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.

Incus Capital Advisors is structured as an institutional asset manager, authorized and regulated by Spain's CNMV. It raises capital from a range of European institutional investors, including pension funds, insurers, and family offices, rather than managing a single family's wealth. The firm manages pooled fund vehicles and separate accounts with a specialized private credit mandate.

Incus employs a credit-first strategy focused on senior secured and unitranche lending, with selective use of subordinated debt and preferred equity structures when warranted by risk-adjusted returns. The firm underwrites to asset coverage and contracted cash flows rather than sponsor equity value, and typically structures loans with fixed charges, cash sweeps, and technical performance covenants tied to energy production data.

While Incus' primary strategy is private credit, the firm does incorporate equity co-investment features into some transactions — typically warrants or profit-participation rights attached to subordinated debt instruments. However, the firm does not operate a dedicated equity fund or pure-play equity strategy; equity exposure is incidental to credit structuring, designed to enhance total return on junior debt positions.

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.