Houston-based investment firm Quantum Capital Group has agreed to buy independent power producer Cogentrix Energy from The Carlyle Group for US$3 billion.

North Carolina-based Cogentrix owns 11 natural gas-fired power plants in key U.S. energy markets, including Texas, Pennsylvania and New England. Carlyle originally bought Cogentrix from Goldman Sachs in 2012 for an undisclosed amount and has since roughly doubled the company's assets by buying new plants and expanding operations.

Quantum Capital Group, formerly known as Quantum Energy Partners, is a Houston, Texas-based private equity firm focused on the energy industry. The acquisition comes amid projections of rising electricity demand in the US driven by the growth of AI and data centers.