Incus Capital Advisors

Incus focuses on operating renewable energy and sustainable infrastructure assets with contracted or highly predictable cash flows. The portfolio includes solar photovoltaic plants, onshore wind farms, biomass facilities, and energy storage projects, primarily across Spain and Portugal. The firm targets mid-market assets requiring €20 million to €100 million in debt financing, a segment largely underserved by large infrastructure funds and traditional bank lenders.

Unlike many credit managers that rely heavily on private equity sponsor relationships or intermediated loan markets, Incus derives a significant portion of its pipeline through bilateral relationships with renewable energy developers and asset owners. The founders, Fernando Cuesta and Iñigo Cotoner, leverage deep Iberian corporate banking networks built during their tenure at Santander's investment banking division. This direct origination model reduces auction competition and improves credit selection.

Investment decisions are led by founder and CEO Fernando Cuesta, with input from managing partner Iñigo Cotoner and the firm's investment committee. Cuesta was formerly global head of lending and structured finance at Santander CIB, bringing over two decades of credit underwriting and structuring experience across multiple asset classes and jurisdictions.

Incus maintains an in-house asset servicing and technical monitoring platform that tracks operational performance, energy production, and maintenance compliance across financed assets. This direct monitoring capability — unusual among credit managers — allows the firm to detect underperformance early and enforce loan covenants proactively, rather than relying solely on borrower reporting.