EQT agreed to acquire data center energy developer Copia Power from The Carlyle Group.
The deal values Copia at $2.6 billion. Carlyle realized a more than fivefold return on its investment since creating the platform in 2021.
The transaction highlights surging demand for energy infrastructure to support the artificial intelligence boom. Copia Power develops integrated energy campuses across the U.S.
The platform currently manages 2.6 gigawatts of energy generation and storage assets in operation or under construction. EQT plans to partner with Copia's management to scale the platform nationwide.