Carlyle Agrees to Sell Copia Power, a Leading Power and AI Infrastructure Platform Built from the Ground Up, to EQT
● Established by Carlyle in 2021, Copia Power develops, builds and operates grid connected gigawatt-scale power and data center infrastructure
● Transaction marks the successful execution of Carlyle's platform creation strategy
Washington, D.C. – July 10, 2026 – Global investment firm Carlyle (NASDAQ: CG) today announced that it has agreed to sell Copia Power (“Copia”), a leading U.S. power and AI infrastructure development platform, to EQT, a purpose-driven global investment organization. The transaction reflects the growth of Copia from business plan creation into a leading power and AI infrastructure business during Carlyle's five-year ownership period.
Created by Carlyle’s Infrastructure Group in 2021 to develop, construct and operate large-scale energy infrastructure assets across the United States, Copia was established around a conviction that power would ultimately be a bottleneck to the digitization and electrification of the US economy. Bringing together an experienced management team and initial portfolio of development assets, Carlyle built a highly differentiated platform spanning power generation, energy storage and digital infrastructure. Today, Copia has transformed in scale from a concept into a business with more than 20 GW of thermal and renewable generation opportunities and 9 GW of data center opportunities across its campus portfolio, spanning solar, storage, thermal, high voltage transmission and data center assets.
Under Carlyle's ownership, Copia has grown to ~100 employees and significantly expanded its development and operational activities across power generation, energy storage, transmission and data centers. Leveraging the Infrastructure Group's deep sector expertise, disciplined approach to capital allocation and track record of creating and growing infrastructure and development oriented businesses, Copia expanded its development pipeline, brought 2.6 GW of energy generation and storage assets into operation or construction, established a growing portfolio of power and digital infrastructure opportunities, and advanced the concept of the “grid connected campus” — co-locating gigawatt-scale generation and data center load at strategic high-voltage grid locations.
Ray Henger, CEO of Copia Power, said: “From the outset, our focus was on building a leading energy and digital infrastructure platform capable of developing, constructing and operating large-scale assets. What has been accomplished over the last five years is remarkable, and a testament to the strength of our team, the support of Carlyle and a relentless focus on execution. Under EQT’s ownership, we look forward to building on that momentum in the years ahead.”
Pooja Goyal, Chief Investment Officer of the 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 30 GW of opportunities across generation, storage and digital infrastructure.”
David Gluck, Managing Director of the Infrastructure Group, added: “Our conviction was that the best way to capitalize 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.”
Guggenheim Securities LLC and J.P. Morgan Securities LLC served as Carlyle’s lead financial advisors and Latham & Watkins LLP served as legal counsel. CG/ CRC-IB also served as financial advisor to Copia Power.
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About Copia Power
Copia Power is an energy and digital infrastructure platform committed to developing, constructing, and owning large-scale assets across the U.S. Copia Power has over 2.6 GW of energy generation and storage assets in operation or under construction and is actively developing over 9 GW of grid-connected data centers supported by Copia’s portfolio of gigawatt-scale energy campuses comprising more than 25 GW of solar and storage and 7 GW of natural gas generation assets. For further information www.copiapower.com. Follow Copia on LinkedIn at Copia Power.
About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $475 billion of assets under management as of March 31, 2026, Carlyle’s purpose is to connect people, ideas, and capital to fuel growth for companies and performance for investors. Carlyle employs more than 2,500 people in 28 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.
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