National Grid plc (NYSE:NGG) is one of the best dividend stocks to invest in, according to Jim Simons’ Renaissance Technologies.
On July 1, National Grid plc (NYSE:NGG) confirmed it will invest $1.75 billion for a 35% stake in Joulent, a U.S. energy platform developing power infrastructure
The investment underscores the company’s push to capitalize on growing demand for power in the US amid the AI boom. The $1.75 billion investment is to fund Joulent’s first project, a 2.67-gigawatt gas-fired facility in West Texas. The facility is to generate power and supply it to a Microsoft-operated data center campus under a 20-year power purchase agreement.
According to National Grid, the $1.75 billion investment is incremental to a five-year capital investment program of at least £70 billion through fiscal year 2031. The company has entered into strategic partnerships as it moves to strengthen its existing data center connectivity program. It plans to connect more than 10 gigawatts across the UK and the United States over the next five years.