EQT Infrastructure VII has agreed to acquire Copia Power from Carlyle, as the investment firm expands its exposure to energy infrastructure supporting AI and data centre growth.

Copia develops integrated energy campuses that combine power generation, high-voltage transmission, and data centre load at the same interconnection point. The model is designed to shorten development timelines for AI infrastructure by linking compute demand with new generation capacity.

The company has more than 2.6GW of energy generation and storage assets in operation or under construction. It is also developing more than 9GW of grid-connected data centres supported by gigawatt-scale energy campuses, including more than 25GW of solar and storage capacity and 7GW of natural gas generation assets.

EQT said energy availability has become one of the main constraints on data centre growth, requiring digital infrastructure and power infrastructure to scale together. Copia’s model is intended to give utilities a route to add generation and load, while giving hyperscalers and other customers access to firm, grid-connected power in markets where interconnection queues have become a barrier to new capacity.

The acquisition will add Copia to EQT’s US AI infrastructure portfolio, which spans data centres, energy and fibre connectivity through companies including EdgeConneX, Zayo, Cypress Creek Energy and Scale.

EQT said it sees opportunities to connect power generation, digital infrastructure and connectivity assets across the portfolio for hyperscale and utility customers. The firm said it will support Copia’s management team in scaling the platform, advancing key development projects and expanding its campus strategy across the US.

Ray Henger, CEO of Copia Power, said the company has focused on bringing generation, transmission and large-scale load together to accelerate delivery for customers and utilities as demand for power-backed data centre infrastructure grows. 

“EQT’s deep infrastructure experience and long-term perspective make it 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.

Alex Darden, partner and head of EQT Infrastructure Americas, said the rapid adoption of AI is changing infrastructure demand and making energy an increasingly important part of digital infrastructure.

Copia had built a platform at the intersection of energy and digital infrastructure, positioning the company for long-term growth. Darden added that EQT plans to work with Copia’s management team to accelerate development and scale the platform to support AI infrastructure demand.