Investors Area

Exus Management Partners is an independent investment and asset management firm focused on the renewable energy sector (wind, photovoltaic, biomass and small hydro).

Exus Management Partners is an independent investment and asset management firm focused on the renewable energy sector (wind, photovoltaic and small hydro). Our firm combines comprehensive financial, technical and operational know-how which ensures turn-key investment solutions developed along two lines:

I) Origination and structuring of equity, debt or hybrid investments ;

(Ii) Fully integrated management and operation of renewable energy assets .

With more than 20 years of experience in the renewable energy sector Exus Management Partners has in-depth understanding of the complexity and fragmentation of this market bridging the gap between private and institutional investors and specific renewable energy assets.
Exus Management Partners highly multidisciplinary team, well reputed in the sector, has proven capability to manage diverse portfolios, in different markets, providing attractive tailor-made investment solutions.

Our team has unique core competencies to optimize and technically enhance the performance of energy assets, to assess and manage risk, seeking to adapt each project's return to investor's expectations.

Exus has presence in Spain, Portugal, Italy, France, Germany, Brazil, US and Mexico with a total of 4.4 GW under management.

Comprehensive Technical and Operational Expertise

Our team members have been responsible for the development, construction and operation of more than 7,000 MW (wind, solar and hydro), having extensive knowledge of the renewable energy sector.

Sophisticated Financial Expertise

Our experience in the industry, consulting, mergers and acquisitions (M & A), corporate and project finance is critical to the achievement of innovative and attractive investment solutions.

Flexible and attractive investment strategy

We have know-how and tools to provide tailored investment solutions adapted to our clients' return expectations and we develop a business model designed to drive investors to flexible exit opportunities.


Exus Management Partners consolidates both experience and technical and financial expertise
to provide innovative solutions for investors.


Luís Adão da Fonseca

Partner l LISBON

Prior to co-founding Exus Management Partners, Luis was a member of the Executive Committee of EDP Renewables (EDPR), the third largest wind developer in the world. While at EDPR, from 2004 to 2008, Luis was the Chief Financial Officer and from 2008 to 2012, as Chief Business Development Officer, he was responsible for expanding EDPR international business covering 11 different geographies.

Previously Luis worked at McKinsey & Co., where he is currently also Senior External Advisor for Renewable Energies.

Luis received his M.B.A from INSEAD, his Master in Risk Management from NYU - Leonard N. Stern School of Business and has a degree in Economics from Universidade Católica Portuguesa.

Diogo Saafeld Reis

Partner l MADRID

Before co-founding Exus Management Partners, between 2010 and 2014 Diogo was a director of Plenium Partners, an investment firm focused on renewable energy with [euro]2bn of assets under management.

Between 2009 and 2010, Diogo worked at the European Investment Fund where he was involved in direct investments in private equity and venture capital funds in Spain and Portugal. Previously, he worked for Banco BPI in Portugal as part of the Project Finance Team.

Diogo started his career on the Boston Consulting Group, Lisbon office, where he was a member of the Energy Practice Area team. Diogo received his M.B.A. from IE Business School and graduated in Business Management from Universidade Católica Portuguesa.

Carlos Tello

Partner l MADRID

With over 15 years of experience in the energy sector, Carlos served as Chief Operating Officer of Plenium Partners where he managed c.1.000 MW portfolio of wind, hydro, photovoltaic and concentrated solar power projects in several EU countries, before co-founding Exus Management Partners.

Prior to Plenium he worked for Scottish Power Renewable (United Kingdom) and Iberdrola (Spain) where he focused on the management, development, operations and maintenance of energy projects.

Carlos graduated from University of KTH Stockholm (Sweden), EMN Nantes (France) and ETSII at Universidad Politécnica de Madrid (Spain) with an MSc in Management and Engineering of Environment and Energy.

Nelson Quinta

Partner l LISBON

Prior to joining Exus Management Partners, Nelson served as Manager of the Iberwind Group’s Business Development Department.

Working in the energy sector for nearly 20 years and experienced in the wind business for around 15 years, Nelson was director and project manager of some of the largest wind operators in Iberia, having participated in the development and construction of approximately 500 MW wind projects in Portugal and Europe.

Nelson holds a Master in Thermal Engineering from the Faculty of Engineering of the University of Porto and a MSc in Mechanical Engineering from the Faculty of Sciences and Technology of the University of Coimbra.

North America

James Spencer


Jim  has over  30 years of experience in the power industry , managing the development and financing of energy projects in developed and developing countries. He was the  founder, President and CEO of  EverPower .

Previously, Jim worked for Renewable Energy Systems Limited (RES) and Sithe Energies across Asia and in Australia.  Jim was  responsible for business development and project finance activities  throughout the Asia Pacific Region for more than 20 years.

He began his career as an attorney in the energy project finance group at Chadbourne & Parke LLP. He also worked for Prudential Capital Corporation as a VP of corporate finance in the Utilities & Finance Group.

Jim holds a BA from Duquesne University and a JD from the University of Pittsburgh.

Nicolás Matos Martinón


Before joining Exus Management Partners, Nicolás worked for over  5 years as an investment banker  at Bank of America Merrill Lynch, Royal Bank of Canada and Nomura with a focus on power and energy, based in London and Madrid.

Nicolás has a deep knowledge of the power generation and renewable markets  and has been involved and executed a great variety of M&A transactions, initial public offerings and financing transactions in the sector. Additionally, he possesses  ample experience in project finance and financial structuring .

Nicolás holds a degree in Business Administration and a degree in Law from the Colegio Universitario de Estudios Financieros (CUNEF).

Dhaval Bhalodia


Dhaval has over  10 year of experience in renewable energy ; he specializes in asset management and optimization. Prior to joining Exus Partners, he was the  Director of Asset Optimization at EverPower  where he lead the control room, and was responsible for managing data and SCADA overlay for all the wind farms. Dhaval also  develops and manages advance analytical tools  used to identify performance issues with wind turbines, and leads the troubleshooting and resolving of such identified problems.

Before EverPower, he worked as a  Wind Turbine Performance and Diagnostics Engineer for General Electric Renewable Energy , focused on optimizing the performance of wind turbines.

Dhaval holds an Aerospace Engineering degree from Penn State.


Pedro Fragoso

Partner l SAO PAULO

Pedro co-founded Exus in Brazil in 2018. He was a Founding Partner of Global Capital Partners, a Brazilian renewables Asset Management company.

Pedro has extensive experience in investment management, having advised global infrastructure and private equity funds in selecting, executing and completing deals totaling more than USD 10 Bn in equity and debt. Pedro brings his investor relations and M&A capabilities to Exus in Brazil, advising local and international investors in selecting and executing renewable assets transactions, as well as monitoring and exiting investments.

Previously, Pedro had spent fifteen years with The Boston Consulting Group and Roland Berger in Europe and Latam leading and developing the energy, strategy, private equity and M&A practices. He also served as CEO of Mobi.E International, an European electric mobility payment systems venture.

Pedro earned an MBA from INSEAD and a Business Administration degree from Universidade Católica Portuguesa.


Nacho Soucheiron


Prior joining Exus, Nacho was Director of Investments in Banco Sabadell Capital, unit dedicated to invest in Private Equity and Growth Capital, leading the specific vehicle to invest, develop, construction and exploitation of renewable energy projects (wind farm, mini hydro, PVs plants, etc.).

Nacho has a deep knowledge in the energy sector in Spain and abroad, being responsible for the development and construction over 50 investment transactions in Renewable Energy projects totalling c.1,800 MW, representing more than 1,840 M€ of enterprise value and has invested more than 140 M€ in equity in the past 15 years.

He was also member of the Board of Directors for all the subsidiary companies involved into renewable energy owned by Banco Sabadell.

Previously, he developed technical functions, in civil work management and special work in the construction sector. Nacho holds a MsC in Industrial Management Engineering from ETSEIB and BSc in Mechanical Engineerig from EUETIB. He also holds a MBA from UPC (Universidad Politécnica de Catalunya) and PDG (General Management Program) from IESE Barcelona (Universidad de Navarra).


Luis Arizaga


Prior to joining EXUS in 2020, Luis founded EIRA Capital, an investment platform that focuses on Energy and Infrastructure transactions in Mexico, and selected countries in Latin America. Also, Luis was previously part of Macquarie, where he spent more than seven years in the Macquarie Capital and Macquarie Funds divisions, working on fund capital raising, equity investments, and asset management activities, as well as third party advisory on energy and infrastructure transactions in Mexico and Latin America. During his years at Macquarie, he also held board positions in the several investments made by Macquarie which covered energy, PPPs, roads, and telecom companies.

Luis' previous involvement at financial institutions include positions in the investment banking teams of Deutsche Bank's M&A group in New York, and Citibank's Banamex Accival M&A group in Mexico.

In addition, Luis currently participates as: (i) Independent Member of the Investment Committee of INFONAVIT's Investment Fund; (ii) independent board member of COX Energy Americas; (iii) independent board member of SIMPATI Mobile; and (iv) founder of Fundación Reversible, a new charitable foundation focused on global warming issues.

Luis holds an MBA from the Leonard N. Stern School of Business at NYU in New York, and a BA in Accounting and Finance from ITESM in Mexico.

Advisory Board

António Gellweiler

Partner LISBON

Prior to co-founding Exus Management Partners, António was Vice-Chairman of Iberwind, the second largest wind operator in Portugal with almost 700 MW of installed power capacity in wind. Between 1996 and 2003 he founded and served as Chief Executive Officer at Finerge, a company with more than 300 MW of wind and cogeneration plants built. António was also exclusive agent for Enercon in Portugal up to 2008.
António is owner of an equivalent total wind farm capacity of 48 MW in operation in Portugal and France and currently member of APREN board (Portuguese renewable energy promoter’s association).
António graduated with a B.A. in Business Administration and Economics from Richmond College of London.

/ Presence

Exus Management Partners team members have a strong track record of successful transactions in the renewable energy sector, having collectively developed projects in 4 different continents.


4.4GW under management
5GW M&A pipeline

/ Presence

Exus Management Partners team members have a strong track record of successful transactions in the renewable energy sector, having collectively developed projects in 4 different continents.

North America 1.2GW under management
2.5GW M&A pipeline

/ Presence

Exus Management Partners team members have a strong track record of successful transactions in the renewable energy sector, having collectively developed projects in 4 different continents.


700MW under management

1GW M&A pipeline

/ Presence

Exus Management Partners team members have a strong track record of successful transactions in the renewable energy sector, having collectively developed projects in 4 different continents.


183MW under management

1.4GW M&A pipeline

/ Presence

Exus Management Partners team members have a strong track record of successful transactions in the renewable energy sector, having collectively developed projects in 4 different continents.

Portugal258MW under management
200MW M&A Pipeline

Spain942MW under management
1GW M&A Pipeline

Italy50MW under exclusivity


  • Origination, Product
    Structuring & Investment
  • Business
  • Full Asset
  • Exus Management
    Systems: Bluesky
  • Operation &
  • Technical
  • • Origination and presentation of the opportunity
  • • Structuring of the transaction through the incorporation of a SPV
  • • Assistance in the negotiation with the sellers
  • • Coordination of the DD process and advisors
  • • Wind and energy assessment and analysis
  • • CapEx and OpEx review
  • • Financial modelling advisory
  • • Support in the negotiation of agreements with any other third party (e.g. Banks)
  • • Preparation of investment documentation and assistance in the negotiation of the SPA

Development Phase

  • • Full greenfield and brownfield project development
  • • Regulatory and legal framework review
  • • Site conditions and grid connection assessment
  • • Preliminary design and engineering coordination
  • • Licensing, permitting and land owners management
  • • Planning and budgeting
  • • Technical and financial project optimization
  • • Energy resource assessment

Construction Phase

  • • Request for proposals (RfP) preparation and tender coordination
  • • EPC and O&M contracts procurement and negotiation PPA contracts
  • • HS&E and quality assurance
  • • Construction and commissioning supervision
  • • Contractual acceptance tests, provisional and final taking-over

Technical Management

  • • Technical Project Management
  • • Energy Selling Strategies
  • • Data Analysis
  • • Revenue Analysis
  • • Technical-risk Management
  • • Technical Reporting
  • • Optimization Planning
  • • Regulation Follow-up
  • • Regulatory Affairs
  • • Risk Mitigation
  • • Compliance Assurance (e.g. NERC)
  • • Revenue Enhance
  • • Renegotiation of contracts

Commercial Management

  • • Commercial / Energy Trading Project Finance Management Refinancing
  • • LRIV Fund Management
  • • Management of Structured Products
  • • Controlling
  • • Budgeting
  • • Financial Reporting
  • • Financial-risk Management
  • • Relationship with Banks
  • • Distributions
  • • Accounting
  • • Tax & Legal Compliance
  • • Auditing

Investor Relations

  • • Business Reporting & Communications
  • • Corporate Governance
  • • Corporate Responsibility

1. Controlling

  • • Payments
  • • ERP
  • • Taxes
  • • Audit

2. Project Finance Management

  • • Dark Relations
  • • Project Finance
  • • Distribuition
  • • Budget and Forecast
  • • Shareholders Management

3. Reporting

  • • Investor’s Dashboard
  • • Specific Report Optimization Plan
  • • Full Managemet Report

4. Optimization Planning

  • • Monitoring Center
  • • Task Manager
  • • Inspection APP
  • • Overlay SCADA
  • • D&M Supervision

5. Maintenance Supervision

  • • R&D
  • • Engineering Troubleshooting Retrofit
  • • Risk, Opex, Revenues

6. Energy Management

  • • Power Adjustment Market
  • • PPA Market Exposure and Hedging
  • • Power Forecast

7. Performance Analysis

  • • Predicive
  • • Downtime Analysis
  • • Performance Analysis

8. Environmental, Social and Corporate Governance (ESG)

  • • CSR
  • • HSE Program Best Practice
  • • Legal Compliance

9. Data and Quality Management

  • • Integration Plan
  • • Cyber Security
  • • Quality & Data Management

  • • Facility operation (Electrical Infrastructure, Wind Farm, PV Plants...)
  • • PV predictive, preventive and corrective maintenance
  • • Warranty packages (Energy Availability Warranty, PR Warranty...)
  • • Real-Time monitoring & trouble-shooting through Exus’ Control Centre
  • • Performance and incidence management
  • • H&S&E Management
  • • Energy Yield Assessment
  • • Inspections and technical audits
  • • Thermographies of main equipment (panels, inverters, transformers, switches...)
  • • Historical Performance Assessment (power curves, availability, major incidences...)
  • • Contract Assessment (PPA, O&M, H&S, Energy Forecasting...)

Since Exus Management Partners was founded in 2015, the company has already successfully structured and developed
an attractive asset portfolio with over 500 MW and with more than € 180M of equity raised and under management.

  • 2.3 GW Total management

    • 1,085 MW Assets acquired under operation.

    • 296 MW Assets built and operated.

    • 941 MW Assets in development

  • Wind, PV and Biomass assets.




  • 1.2 GW Total management

  • Wind and PV assets.




  • 700 MW Total management

  • Wind and PV assets




  • 183 MW Total management

  • Wind farms


4.4 GW

EXUS - Official Sponsor of Pedaleo Solar

Parque Eólico Pisco

Ancora Wind

Making of 'WindArt Âncora Wind 360º view'

Exus Management Partners
Paseo de la Castellana, 60, 3rd
28046 Madrid - Spain

+ 34 910 149 184

Exus Management Partners
Av. Eng. Duarte Pacheco, Amoreiras
Torre 2, 16 º piso, C
1070-102 Lisboa, Portugal
+ 351 213 407 160

1435 Bedford Ave., Suite C-2 Pittsburgh, PA.
15219, US

+1 (412) 785-7125

Avenida Presidente Juscelino Kubitschek, 1455, 4th floor
04543-011 São Paulo, Sp. Brazil

+55 (11) 2124-3703

Bosque de Duraznos no. 61 int. 9-C
Miguel Hidalgo
11700 - Ciudad de México

+52 (55) 5596 6607