EQT Infrastructure VII has reached an agreement to acquire Copia Power from Carlyle, a US-based investment firm.
Copia Power develops, owns and operates large-scale integrated energy and digital infrastructure campuses across the US, providing a platform that brings together power generation, high-voltage transmission and data centre load at a single site.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The acquisition comes as the rapid adoption of AI fuels heightened demand for both compute capacity and the energy infrastructure that supports it.
According to EQT, access to scalable and reliable power has become a critical factor in continued data centre development.
Copia Power currently operates or is constructing more than 2.6GW of energy generation and storage assets.
The company is also developing in excess of 9GW of grid-connected data centres, supported by a portfolio that includes more than 25GW of solar and storage assets and 7GW of natural gas generation.
Copia Power CEO Ray Henger said: “We are excited to partner with EQT as we enter Copia’s next phase of growth.
“Since our founding, we have focused on solving one of the most important challenges facing the US power market: bringing generation, transmission and large-scale load together in a way that accelerates delivery for customers and utilities.
“EQT’s deep infrastructure experience and long-term perspective bring the ideal partner as we continue to scale our platform and develop the energy infrastructure needed to support AI and electrification.”
EQT plans to partner with Copia Power’s management team to expand its integrated campus model nationwide, accelerate priority development projects and scale the platform to meet rising demand for AI infrastructure.
EQT Infrastructure Americas partner and head Alex Darden said: “The rapid adoption of AI is transforming infrastructure demand, making energy an increasingly critical enabler of digital infrastructure.
“Copia has built a differentiated platform at the intersection of these two themes, and we believe it is exceptionally well-positioned for long-term growth.”
Copia Power’s approach helps utilities add generation and load more efficiently, giving data centre operators and other customers access to grid-connected power in capacity-constrained markets.
The transaction is contingent upon customary conditions and approvals and is expected to close by the end of 2026.
EQT Infrastructure VII, the acquiring fund, is expected to become active and begin charging management fees at the end of 2026.
Upon activation and with the addition of Copia Power, the fund is expected to be 0–5% invested based on its target size, following regulatory approvals.
EQT’s current infrastructure fund, EQT Infrastructure VI, is 75–80% invested and remains in its commitment period.
