Copia Power, a Carlyle Portfolio Company, Closes an $890 million Tax Equity Commitment for Maricopa Energy Center

Dana Point, CA and Washington, DC, December 18, 2025 – Copia Power (Copia) today announced it has executed an $890 million tax equity commitment with Wells Fargo for its Maricopa Energy Center projects. Wells Fargo provided separate commitments across each phase of the Maricopa facility, which combined represents one of the largest commitments for a solar and/or storage facility in the US. 

Maricopa Energy Center is located in Maricopa County, Arizona and consists of 550 MW of solar generating capacity and 2,200 MWh of battery energy storage capacity. This is the third portion of our 30,000-acre Harquahala digital and power infrastructure campus to be commercialized. The project is being constructed in two phases which have each executed a Power Purchase Agreement with APS and are scheduled to reach commercial operation in 2026-2027. Once operational, Maricopa will be the single largest solar-plus-storage project in Arizona. 

“Copia continues to demonstrate exceptional execution as it builds large scale, high-impact power infrastructure projects across the U.S. and this tax equity commitment underscores the strength of our platform,” said Dan Murphy, Copia’s Managing Director and Head of Capital Markets. “Maricopa Energy Center is a defining project for Arizona as one of the largest power-infrastructure projects in the state and we are proud to close this transformative transaction with Wells Fargo.” 

“Closing tax equity for Maricopa underscores the strength of our teams across planning, procurement, and construction as well as our commitment to deliver complex, infrastructure solutions at unprecedented scale to our partners,” said Nate Lapierre, Managing Director and Head of Project Management and Procurement.  

Stoel Rives LLP served as Sponsor’s counsel on the deal, with Holland & Hart LLP and Snell & Wilmer LLP serving as local counsel.  Milbank LLP served as tax equity counsel, with Ballard Spahr LLP serving as local counsel.    

CRC-IB and Carlyle served as Copia’s advisors. 

About Copia Power 

Copia Power is a Carlyle-backed energy and digital infrastructure platform committed to developing, constructing, and owning large-scale assets in the U.S. to accelerate the energy transition and the growth of the digital economy. Copia Power has 450 MW solar generation and 1,200 MWh of storage operational assets, is currently constructing two projects in AZ totaling 1,050 MW solar generation and 3,269 MWh storage and actively developing more than 27 GW of large solar and storage projects, 7+ GW of thermal projects and 15+ GW of digital assets across the U.S. Further information is available at www.copiapower.com. 

About Carlyle 

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and operates through three segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $474 billion of assets under management as of September 30, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,400 people in 27 offices across four continents. Further information is available at carlyle.com. Follow Carlyle on LinkedIn at The Carlyle Group and on X @OneCarlyle. 

Contacts: 

Copia Power  
Katie Heath 
katie.heath@copiapower.com 

Carlyle  
Brittany Berliner 
+1 (212) 813-4839 
brittany.berliner@carlyle.com 

©2025 Copia Power | All rights reserved.