Owned by QIC and Ullico, CenTrio Energy supplies energy services to commercial & industrial, healthcare, education, housing, hospitality, entertainment, and data centers, according to its website.

CenTrio is planning to launch the deal after Thanksgiving and close the financing in late 2025 or early 2026, according to the first source.

The financing will be used for both corporate and project-level purposes, according to a third source.

CenTrio, Apterra and Ullico did not respond to requests for comment. QIC declined to comment.

Company background

QIC and Ullico purchased CenTrio in 2021 from Brookfield Asset Management for around USD 1.9bn, with USD 744m coming from a senior secured acquisition debt financing. That debt was provided by BNP Paribas, Crédit Agricole CIB, ING Group, MUFG, Natixis, Nomura, Siemens Financial Services, SMBC, and Société Générale.

Public-private partnerships (P3s) make up a substantial part of CenTrio’s energy business, and the company began pushing ahead with expansion strategies in mid-2024, according to an interview with CEO Eric T. Miller.

One area of focus for the company is data centers. CenTrio explored new opportunities in the data center market, initiating discussions with hyperscalers and smaller retail colocation companies aiming to develop facilities in Chicago, its largest market.

CenTrio operates in several key districts, such as Seattle, Portland, Chicago, New Orleans, Houston, Denver, and Los Angeles, as well as on campuses in Syracuse, Ypsilanti, and Baton Rouge, according to its website.