UPDATE 1-UK's National Grid bets $1.75 billion on AI power boom with Joulent investment

Microsoft Corporation
Chevron Corporation
GE Vernova Inc.
Novagold Resources Inc

Microsoft Corporation

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Chevron Corporation

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GE Vernova Inc.

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Novagold Resources Inc

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July 1 (Reuters) - Britain's National Grid NG.L said on Wednesday it will invest $1.75 billion for a 35% stake in Joulent, a U.S. energy platform developing power infrastructure for data centres, as it bets on a booming AI-driven power market.

The deal will help fund Joulent's first project, a 2.67-gigawatt gas-fired facility in West Texas developed in a 50/50 partnership with Chevron CVX.N, which will supply a Microsoft MSFT.O-operated data centre campus under a 20-year power purchase agreement.

Known as Kilby, the project has already secured critical equipment, including GE Vernova GEV.N turbines and reserved engineering and construction capacity, and is aiming to start delivering power by 2028.


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