Private equity and venture capital investor EQT Group announced the acquisition of U.S. power and AI infrastructure development platform Copia Power from private capital investment firm The Carlyle Group.
Carlyle launched Copia in 2021, with the acquisition of a 6 GW U.S. solar and storage development pipeline from energy developer and operator Tenaska, with a focus on using the platform to develop, construct and operate large-scale energy infrastructure assets across the U.S.
To date, the platform has brought 2.6 GW of energy generation and storage assets into operation or construction, and now includes more than 20 GW of thermal and renewable generation opportunities and 9 GW of data center opportunities across its campus portfolio, spanning solar, storage, thermal, high voltage transmission and data center assets.
Copia has also advanced the concept of the “grid connected campus,” co-locating gigawatt-scale generation and data center load at strategic high-voltage grid locations. Each campus integrates renewable generation, storage, and dispatchable resources with the ability to host digital infrastructure.
Pooja Goyal, Chief Investment Officer of the Infrastructure Group, said:
“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… 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.”
According to EQT, the transaction aligns with its focus on investing behind the infrastructure underpinning global demand for artificial intelligence and supporting energy security, with energy emerging as the primary bottleneck to data center growth. The firm said that Copia’s integrated model addresses that constraint, enabling digital and energy infrastructure to scale together.
Alex Darden, Partner and Head of EQT Infrastructure Americas, said:
“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.”
The acquisition is being made through EQT’s recently launched flagship infrastructure fund, EQT Infrastructure VII. EQT recently announced a target size for the fund of €21 billion.
