National Grid Ventures bets $1.75bn on AI power infrastructure

The capital injection will catalyze the development of Project Kilby, a 2.67 GW co-located power facility in West Texas. Developed in a 50/50 partnership with Chevron, the site is slated to provide dedicated electricity to a Microsoft-operated data center under a 20-year power purchase agreement. With key equipment like GE Vernova turbines already secured, the project is targeting initial power delivery by 2028.

Beyond this foundational project, the collaboration combines Joulent’s modular approach—which integrates gas generation, battery storage, and renewables—with National Grid’s expertise in high-voltage networks and system integration. This union is expected to bolster National Grid’s broader ambition to connect over 10 GW of demand across the U.K. and U.S. over the next five years. The investment, which remains subject to a final decision later in 2026, sits outside the Group’s existing £70 billion capital program, signaling a strategic pivot toward the rapidly expanding, compute-intensive energy market.