Nexus Renewables Ousts CEO, Taps Engineer for Board in Strategic Pivot

TORONTO – January 30, 2026 – In a decisive move that concludes a period of executive turmoil, Nexus Renewables Inc. has removed its former Chief Executive Officer, Keith Sandor, from its board of directors and appointed its Vice President of Engineering, Faizan Farooqi, to the vacant seat. The change, announced today, marks the final step in a leadership overhaul that began over seven months ago and signals a strategic shift towards operational stability and technical expertise for the renewable energy developer.

The transition follows the termination of Mr. Sandor for cause on September 26, 2025, after an internal investigation into his conduct. With this board reshuffle, the company aims to close a contentious chapter and publicly reinforce its commitment to project execution under new leadership.

A Tumultuous Transition

The leadership shake-up at Nexus, a key player within the Apricus Generation platform, was a protracted process. It began on June 17, 2025, when the company placed Mr. Sandor on paid administrative leave pending an investigation. On the same day, Ravi Thuraisingham, a Nexus director and the CEO of its parent company, Apricus Generation, was appointed as Interim President and Chief Executive Officer.

Following the investigation, Mr. Sandor was terminated as President and CEO for cause. According to the company's press release, he did not attend any board meetings after being placed on leave, despite being given notice. The situation escalated as shareholders holding more than 75% of the company's voting shares advised the board that Mr. Sandor's continued presence as a director was no longer “consistent with the Nexus USA [second amended and restated shareholders’ agreement], nor in the best interests of Nexus.”

This shareholder action culminated in a “Special Resolution” executed on January 29, 2026, which formally removed Mr. Sandor from the board. The specific details of the conduct that led to the investigation and his eventual termination have not been publicly disclosed, leaving a cloud of unanswered questions around the abrupt departure of the company's former leader.

New Leadership, Renewed Focus

With the transition, Nexus is projecting an image of stability and a return to its core mission. Interim CEO Ravi Thuraisingham, a 30-year energy veteran with a track record of generating over $400 million in EBITDA across seven energy companies, is steering the company through the change.

“Our priority is ensuring Nexus continues to execute on our mission without disruption,” Mr. Thuraisingham stated in the announcement. “I look forward to leading the company through this transition and into our next phase of growth. Solar and battery storage are critical to building a more resilient and affordable energy system. The opportunity ahead of us is significant.”

The appointment of Faizan Farooqi to the board is particularly symbolic of this new direction. As the Vice President of Engineering, Mr. Farooqi brings deep technical and operational knowledge. He has overseen the development and execution of more than 100 MW of renewable energy projects across North America. His elevation from a key operational role to the board underscores a strategic pivot, prioritizing engineering rigor and project discipline at the highest level of corporate governance—a move that industry observers see as a growing trend in the complex energy sector.

The Apricus Effect: Capital and Control

The leadership change cannot be viewed in isolation from Nexus's parent company, Apricus Generation. Apricus, a holding company co-founded by Thuraisingham, acquired a controlling interest in Nexus in May 2024, just a month before Mr. Sandor was placed on leave. Apricus's business model is to acquire and fund promising renewable energy developers, providing the capital and strategic oversight needed to scale their project pipelines.

This model gives Apricus significant influence over its platform companies. The appointment of its own CEO, Mr. Thuraisingham, to lead Nexus through the crisis highlights the hands-on approach. Furthermore, Apricus has demonstrated its ability to secure capital, closing a $30 million revolving credit facility in March 2025 to accelerate project development across its platform. This financial backing is crucial for Nexus as it advances its ambitious portfolio.

By installing an engineer on the board and having its own chief executive at the helm, Apricus appears to be ensuring its investment is guided by a steady hand focused on tangible results rather than executive-suite drama.

Powering Through the Shake-up

Despite the executive upheaval, Nexus Renewables has maintained significant operational momentum. The company boasts a portfolio of over 500 MW of solar and energy storage projects across North America in various stages of development. This pipeline, which had already attracted over $75 million in financing before the Apricus acquisition, continues to grow.

Recent successes underscore the company's underlying strength. In September 2025, even as the CEO termination was being finalized, Nexus secured a massive $220 million financing package for a solar-plus-storage project in Texas, with backing from Goldman Sachs and offtake agreements with corporate giants like Meta. This followed a 2022 deal where Nexus secured $100 million in financing from Scale Microgrid Solutions to advance over 100 MW of community solar and storage projects in the U.S.

From a 300-megawatt battery storage system near Houston to a 10-megawatt facility in California and redevelopment projects in Ontario, the company's on-the-ground activities have continued unabated. This robust project pipeline is the ultimate asset that the new leadership is tasked with protecting and expanding. The appointment of an engineer to the board signals a clear message: for Nexus Renewables, the path forward is paved with technical discipline and project execution, a strategy the company and its new parent are betting will power them through any lingering turbulence.