Pranav Hotkar
Miami, United States / Rio de Janeiro, Brazil - April 28, 2026 - I Squared Capital has agreed to acquire Elea Data Centers, marking a major expansion of its digital infrastructure footprint in Latin America and strengthening its position in the fast-growing AI data center market.
The acquisition gives I Squared control of one of Brazil’s largest carrier-neutral data center platforms, which operates a nationwide network of nine interconnected facilities across key markets, including São Paulo, Rio de Janeiro, and Brasília.
Elea currently has more than 300 megawatts (MW) of powered land and over 1 gigawatt (GW) of capacity under development, with plans requiring more than USD 10 billion in future investment to fully scale its platform.
The deal is intended to accelerate the buildout of large-scale, high-density AI infrastructure across Brazil, as demand for cloud computing and artificial intelligence workloads continues to rise.
Executives highlighted Brazil as a strategically important market due to its size and growing digital economy. The country has more than 180 million internet users and is experiencing rapid growth in cloud adoption and AI compute demand while still remaining underpenetrated compared to more mature data center markets.
A key advantage of Elea’s platform is its access to renewable energy. The company operates entirely on clean power and is developing large-scale projects such as its “Rio AI City", a multi-gigawatt campus designed to support future AI workloads.
I Squared said the acquisition aligns with its strategy of building scalable infrastructure platforms in high-growth regions. The firm, which manages more than USD 50 billion in assets globally, has been actively expanding its digital infrastructure portfolio across fiber, data centers, and telecom assets.
The investment will also support Elea’s ongoing expansion programme, enabling the company to increase capacity and meet rising demand from hyperscalers and enterprise customers.
Elea’s founder-led management team will continue to operate the business alongside I Squared, with support from existing partner Piemonte Holding. The partnership is expected to combine local market expertise with global capital and operational capabilities.
The transaction reflects a broader trend of infrastructure investors targeting platform-scale data center assets rather than individual facilities, particularly in emerging markets where demand for AI-ready infrastructure is accelerating.
With this acquisition, I Squared is positioning Elea as a central platform for delivering next-generation data center capacity in Latin America, supporting the region’s transition toward AI-driven digital infrastructure.
