Copia Power, a Carlyle Portfolio Company, Closes $595 Million Tax Equity Commitment for Centennial Flats

Audio By Carbonatix

Copia Power closes tax equity for Arizona solar and storage project

DANA POINT, CA AND WASHINGTON, DC / ACCESS Newswire / December 17, 2025 / Copia Power (Copia) today announced it has closed a $595 million tax equity commitment with J.P. Morgan, as the sole tax equity investor, for its Centennial Flats Project.

The Centennial Flats project is located in La Paz County, AZ, about 75 miles west of Phoenix, and consists of 500 MW of solar generating capacity and 1,069 MWh of battery energy storage capacity. The project is being constructed in three phases with expected completion dates throughout 2026.

"I'm deeply grateful for the dedication and commitment shown by all parties to advance Centennial Flats through the project's first mechanical completion milestone and tax equity closing," said Tony Archibald, EVP and Chief Operating Officer. "These achievements reflect the daily work happening across the site as the teams work through the final stages of construction toward operations. Building a project of this scale takes a remarkable team, and their effort is evident in their serial delivery of power and infrastructure solutions at scale both on time and on budget."

"This tax equity commitment demonstrates our continued ability to finance our pipeline efficiently, backed by recurring commitments from key financial partners," said Dan Murphy, Copia's Managing Director and Head of Capital Markets. "We appreciate the opportunity to close another tax equity transaction with J.P. Morgan and value our ongoing partnership."

McDermott, Will and Schulte 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's transaction counsel, with Ballard Spahr LLP 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 www.carlyle.com. Further information is available at carlyle.com. Follow Carlyle on LinkedIn at The Carlyle Group and on X at @OneCarlyle.

Contacts:

Copia Power

Katie Heath

[email protected]

Carlyle

Brittany Berliner

[email protected]

SOURCE: Copia Power