National Grid Plc will invest $1.75 billion to acquire a 35% stake in privately held Joulent LLC, valuing the company at $5.0 billion. Joulent, partnered with Chevron (CVX.N), is developing a gas-fired power plant in Texas to serve Microsoft (MSFT.O)

2026-07-01

National Grid Plc will invest $1.75 billion to acquire a 35% stake in privately held Joulent LLC, valuing the company at $5.0 billion. Joulent, partnered with Chevron (CVX.N), is developing a gas-fired power plant in Texas to serve Microsoft (MSFT.O) data-center demand; the deal expands National Grid’s U.S. footprint from the Northeast into one of the country’s most active power markets as utilities target AI-driven data-center projects.