EQT acquires Copia Power, adding 2.6 GW for AI data centers

EQT's acquisition of Copia Power marks one of the largest bets on integrated AI energy infrastructure as data center power demand strains the U.S. grid.

EQT Infrastructure VII agreed to acquire Copia Power from Carlyle, adding 2.6 GW of operating energy assets and a 25 GW development pipeline as the race to power AI data centers intensifies across the U.S.

"Copia has built a differentiated platform at the intersection of AI and energy, and we believe it is exceptionally well positioned for long-term growth," said Alex Darden, partner and head of EQT Infrastructure Americas.

Copia develops integrated energy campuses that combine generation, high-voltage transmission, and data center load at a single interconnection point. The company has over 2.6 GW of generation and storage assets in operation or under construction, is developing more than 9 GW of grid-connected data centers, and holds a pipeline exceeding 25 GW of solar and storage plus 7 GW of natural gas generation. The transaction is expected to close by the end of 2026, subject to customary conditions.

The acquisition reflects a structural shift in infrastructure investing: global data center and energy investment is expected to reach trillions of dollars in coming years, with power access emerging as the primary bottleneck to AI expansion. EQT's purchase adds Copia to a portfolio that already includes EdgeConneX, Zayo, Cypress Creek Energy, and Scale, creating a vertically integrated AI infrastructure platform spanning power generation, data centers, and fiber connectivity.

The deal marks the latest in a series of large-scale infrastructure acquisitions targeting the intersection of energy and AI. EQT Infrastructure VII, which is expected to begin charging management fees around year-end 2026, will be 0 percent to 5 percent invested after this acquisition based on its target fund size. EQT Infrastructure VI is currently 75 percent to 80 percent invested and remains in its commitment period.

Copia's integrated campus model addresses a structural problem in U.S. power markets: interconnection queues have become a key hurdle for data center development, with projects often waiting years for grid access. By bringing generation, transmission, and load to the same interconnection point, Copia gives utilities a single route to add capacity on an accelerated timeline while supporting ratepayer affordability through bring-your-own-generation models. The approach collapses a multiyear sequential process of securing generation rights, transmission capacity, and data center permits into a single development track.

AI Power Demand Reshapes Infrastructure Investing

The last major acquisition of an integrated power and data center platform was Brookfield's purchase of Compass Datacenters in 2024, a deal valued at roughly $6 billion that signaled institutional appetite for assets bundling energy infrastructure with digital capacity. Since then, the AI compute buildout has accelerated sharply, with hyperscalers committing hundreds of billions of dollars to data center expansion and power purchase agreements. The U.S. Energy Information Administration projects data center electricity consumption could more than double by 2030, reaching as much as 9 percent of total U.S. power demand.

For Carlyle, the exit comes after it backed Copia's growth from a development-stage platform into a company with gigawatt-scale operating assets. The sale price was not disclosed. The deal gives Carlyle a realized return on a thematic bet that has gained urgency as AI adoption accelerates.

EQT is actively encouraging collaboration across its portfolio companies, connecting Copia's power generation capabilities with EdgeConneX's data center operations and Zayo's fiber network to deliver integrated solutions for hyperscalers and utilities. Ray Henger, Copia's chief executive officer, said the partnership with EQT would help the company scale its platform and expand its integrated campuses strategy throughout the U.S.

The transaction also highlights the growing convergence of traditionally separate infrastructure asset classes. Power generation, data centers, and fiber networks — once owned by distinct investor bases — are increasingly being consolidated under single platforms capable of delivering end-to-end AI infrastructure. EQT's portfolio strategy reflects this trend, positioning the firm to capture value across the full AI infrastructure value chain.

This article is for informational purposes only and does not constitute investment advice.