Elea Data Centers Appoints New Board of Directors to Accelerate AI-Ready Infrastructure Expansion in Brazil

New board combines directors from I Squared Capital with existing Elea board members, bringing together global digital infrastructure, energy, and investment expertise to support the company's next phase of growth

RIO DE JANEIRO, June 3, 2026 /PRNewswire/ -- Elea Data Centers, a leading distributed and sustainable data center platform in Brazil, today announced the appointment of its new board of directors following the successful completion of its acquisition by I Squared Capital, a leading independent global infrastructure investment firm. The new board brings together newly appointed directors representing I Squared alongside existing Elea board members who will continue in their roles, ensuring continuity of leadership while adding significant global infrastructure, investment, and operational expertise. The board will support Elea's ambitious growth strategy and accelerate the deployment of large-scale, high-density AI-ready digital infrastructure across Brazil.

Tim Formuziewich, Managing Director (Latin America) at I Squared Capital, has been appointed as chairman of the board. Andrew E. Crouch, Managing Director at I Squared Capital, Ibai Gil Calzón, Operating Director at I Squared Capital, and Andre Dorf, a C-level energy professional and former executive at CPFL Renováveis and Suzano Renovaveis, have also been appointed as board members.

Alessandro Lombardi has been appointed Chief Executive Officer of Elea Data Centers under a seven-year leadership mandate and will also serve on the board alongside existing board members Tesh Durvasula, CEO of Atlas Edge, and Julia Dias Leite, CEO of the Brazilian International Relations Center (CEBRI) and board member of Piemonte, providing continuity of leadership.

"The combination of our new and existing board members brings together a highly complementary set of capabilities across digital infrastructure, energy, and global investment, reinforcing Elea's strategic vision and our unique position to meet the rapidly growing demand for AI-ready infrastructure in Brazil," said Alessandro Lombardi, CEO and Founder of Elea Data Centers. "With this leadership team and I Squared Capital's support, we are well-positioned to accelerate the expansion of our platform and further strengthen Brazil's role as a leading global digital hub."

Tim Formuziewich, chairman of Elea Data Centers, added, "I am excited to serve as chairman of Elea Data Centers as it enters this new phase of hyper-growth. Our immediate focus will be on leveraging I Squared's global infrastructure experience to accelerate Elea's expansion plans, ensuring we continue to provide sustainable, high-performance digital solutions that meet the complex demands of hyperscale and enterprise customers across Latin America."

The board's strategic priorities include supporting the expansion of Elea's nationwide network of nine interconnected data center campuses and advancing the development of the 3-gigawatt Rio AI City project, an initiative designed to enable next-generation compute and cloud deployments. Elea will also continue its commitment to sustainability by operating on renewable energy.

Elea Data Centers Board of Directors:

• Tim Formuziewich:
  Tim has extensive experience in global infrastructure investments, particularly in Latin America. He began his career at Deloitte and has held positions at PwC, Brookfield Asset Management, CPP Investments, and IMCO in Ontario, Canada. He currently serves as a Managing Director at I Squared Capital, focusing on Latin America. Tim holds a bachelor's degree in business administration from Acadia University and is a CFA charterholder.

• Alessandro Lombardi:
  Alessandro has over 20 years of experience in private equity, corporate finance, and digital infrastructure, having worked with leading financial institutions including Goldman Sachs, UBS, and BTG Pactual. He holds degrees in Economics and Business Administration from Luiss Guido Carli University and pursued studies in Philosophy and Art History at prestigious Italian universities. Alessandro serves on the Americas Regional Advisory Council of Infrastructure Masons and sits on the boards of EARJ (The American School of Rio de Janeiro) and PUC-Rio.

• Andre Dorf:
  Andre has extensive experience across the finance, energy, and infrastructure sectors. He holds a degree in Business Administration from Fundação Getulio Vargas (FGV). He began his career in investment banking in 1996, holding positions at Banco Patrimônio, Chase Manhattan Bank, and JPMorgan in São Paulo and New York. Andre later served as President of Suzano Energia Renovável and held an executive leadership role at CPFL Renováveis.

• Andrew E. Crouch:
  Andrew brings decades of experience in acquisitions and in transforming global communications infrastructure companies by developing growth strategies and marketing initiatives. He is currently a Managing Director at I Squared Capital, focusing on digital infrastructure investments in the Americas. He is a member of the Operating Committee and holds board memberships on Ezee Fiber and KIO Networks.

• Ibai Gil Calzón:
  Ibai is an executive with solid experience in strategic management, corporate finance, and governance, with a track record in multinational companies and participation on boards of directors and strategic committees. He holds a degree in Business Administration/Economics, complemented by international executive education programs. Throughout his career, he has held leadership positions with emphasis on strategic planning, mergers and acquisitions (M&A), financial structuring, and operational transformation.

• Julia Dias Leite:
  Julia is the CEO of the Brazilian International Relations Center (CEBRI). She graduated with a degree in Law from Universidade Cândido Mendes and holds an MBA in Business Management from FGV (Fundação Getulio Vargas). Julia has held leadership positions at Brazil's leading independent industry institutions and has built strong relationships with representatives from the private sector, governments, and official organizations both in Brazil and internationally, particularly across South America, the United States, and Asia.

• Tesh Durvasula:
  Tesh is a digital infrastructure and data center industry veteran with more than 25 years of experience spanning development, finance, sales, marketing, and real estate. He currently serves as CEO of AtlasEdge and previously served as CEO of Africa Data Centres, where he led the company's hyperscale expansion, establishing it as one of the largest data center operators on the continent. Prior to that, Tesh held a series of executive leadership positions at CyrusOne, ultimately becoming the company's CEO.

About Elea Data Centers
Headquartered in Rio de Janeiro, Brazil, Elea Data Centers is Latin America's leading distributed and sustainable data center platform, focused on accelerating the development of AI-ready digital infrastructure across Brazil. Powered by 100% renewable energy, Elea operates a nationwide network of nine interconnected data center campuses strategically located in the country's most critical markets. The company is also the developer of Rio AI City, a large-scale AI infrastructure initiative designed to support next-generation compute and cloud deployments. By combining local market expertise with scalable, high-performance infrastructure, Elea enables global and regional customers to expand securely and efficiently across Latin America. Learn more at www.eleadatacenters.com.

About I Squared Capital
I Squared Capital is a leading independent global infrastructure investor dedicated to the mid-market, managing $60 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 worldwide. Today, the portfolio includes over 100 companies operating in more than 70 countries. Headquartered in Miami, the firm has offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney and Taipei. Learn more at www.isquaredcapital.com.

SOURCE Elea Data Centers