt co-located gas generation facility in West Texas that will power a Microsoft-operated data center under a 20-year power purchase agreement by 2028.

<cite index="3-2,3-3">The investment extends National Grid's core strategy of long-duration infrastructure with predictable cash flows, and the partnership includes deep operational capabilities such as expertise in high-voltage networks, system integration, infrastructure development, and project execution. National Grid expects to connect more than 10 GW of data-center demand across the U.K. and U.S. over the next five years.</cite>

<cite index="4-3">Joulent's 'Across-the-Meter' solutions provide scalable baseload power co-located with customer demand while eventually connecting to the grid, enabling companies to scale quickly to multi-gigawatt campuses with exportable capacity.</cite> The capital strengthens Joulent's ability to execute on its pipeline and accelerates speed-to-power for AI and advanced industrial customers.

For teams building hyperscale AI compute, Joulent signals a structural shift: traditional grid interconnection timelines are too slow for data-center deployment. Dedicated generation co-located with large loads bypasses 5-10 year utility connection backlogs. National Grid's entry as a co-investor anchors this model, signaling utility-scale players now see predictable long-term revenue in AI energy infrastructure.