
NEWAVE CAPITAL
Newave Capital is an independent Brazilian asset management company focused on investments in the energy and infrastructure sector.
Newave stands out in the market as a single-sector investment company, backed by our team’s deep knowledge and strong track record in the infrastructure sector.
+ BRL 1.5 BILLION
Approximately R$ 541 million co-invested with Gerdau
+ 15,000
INVESTORS
INVESTMENTS IN REAL ASSETS

Private Equity
Team with over 20 years of entrepreneurial experience in the infrastructure and energy sectors, having invested more than USD 5.0 billion and consistently delivering above-market returns.
The team stands out in the industry due to its deep sector expertise and many years of working together.

Private Credit
Team with over 15 years of experience in private credit, having managed more than BRL 5.0 billion in assets across a wide range of infrastructure sectors.
OUR MISSION, VISION, AND VALUES
Mission
To transform the infrastructure and energy sector by offering solid investment opportunities with sustainable impact and long-term value creation.
Vision
To be the leading reference in infrastructure and energy investments in Latin America, driving innovation, efficiency, and sustainable profitability.
Values
Investor focus, strong governance, sustainability, financial discipline, and innovation.
GOVERNANCE
ASSET MANAGER
Code of Ethics
Compliance Manual
Risk Management Policy
Asset Selection and Allocation Policy
Trade Allocation and Order Splitting Policy
Voting Rights Exercise Policy, as well as the Voting Reports, in accordance with said Policy
Liquidity Risk Manual
ESG Policy
AML Policy
Third-Party Services Hiring Policy
Confidentiality and Information Security Policy
Business Continuity Policy
Personal Investment Policy
Reference Form Mar /2023
Reference Form Mar/2024
Reference Form Dez/2024
Reference Form Mar/2025
Reference Form Jan/2026
FIP NEWAVE ENERGIA I
Regulation – FIP NEWAVE ENERGIA I
Prospectus for 2rd Issuance
Start Announcement for 2rd Issuance
Offer Document for 2rd Issuance
Closing Notice for 2rd Issuance
Prospectus for 3rd Issuance
Start Announcement for 3rd Issuance
Offer Document for 3rd Issuance
Closing Announcement for 3rd Issuance
FIP POWER
Regulation – FIP Power
CONTACT
Information available only to fund shareholders.
To access the Result Reports and Management Letters, please contact your investment advisor.
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Edgard Corrochano
FOUNDER AND MANAGING PARTNER
Eddie is a co-founder of Newave Capital and an international reference with over 20 years of experience in the infrastructure and energy sector. He has led investments, construction, and operation of infrastructure and energy projects across Asia, Europe, the U.S., and Latin America.
He was the founder, Chairman, and CEO of Echoenergia, which was sold for R$ 10 billion (enterprise value) in 2022—the largest renewable energy transaction in Brazil at the time. He also founded and served as CEO of Gamesa in Brazil/LatAm and was a member of the Global Board of Directors of Gamesa.
Previously, Eddie was a board member of ABEEólica (2012 to 2022), an executive at Siemens in the U.S. and Europe, and a manager at General Electric in the U.S.
Eddie holds a degree in Industrial Engineering from the University of Florida (Summa Cum Laude) and an MBA from IESE. Additionally, he completed the Key Executives Program at Harvard Business School and is a Certified Board Member by IBGC (Brazilian Institute of Corporate Governance).

Raphael Petit
INVESTIMENTS
Raphael Petit is responsible for Investments, Project Finance, and M&A at Newave Capital. He has over eight years of experience in the energy, banking, and mergers & acquisitions sectors. Raphael spent more than three years at Echoenergia, including over a year as New Business Manager.
He has worked in corporate credit, M&A, Project Finance, and New Business at companies such as Itaú BBA, Estáter, and Echoenergia. Throughout his career, he has gained extensive knowledge and participated in projects involving over R$ 3 billion in renewable energy generation investments and more than R$ 2 billion in debt structuring.
Raphael holds a Civil Engineering degree from the University of Brasília and a Master's degree in Economics and Financial Macroeconomics from Fundação Getúlio Vargas (FGV).

Daniel J McQuoid
INVESTOR RELATIONS
+ 23 anos de experiencia em Corporate e Investment Banking no BR;
Co-fundador da TreeCorp Partners;
Ex - CEO do Bank of America Brasil;
VP Bank Boston;
VP JHSF;
Economista University of California, Los Angeles.

Juliana Scalzo
LEGAL E COMPLIANCE
9+ years of experience in the energy sector;
20 years in Corporate Law and Legal M&A;
Served as Legal Counsel for Echoenergia;
Legal Counsel for Athon Energia;
Head of the Legal Department at Omega Energia;
Previously with Cescon Barrieu Advogados;
LLM in Corporate Law from the University of London;
Bachelor’s degree in Law from USP.

Mario Harry Lavoura
LEGAL, RISK AND COMPLIANCE
ario Lavoura is responsible for the Legal, Compliance, and Risk Management areas at Newave Capital. He has over 8 years of experience in the energy sector and more than 17 years of experience in Corporate Law, M&A, Funds, and Capital Markets.
Previously, he served as Head of the Legal Department at Echoenergia and has also worked at asset management firms and law firms. Mario holds a Law degree from Universidade Presbiteriana Mackenzie, a specialization in Corporate Law from FGV São Paulo Law School, and an LL.M. with a specialization in Business from Northwestern Pritzker School of Law and Kellogg School of Management.

Paulo Nabhan
INVESTOR RELATIONS
Paulo Nabhan is responsible for Investor Relations at Newave Capital. He has over 11 years of experience in the financial market, with expertise in private equity, M&A, new business, financial management, equity research, and investor relations.
Paulo served as CFO of two portfolio companies of Shift Capital, an asset management firm focused on private equity investments, which he co-founded in 2017 and exited in 2021. He also has experience at brokerage firms of banks such as Haitong Securities, Safra, and Bradesco, working as a sell-side equity analyst covering the Food, Beverage, Tobacco, Agribusiness, Consumer, and Retail sectors in Latin America.
Paulo holds a degree in Business Administration from FGV-EAESP and studied International Business at the Norwegian School of Economics (NHH).

Bruno Moraes
INVESTMENTS
Bruno Moraes is a partner and asset manager at Newave Capital, focusing on private equity, with over 15 years of experience in infrastructure and energy investments. Throughout his career, he has led investments totaling approximately USD 3 billion in equity contributions, resulting in over 7.5 GW of generation assets.
Between 2023 and 2025, Bruno served as CEO of ENERGO-PRO Brazil, where he established the company’s operations in the country and led the acquisition and structuring of its current portfolio.
Previously, he was Investment Director at Actis for Latin America (2013–2023), responsible for the origination, management, and divestment of companies such as Echoenergia, Atlas Renewable Energy, Atlantic Energias Renováveis, Serena, and Aela (Chile). During this time, he also served on the boards of Atlas Renewable Energy (2019–2022), Echoenergia (2019–2022), and Atlantic Energias Renováveis (2018–2019).
Bruno was also part of the private equity investment team at Rio Bravo Investimentos (2011–2013) and previously worked as a project finance executive. He is a Chartered Alternative Investment Analyst (CAIA), holds a Business Administration degree with honors from Insper, and earned an MBA from Duke University – The Fuqua School of Business.

Sérgio Ranciaro
INVESTMENTS
12+ years of experience in both national and international financial markets, with a strong transaction track record exceeding BRL 12 billion in aggregate value;
ANBIMA-certified portfolio manager for structured products (CGE);
Co-founder of an investment boutique with over BRL 5 billion in transactions over 7 years;
Board member for private and non-profit organizations;
Former partner at Rio Bravo Project Finance, focusing on M&A and Structured Transactions;
Background in Merrill Lynch’s Investment Banking division and the International Finance Corporation’s Investments division, part of the World Bank Group;
Degree in Business Administration from the School of Economics, Business, and Accounting at the University of São Paulo;
Holds certifications in Negotiation Mastery, Data Science, and Disruptive Strategy from Harvard Business School;
Academic background from Eberhard Karls Universität Tübingen, in Germany, and Westland School and Technology College, in England.

Mauro Battisti
INVESTIMENTS
23 years of experience in Finance and the Energy & Infrastructure sectors;
Large Investment Banking experience across Latin America and Europe;
Hundreds of successful transactions in over 20 countries;
Worked at BTG Pactual (partner), BNP Paribas (Co-Global Head for the Energy & Renewables sector), and Banco Itaú BBA;
London-based experience with a global mandate at HSBC and Dresdner Kleinwort;
Degree in Economics from the University of São Paulo (USP);
MBA from The Wharton School;
Master's degree in International Studies, with a focus on Public Policy and Energy, from the University of Pennsylvania;
Fluent in Portuguese, English, Italian, and Spanish, with both personal and transactional experience in all four languages.

Mariana Fenelon
INVESTMENTS
Mariana Fenelon is an asset manager at Newave Capital, responsible for the firm’s investment strategy in private credit and fixed income.
She has over 13 years of experience managing private credit and infrastructure debentures. Her career includes positions at asset managers such as DLM Invista / Inter Asset and Tenax Capital, where she worked as a credit research analyst and, since 2019, as a portfolio manager.
Throughout her career, Mariana has built extensive expertise in the field, having managed approximately BRL 5 billion in assets under management (AuM).
She holds a bachelor's degree in Economics from UFMG and an MBA in Finance from IBMEC/MG. She also holds the CFA, CAIA, CQF, FRM, and CGA certifications.

Fábio Brandão
INVESTMENTS
Fábio Brandão is an investment analyst with over 7 years of experience in equities and structured credit.
He has worked at firms such as Polo Capital and DLM Invista / Inter Asset, where he was involved in equity and structured credit research and analysis (both onshore and offshore), as well as in back office, middle office, and investor relations functions.
Fábio holds a bachelor's degree in Economics from UFMG.

Paulo Folha
INVESTMENTS
Paulo Folha is an investment analyst with over six years of experience in equity research and structured credit. He has worked at Fama Capital, Itaú BBA, NAU Capital, and Inter Asset. Paulo holds a bachelor's degree in Economics from Ibmec (Summa Cum Laude) and a postgraduate degree in Big Data and Analytics from FGV. He also holds the CFA ESG, CGA, CNPI, and CEA certifications, and is currently pursuing the CFA designation.

Otávio Silveira
OPERATING PARTNER
Otavio Silveira is an Operating Partner responsible for Newave Capital’s investments. He has over 20 years of experience in the infrastructure sector, with a focus on highway construction, sanitation, energy, social infrastructure, and real estate.
Otavio is currently a Board Member at TORC (2025–present). Previously, he served as Managing Partner at IG4 Capital (2017–2025); Head of New Business at UNNA Infraestructura (2025); Chairman of Instituto Opy de Saúde (2024–2025); Board Member at Instituto Opy de Saúde (2021–2024); CEO of Instituto Opy de Saúde (2019–2024); Member of the E&S, Regulatory and Operational Risk Committee at Iguá Saneamento (2017–2020); CEO of Iguá Saneamento (2014–2017); Executive Vice President at Iguá Saneamento (2013–2014); CEO of Dreen Brasil (2008–2014); Director of New Business at Grupo Galvão (2005–2007); Director of Strategic Planning at Construtora Barbosa Mello S.A. (2004–2005); Director of New Business at Intervias (1999–2004); and Head of New Business at Egesa Engenharia (1994–1999).
Otavio holds a degree in Civil Engineering from the Federal University of Minas Gerais (UFMG), a postgraduate degree in Civil Engineering from Fundação Dom Cabral, an MBA from Fundação Getulio Vargas (FGV), and is a certified Board Member by the Brazilian Institute of Corporate Governance (IBGC).

