EQT acquired the U.S. Energy and AI Infrastructure Platform Copia Power from Carlyle for an undisclosed sum, consolidating renewable power and compute.

Private equity investor EQT Group has acquired Copia Power, a U.S. power and AI infrastructure development platform, from The Carlyle Group.

Carlyle launched Copia in 2021 following its acquisition of a 6 GW U.S. solar and storage development pipeline from energy developer Tenaska. The platform was established to develop, construct, and operate large-scale energy infrastructure assets across the country. To date, Copia has brought 2.6 GW of energy generation and storage assets into operation or construction, and now manages a portfolio encompassing more than 20 GW of thermal and renewable generation opportunities and 9 GW of data center opportunities, spanning solar, storage, thermal, high voltage transmission, and data center assets.

The platform has pioneered the "grid connected campus" concept, co-locating gigawatt-scale generation and data center capacity at strategic high-voltage grid locations. Each campus integrates renewable generation, storage, and dispatchable resources with digital infrastructure capabilities.

"When we established Copia, our thesis was that power would be the defining constraint for electrification and the digital economy, and we moved with conviction," said Pooja Goyal, Chief Investment Officer of Carlyle's Infrastructure Group. "What began as a concept has become a leading power and energy infrastructure platform with more than 30 GW of opportunities across generation, storage and digital infrastructure."

EQT views the acquisition as aligned with its focus on infrastructure supporting global AI demand and energy security, with energy identified as the primary bottleneck to data center expansion. The firm believes Copia's integrated model enables digital and energy infrastructure to scale together.

"The rapid adoption of AI is transforming infrastructure demand, making energy an increasingly critical enabler of digital infrastructure," said Alex Darden, Partner and Head of EQT Infrastructure Americas. "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."

The transaction is being executed through EQT Infrastructure VII, the firm's recently launched flagship infrastructure fund, which has a target size of €21 billion.