National Grid: NGV to invest $1.75bn for a 35% stake in Joulent

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National Grid: NGV to invest $1.75bn for a 35% stake in Joulent

C A Z E N O V E Europe Equity Research

01 July 2026

National Grid Overweight

NG.L, NG/ LN

NGV to invest $1.75bn for a 35% stake in Joulent Price (30 Jun 26):1,248p

Price Target (Mar-28):1,440p

Our Take: National Grid has today announced that National Grid Ventures (NGV) European Utilities & Clean Energy

AChas agreed to invest $1.75bn to secure a 35% interest in Joulent, a platform focused Pavan Mahbubani, CFA

on contracted power generation and high-voltage infrastructure for US large-load (44-20) 7134-3056

customers. NGV’s investment will enable the development of Joulent’s pavan.mahbubani@jpmorgan.com

foundational project, Project Kilby, in a 50/50 partnership with Chevron J.P. Morgan Securities plc

Corporation (covered by JPM Oil & Gas Exploration & Production Analyst Arun Samanvitha Theegela

Jayaram). Joulent also has a multi-GW pipeline beyond Project Kilby, which could (91-22) 6157-5846

samanvitha.theegela@jpmchase.com

provide further growth over time. We see this investment as complementary to J.P. Morgan India Private Limited

National Grid’s investment plan as it provides exposure to the growing US power

Mukund Verma

demand theme from data centers and AI, particularly in Texas. Joulent’s ability to (44-20) 7742-4181

develop both behind-the-meter and front-of-the-meter data center solutions should mukund.verma@jpmorgan.com

provide flexibility in future years to provide solutions to the largest data center J.P. Morgan Securities plc

providers. We would expect the targeted returns of this investment through NGV

Specialist Sales contact details:to exceed the 9-10% return on equity we expect regulated networks to achieve,

reflecting a slightly higher relative risk profile.