EQT Infrastructure VII has agreed to acquire Copia Power from global investment firm Carlyle, marking a significant expansion of its digital and energy infrastructure portfolio in the United States.
Copia Power specialises in developing integrated energy campuses that combine power generation, high-voltage transmission, and data centre loads at a single interconnection position. This unique approach bypasses traditional grid bottlenecks, offering an accelerated timeline for artificial intelligence infrastructure growth. The company currently operates or is constructing over 2.6 GW of energy generation and storage assets. Furthermore, it is developing more than 9 GW of grid-connected data centres, backed by a broader portfolio exceeding 25 GW of solar and storage alongside 7 GW of natural gas generation.
The acquisition addresses a critical challenge in the tech sector, where energy availability has become the primary constraint on data centre expansion. Copia’s integrated model provides utilities with a streamlined route to add generation and load simultaneously, whilst offering hyperscalers reliable, grid-connected power in markets burdened by long interconnection queues.
This transaction further builds on EQT’s existing U.S. infrastructure investments, which include EdgeConneX, Zayo, Cypress Creek Energy, and Scale. EQT intends to foster collaboration across these businesses to deliver comprehensive power, digital, and connectivity solutions.
Ray Henger, Chief Executive of Copia Power, expressed excitement about the partnership, noting that EQT’s deep infrastructure expertise and long-term perspective make it the ideal partner to scale the platform and support AI and electrification.
Alex Darden, Partner and Head of EQT Infrastructure Americas, highlighted that the rapid adoption of AI is transforming infrastructure demand, making energy a critical enabler of digital expansion. He stated that Copia is exceptionally well-positioned to build the infrastructure required for the next generation of AI.
The transaction is subject to customary conditions and approvals, with completion expected by the end of 2026.
