Investment firm EQT is acquiring US energy and digital infrastructure platform Copia Power from Carlyle in a deal IPE Real Assets understands to be worth around $2.6bn (€2.3bn).
Copia, established by Carlyle in 2021, has more than 2.6GW of energy generation and storage assets in operation or under construction.
The platform is also actively developing over 9GW of grid-connected data centres, supported by a gigawatt-scale energy campus portfolio comprising upwards of 25GW of solar and storage alongside 7GW of natural gas generation assets.
EQT, which is investing on behalf of its seventh global infrastructure fund, said it will support Copia’s management team in scaling the platform, advancing priority development projects and expanding its integrated campuses strategy throughout the US.
EQT is seeking to raise €21bn for EQT Infrastructure VII and said the fund would be 0-5% invested following the Copia acquisition.
The deal expands EQT’s portfolio of AI infrastructure investments in the US, which spans data centres, energy and fibre connectivity through companies including EdgeConneX, Zayo, Cypress Creek Energy and Scale Microgrid Solutions.
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.”
Pooja Goyal, CIO of Carlyle’s 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. Rather than acquiring an existing business, we saw an opportunity to create a differentiated platform that was built for purpose, specifically to target this constraint in a scalable and commercial manner.
“We leveraged our infrastructure group’s deep sector expertise in developing and operating power assets and worked alongside an exceptional management team to create and scale the company, combining power, energy storage and digital infrastructure capabilities under a single platform. What began as a concept has become a leading power and energy infrastructure platform with more than 30GW of opportunities across generation, storage and digital infrastructure.”
David Gluck, managing director of Carlyle’s infrastructure group, said: “Our conviction was that the best way to capitalise on the generational opportunity at the intersection of power and digital was to build – not buy – a platform.
“Copia’s transformation over the past five years is a testament to the management team we put in place and the disciplined execution of that strategy.”
Ray Henger, CEO of Copia Power, said: “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.”
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