EQT Infrastructure VII is acquiring Copia Power from Carlyle to expand its AI infrastructure portfolio through Copia's i
EQT is pleased to announce that EQT Infrastructure VII has agreed to acquire Copia Power from global investment firm Carlyle. Copia develops integrated energy campuses that bring generation, high-voltage transmission, and data center load together at the same interconnection position, providing a differentiated approach that enables AI infrastructure growth on an accelerated timeline. The company currently operates or has under construction over 2.6 gigawatts of energy generation and storage assets and is actively developing over 9 gigawatts of grid-connected data centers supported by its portfolio of gigawatt-scale energy campuses, comprising more than 25 gigawatts of solar and storage and 7 gigawatts of natural gas generation assets.
The transaction aligns with EQT's focus on investing in infrastructure underpinning global demand for artificial intelligence and supporting energy security. The rapid adoption of AI is driving an unprecedented era of infrastructure investment, with global demand for compute capacity accelerating at pace never seen before. Data center and energy investment is expected to reach into the trillions of dollars over the coming years, and energy has become the primary bottleneck to data center growth. As a result, digital and energy infrastructure must increasingly scale together. Copia's integrated model addresses that constraint by giving utilities a single route to add generation and load on an accelerated timeline and providing hyperscalers and other customers a path to firm, grid-connected power in markets where interconnection queues have become a key hurdle.
The acquisition further expands EQT's growing portfolio of AI infrastructure investments in the United States, which spans data centers, energy, and fiber connectivity through companies including EdgeConneX, Zayo, Cypress Creek Energy, and Scale. EQT is actively encouraging collaboration across this portfolio to connect power generation, digital infrastructure, and connectivity capabilities to deliver integrated solutions for hyperscalers and utilities. EQT will support Copia's management team in scaling the platform, advancing development projects, and expanding its integrated campuses strategy throughout the country.
Ray Henger, CEO of Copia Power, stated that the company is excited to partner with EQT as Copia enters its next phase of growth, noting that since founding, Copia has focused on solving one of the most important challenges facing the U.S. power market by bringing generation, transmission and large-scale load together in a way that accelerates delivery for customers and utilities. Henger emphasized that EQT's deep infrastructure experience and long-term perspective make it the ideal partner as Copia continues to scale its platform and develop the energy infrastructure needed to support AI and electrification.
Alex Darden, Partner and Head of EQT Infrastructure Americas, said that the rapid adoption of AI is transforming infrastructure demand, making energy an increasingly critical enabler of digital infrastructure. Darden noted that Copia has built a differentiated platform at the intersection of these themes and is exceptionally well positioned for long-term growth, and that EQT looks forward to partnering with the management team to accelerate development and scale the platform.
The transaction is subject to customary conditions and approvals and is expected to close by the end of 2026. EQT Infrastructure VII is currently expected to be activated and begin charging management fees around year-end 2026. Upon activation and with the acquisition of Copia Power, EQT Infrastructure VII is expected to be zero to five percent invested based on target fund size and subject to customary regulatory approvals.