Kirkland Advises Joulent on $1.75 Billion Strategic Investment from National Grid and Partnership with Chevron for Project Kilby

Kirkland & Ellis advised Joulent, LLC, a technology-driven energy company developing multi-gigawatt power infrastructure to meet the accelerating demands of American industry and innovation, in connection with a $1.75 billion strategic minority investment in Joulent from National Grid. The investment strengthens Joulent's ability to execute on its current multi-gigawatt project, advance its project pipeline and scale its capabilities.

Kirkland also advised on the formation of Joulent, as well as Joulent's 50/50 partnership with Chevron for Project Kilby, named Energy Forge.

Joulent was developed over three years by Engine No. 1 in strategic collaboration with GE Vernova. As Joulent's first power project, Joulent and Chevron have been collaborating on a natural-gas power facility project in West Texas known as Project Kilby. Kilby will be co-located with a Microsoft-operated data center and is expected to deliver approximately 2.67 gigawatts of capacity under a 20-year power purchase agreement with Microsoft Corporation. Kilby is designed to deliver reliable electricity for hyperscale AI workloads while aiming to mitigate impacts on the regional grid relied on by consumers.

Read the transaction press releases here and here

The Kirkland team included corporate lawyers Kyle Watson, Kat Murphy, Carli Childers, John Pitts, Sarah Walden, Gabrielle Sumich and Alexa Grealis; energy regulatory lawyer Drew Stuyvenberg; executive compensation lawyers Rob Fowler and Travis Bruno; tax lawyers Jonathan Macke, Sam Kamyans and Brooke Schafer; real estate lawyers Chris Hartmann and Samuel Zaretsky; real assets lawyer Pat Corrigan; debt finance lawyer Lucas Spivey; employee benefits lawyer Justin Coddington; and technology & IP transactions lawyer Amber Harezlak.