I Squared Capital Expands Data Center Franchise in LatAm with Elea Data Centers Acquisition

MIAMI & RIO DE JANEIRO- I Squared Capital ("I Squared"), a leading independent global infrastructure investment manager, today announced that it has agreed to acquire Elea Data Centers ("Elea"), one of the largest carrier-neutral data center platforms in Brazil. Elea operates a nationwide network of nine interconnected data center campuses across Brazil including São Paulo, Rio de Janeiro, and Brasília, serving a diversified base of enterprise and hyperscale customers, with over 300MWs of powered land and over 1GW currently in development that will require more than US$10bn of capital to support its delivery. I Squared's investment will support Elea's planned expansion program and accelerate the development of large-scale, high-density AI infrastructure across Brazil.

Brazil is the largest data center market in Latin America and a rapidly emerging global hub for digital infrastructure, supported by more than 180 million internet users and accelerating demand for private and public cloud storage, local inference and training compute demand as well as training for international markets. At the same time, the market remains structurally underpenetrated relative to more mature economies, with demand expected to outpace supply, presenting a significant opportunity. The country benefits from a compelling combination of low-cost power, which is predominantly renewable, and established hyperscaler availability zones, along with supportive policy initiatives such as the ReData tax framework under discussion.

Elea represents a compelling, ground-level opportunity to build a scaled digital infrastructure platform in one of the fastest-growing data center markets globally," said Gautam Bhandari, Chief Investment Officer at I Squared Capital. "The company combines a national colocation footprint, a substantial and well-located powered landbank, including its +3GW Rio AI City development, which provides a strong foundation for capacity expansion. Together with Elea's founder-led management team, we are focused on building a next-generation platform designed for large-scale hyperscale and AI deployments. We believe this positions Elea to capture the structural growth driven by cloud adoption, artificial intelligence, and service training demand for international markets."

Alessandro Lombardi, President and Founder of Elea Data Centers said, "AI infrastructure is now constrained less by technology and more by access to energy. Brazil is one of the few markets in the world with gigawatt-scale renewable energy available for data center expansion. With this investment, we are scaling a distributed AI infrastructure platform designed to unlock that potential across the country."

As a pioneer in sustainable infrastructure in Latin America, Elea operates entirely on renewable energy and is focused on delivering efficient, low-carbon solutions at scale. Its platform combines local market expertise with global standards, enabling international and domestic customers to expand into Brazil and across the region.

Alongside Piemonte Holding, a long-term partner of the platform, I Squared Capital will partner with Elea's founder-led management team, which brings extensive experience in developing and operating large-scale data center assets, as well as a strong track record of executing acquisitions in Brazil's fragmented market. I Squared Capital has been investing in Latin America since 2015 investing more than $3bn in seven investments across the region.

About I Squared Capital

I Squared Capital is a leading independent global infrastructure investor dedicated to the mid-market, managing $55 billion in assets. Founded in 2012, I Squared has evolved into one of the most diverse infrastructure investors in the world, with investments across power & utilities; transportation & logistics; digital infrastructure; environmental infrastructure; and social infrastructure, providing essential services to millions of people globally. Today, the firm's portfolio includes over 100 companies operating in more than 115 countries and employing more than 110,000 people. Headquartered in Miami, I Squared has a global team of over 360 employees across nine offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney, Taipei and Miami. Learn more at https://www.isquaredcapital.com

About Elea Data Centers

Headquartered in Rio de Janeiro, Brazil, Elea Data Centers is Latin America's leading distributed and sustainable data center platform, committed to accelerating a responsible digital economy and powering AI diffusion. Elea is the developer of Rio AI City, a 3 GW AI factory in Rio de Janeiro. Utilizing 100% renewable energy. Elea also operates a nationwide network of nine interconnected data center campuses in the most critical cities of Brazil, with the capacity and scale to accommodate the high-density cloud and AI deployment needs of Big Techs and large global or local enterprises. For more information, visit https://www.eleadatacenters.com.

Contacts

Elea Data Centers Fernanda Belchior [email protected]

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