EQT Partners acquires Copia Power in major strategic M&A, consolidating power infrastructure assets for AI datacenter energy supply.

EQT announced that EQT Infrastructure VII has agreed to acquire Copia Power from Carlyle, 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 is expected to close by the end of 2026, subject to customary conditions and approvals.

The acquisition 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. EQT views power as a critical constraint for data center growth, particularly as AI adoption drives rising demand for compute capacity. The firm believes digital and energy infrastructure must increasingly scale together.

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 bringing generation and load together more efficiently. The platform addresses power constraints by giving utilities a streamlined path to add generation and load on an accelerated timeline, while providing hyperscalers and other customers with access to firm, grid-connected power in markets where interconnection queues have become a major development hurdle.

Copia currently operates more than 2.6 GW of energy generation and storage assets, with an additional 9 GW of grid-connected data centers under active development supported by gigawatt-scale energy campuses. The company's portfolio includes more than 25 GW of solar and storage assets and 7 GW of natural gas generation assets. Copia works alongside utilities to unlock new power capacity, accelerate infrastructure development, and support long-term grid reliability and ratepayer affordability.

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 intends to leverage these assets by connecting power generation, digital infrastructure, and connectivity capabilities, viewing Copia's integrated campus model as a natural complement.

Following the transaction, EQT plans to partner with Copia's management team to scale the platform, accelerate priority development projects, and expand the integrated campus strategy across the U.S. Copia's platform sits at the intersection of AI infrastructure, grid modernization, and energy development, positioning it well for long-term growth as utilities, hyperscalers, and infrastructure developers seek more coordinated approaches to delivering 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.

"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."

"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