EQT announced that EQT Infrastructure VII has agreed to acquire Copia Power from Carlyle. Copia Power is an integrated power and AI infrastructure platform that develops, owns, and operates large-scale energy and digital infrastructure campuses across the U.S.
The transaction supports EQT’s strategy of investing in infrastructure tied to artificial intelligence, energy security, and the growing need for scalable power to support data center development. The deal is subject to customary conditions and approvals and is expected to close by the end of 2026.
Copia develops integrated energy campuses that combine generation, high-voltage transmission, and data center load at the same interconnection position. This model is designed to accelerate AI infrastructure development by helping utilities and customers bring generation and load together more efficiently.
The company currently has more than 2.6 GW of energy generation and storage assets in operation or under construction. It is also actively developing more than 9 GW of grid-connected data centers supported by gigawatt-scale energy campuses.
Copia’s portfolio includes more than 25 GW of solar and storage assets and 7 GW of natural gas generation assets. The company works alongside utilities to help unlock new power capacity, accelerate infrastructure development, and support long-term grid reliability and ratepayer affordability.
EQT said power has become a critical constraint for data center growth as AI adoption drives rising demand for compute capacity. The firm believes digital infrastructure and energy infrastructure increasingly need to scale together.
Copia’s integrated campus model is intended to address that constraint by giving utilities a single route to add generation and load on an accelerated timeline. It also provides hyperscalers and other customers with access to firm, grid-connected power in markets where interconnection queues have become a major development hurdle.
The acquisition expands EQT’s growing U.S. AI infrastructure portfolio, which spans data centers, energy, and fiber connectivity. EQT’s related portfolio companies include EdgeConneX, Zayo, Cypress Creek Energy, and Scale.
EQT said it is encouraging collaboration across this portfolio by connecting power generation, digital infrastructure, and connectivity capabilities. The firm views Copia’s integrated campus model as a natural complement to these assets.
Following the transaction, EQT plans to partner with Copia’s management team to scale the platform. The firm also intends to accelerate priority development projects and expand Copia’s integrated campus strategy across the U.S.
Copia’s platform sits at the intersection of AI infrastructure, grid modernization, and energy development. EQT said the company is well positioned for long-term growth as utilities, hyperscalers, and infrastructure developers seek more coordinated ways to deliver power and compute capacity.
EQT Infrastructure VII is expected to be activated and begin charging management fees around year-end 2026. Upon activation and with the Copia acquisition, the fund is expected to be 0% to 5% invested based on target fund size and subject to customary regulatory approvals.
KEY QUOTES:
“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 U.S. 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.”
Ray Henger, CEO of Copia Power
“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. We look forward to partnering with the management team to accelerate development, scale the platform, and help build the infrastructure that will support the next generation of AI.”
Alex Darden, Partner and Head of EQT Infrastructure Americas
