EQT acquires Copia Power from Carlyle

EQT has acquired the US renewable energy platform from The Carlyle Group, expanding its infrastructure portfolio across the nation.

The transaction aligns with EQT's focus on investing behind the infrastructure underpinning global demand for artificial intelligence (AI) and supporting energy security, it said.

The firm plans to support Copia's management team in scaling the platform, advancing priority development projects, and expanding its integrated campuses strategy throughout the US.

Copia develops integrated energy campuses, with over 2.6 gigawatts (GW) of energy generation and storage assets in operation or under construction and is actively developing over 9GW of grid-connected data centres supported by Copia, as well as over 25GW of solar and storage and 7GW of natural gas generation assets.

EQT said the platform's integrated model provides firm, grid-connected power in markets where interconnection queues have become a key hurdle, while supporting ratepayer affordability.

The acquisition also expands EQT's portfolio of AI infrastructure in the US, including EdgeConneX, Zayo, Cypress Creek Energy and Scale.

EQT head of infrastructure Americas Alex Darden said the rapid adoption of AI is driving investment in infrastructure assets like data centres and energy, which is expected to reach into the trillions of dollars over the coming years.

"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," Darden said.

"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."

Copia Power chief executive Ray Henger added: "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 US 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 transaction is subject to customary conditions and approvals and is expected to close by the end of 2026.