EQT agrees to buy Copia Power from Carlyle

EQT Infrastructure VII has agreed to acquire Copia Power from Carlyle (NASDAQ: CG), the firms announced July 10, 2026.

Copia builds what the company calls integrated energy campuses: sites where power generation, high-voltage transmission and data center load connect at the same point on the grid. Copia has more than 2.6 GW of generation and storage assets in operation or under construction, and it is developing more than 9 GW of grid-connected data centers. Its wider portfolio includes over 25 GW of solar and storage and 7 GW of natural gas generation assets. Henry Hub gas traded at $3.06/MMBtu as of June 15, 2026, according to the EIA.

Why co-locate power with data centers

A data center that wants new grid power often waits in a utility's interconnection queue. Copia's model tries to cut that wait by building generation and transmission alongside the data center load from the outset, instead of asking a utility to add capacity to a grid. EQT said the approach, which it calls "bring-your-own generation," is also meant to hold down costs for other ratepayers on the same grid.

The purchase adds to EQT's US AI-infrastructure holdings, which already include EdgeConneX, Zayo, Cypress Creek Energy and Scale. EQT said it wants those companies working together so they can offer combined power, data center and connectivity deals to hyperscalers and utilities, and it sees Copia's campus model fitting into that mix.

Copia CEO Ray Henger said the company was built to address "one of the most important challenges facing the U.S. power market": bringing generation, transmission and large-scale load together in a way that accelerates delivery for customers and utilities. Alex Darden, who heads EQT Infrastructure Americas, said EQT believes Copia is "exceptionally well positioned for long-term growth" as AI-driven demand for power grows.

Timeline

The transaction needs customary regulatory approvals and is expected to close by the end of 2026. EQT Infrastructure VII, the fund making the purchase, is expected to begin charging management fees around year-end 2026. Once the Copia deal closes, the fund is expected to be 0-5% invested against its target size. EQT's prior fund, EQT Infrastructure VI, is already 75-80% invested and remains in its commitment period.