Morgan Lewis Advises National Grid on $1.75B Investment to Support AI and Data Center Growth

BOSTON and HARTFORD, July 1, 2026: Morgan Lewis advised National Grid Ventures (NGV), the commercial arm of National Grid plc, on its $1.75 billion investment for a 35% stake in Joulent LLC. NGV's investment will support the advancement of Joulent's flagship initiative, Project Kilby, which is being developed as a 50/50 joint venture with Chevron Corporation. Located in West Texas, the 2.67 GW co-located power facility will supply dedicated electricity to a Microsoft-operated data center under a 20-year power purchase agreement.

NGV develops, builds, and operates energy infrastructure that strengthens the power system and delivers reliable, affordable energy for communities. Joulent is a technology-driven energy company purpose-built to deliver reliable, multi-gigawatt energy at the speed and scale required to build the compute for artificial intelligence and other compute-intensive industries.

Morgan Lewis partners Spencer Curtis and Michael Müller and associate Anna Ellement advised National Grid.

For more, read National Grid’s announcement.