Infrastructure Equity

Stuart Porter is a Founder, Managing Partner and serves as the firm’s Chief Executive Officer and Chief Investment Officer. Stu brings over 29 years of senior investment experience to Denham. Stu serves on the Investment Committee and Valuation Committee.

Prior to founding Denham, Stu was a founding partner of Sowood Capital Management LP and, prior thereto, was employed as a Vice President and Portfolio Manager at Harvard Management Company, Inc. where he focused on public and private transactions in the energy and commodities sectors. Stu previously worked for Bacon Investments and at J. Aron, a division of Goldman Sachs. While at J. Aron, he worked on the Goldman Sachs Commodity Index desk. Prior to joining J. Aron, Stu was a self-employed trader at the Chicago Board of Trade and was employed by Cargill Incorporated in Minnetonka, Minnesota in the Financial Markets Division.

Stu received a Bachelor of Arts from the University of Michigan and a Master of Business Administration degree from the University of Chicago Booth School of Business.

Justin DeAngelis is a Partner at Denham Capital and the Co-Head of Denham Sustainable Infrastructure (“DSI”) overseeing both equity and credit strategies. Justin brings over 25 years of global investment and operational experience, and is a member of the Investment, Valuation, and Sustainability Committees for DSI.

Prior to joining Denham, Justin was a Director at Waypoint Energy and worked as a Manager at Pace Global Energy and PG&E National Energy Group, after serving as an Engineer at Delmarva Power.

Justin is a member of Drexel University’s President’s Leadership Council and Alumni Board of Governors, the Advancement Committee for Mount Saint Mary Academy and is taking part in Columbia University’s World Projects Initiative.  He is a former member of the Millennium Challenge Corporation Advisory Council and the Advisory Council for NASP-USAID Investment Partnership for “Mobilizing Institutional Investors to Develop Africa’s Infrastructure.”

Justin received a Bachelor of Science in Mechanical Engineering from Drexel University and a Master of Business Administration from LeBow College of Business at Drexel University.

Scott Mackin is a Partner of Denham Capital and co-leads the firm’s Sustainable Infrastructure team.  Scott brings over 25 years of energy experience to Denham and is a member of the Investment Committee and Valuation Committee.  He currently serves on the Board of Directors of Ceiba Energy, Endeavor Energy, and Rio Energy and is a member of the Advisory Committee of Themis Energy.  Scott has been a frequent guest speaker at the London Business School and a Business Mentor for under-employed young people for The Prince’s Trust.

Denham has backed the successful development of numerous wind, solar, and other energy transition projects across the globe. Denham’s projects have won numerous awards including Reuters Project Finance International Asia-Pacific Power Euromoney Project Finance APAC Power Deal of the Year, and APAC Solar Deal of the Year, and European Solar Deal of the Year.

Prior to joining Denham, Scott was CEO of Covanta Energy Corporation, President of Ogden Energy, and General Counsel at Ogden Projects. He also was an Associate at Schnader, Harrison, Segal & Lewis and Law Clerk to the Hon. Daniel H. Huyett III, Federal District Court for the Eastern District of Pennsylvania.  Scott has a Juris Doctorate degree from University of Michigan Law School and a B.A., Honors Program, from Villanova University.

Sabine Chalopin is DSI’s Head of Sustainability and is responsible for overseeing DSI’s sustainability program. This includes screening, managing, and monitoring investments for environmental and social risks and opportunities. At the post-investment stage, Sabine works closely with portfolio companies to add value through sustainability initiatives. She brings 17 years of sustainability experience in the infrastructure sector to the firm. Sabine is a member of GRESB’s Expert Resources Group and Initiative Climat International’s climate risk working group.

Prior to joining Denham, she managed sustainability issues for Armstrong Asset Management (AAM), a renewable energy GP based in Singapore. At AAM, she developed and implemented the firm’s Environmental and Social Management System and managed projects for environmental and social compliance throughout Southeast Asia. Prior to Armstrong Asset Management, Sabine was with Kyoto Energy (Singapore) where she was responsible for business development.

Sabine holds an MSc in Environmental Technology from Imperial College London and a BCom in Business Studies from Edinburgh University. She has also completed a course with Berkeley Law and Ceres on ESG and Navigating the Board’s Role.

Sarah Lane is a Managing Director in the Sustainable Infrastructure team. She has over 10 years of experience in equity and debt financing for energy companies and projects. Her day-to-day activities include origination, analysis, valuation, structuring and execution of investments for the Sustainable Infrastructure team.

Prior to joining Denham, Sarah worked at Zouk Capital in the Infrastructure Team where she invested in battery storage and EV charging infrastructure and platforms across the UK and Europe. Sarah served on the Board of Directors for multiple EV charging companies. Before Zouk, Sarah worked in the Natural Resources Advisory team at ING Bank, advising on the structuring of equity and debt for large scale natural resources projects.

Sarah has a BA Hons degree in History from the University of Durham.

Timothy Radcliff is a Managing Director of Sustainable Infrastructure. Timothy brings more than 15 years of experience in the financial services industry including 13 years in the power, renewables and energy transition sectors.

Timothy is joining from Solomon Partners where he was a Managing Director with responsibility for the renewables and energy transition M&A advisory practice within the Infrastructure, Power & Renewables group.  Prior to Solomon Partners, Timothy was a Director in the Power & Renewables group at Bank of America Merrill Lynch, where he advised clients in the renewables, clean technology, and utility sectors. Previously, he led the Clean Technology Equity Research group at Morgan Stanley, where he was a thought leader in the then-emerging areas of utility-scale and distributed renewables, electric vehicle, energy storage, and smart grid technologies. He began his career as an investment banking analyst at Morgan Stanley covering financial institutions.

Ricardo Ramirez is a Director in the Sustainable Infrastructure team, responsible for financial analysis, origination, structuring, execution and monitoring of investments. He brings 12 years of experience to the firm and joined Denham Capital in 2019.

Prior to joining Denham, Ricardo was a Senior Associate at the Abu Dhabi Investment Authority and an Analyst at the International Finance Corporation based out of Hong Kong.

Ricardo earned a Bachelor of Engineering from the National University of Colombia in Bogota D.C. and holds a Master’s degree in Infrastructure Project Management from the University of Hong Kong.

Natalie Friedenreich is an Investor Relations Associate for Denham Sustainable Infrastructure based in Jersey City, NJ.

Prior to joining Denham, Natalie was an Investor Relations Associate at Sculptor Capital Management and JLL Partners. She began her career as a Client Service Associate at Morgan Stanley.

Natalie received a Bachelor of Science in Marketing and a Master of Business Administration from Quinnipiac University.

Santosh is an Associate with the Sustainable Infrastructure group at Denham Capital Management, having joined the firm in 2024. He is responsible for financial modeling, monitoring, valuation, and execution of investments.

Previously, Santosh was a member of the Investment Team at African Infrastructure Investment Managers (AIIM) for 5 years. He has closed transactions in the energy, transport, ports and logistics sectors. Santosh holds a Master of Business Administration (MBA) from INSEAD in France and a honors degree in Financial Analysis and Portfolio Management from the University of Cape Town (UCT) in South Africa.

Brian is an Associate with the Sustainable Infrastructure group at Denham Capital Management, having joined the firm in 2022. He is responsible for financial modeling, monitoring, valuation, and execution of investments.

Previously, Brian worked in renewable energy structured finance at Cypress Creek Renewables and worked in investment banking at DBD Partners. He holds a B.A. in International Relations and Economics from the University of Pennsylvania and is originally from the Philadelphia area.

Adam Carte is an Operating Partner, providing advice and services to Denham and its portfolio companies on a variety of management and operational areas. He brings 23 years of experience to Denham.

Adam first began working with Denham while serving in the role of CFO at Thermal North America/Trigen, a Denham portfolio investment. Prior to joining Trigen, he spent two years working with Texas-New Mexico Power/First Choice Power. From 1993 to 2003, he worked at NRG Energy, Inc. in various financial positions, ultimately as acting CFO, Vice President and Treasurer. Adam is also the co-founder of Fairlead Advisors, a firm that provides strategic, commercial, executive management and financial expertise to private equity and venture capital clients. He currently serves on the Board of Directors of Euro Bioenergy Holdings and Greenleaf Power.

Adam received a Bachelor of Arts from Earlham College and a Master of Business Administration from the Carlson School of Management at the University of Minnesota. He holds a Chartered Financial Analyst designation.

Bob Warburton is an Operating Partner, providing advice and services to Denham and its portfolio companies on a variety of management and operational areas. He brings 38 years of experience to the firm.

He was previously Senior Vice President of Operations for Waypoint Energy and before that, Vice President of Operations for InterGen. Bob also served as General Manager of Ocean State Power for J. Makowski Co., a Plant Manager for the City of Colorado Springs Utilities Department and a Field Engineer at Babcock & Wilcox. He served as Executive Chairman of Big Island Carbon.

He received a Bachelor of Science from Worcester Polytechnic Institute and a Master of Business Administration from the University of Colorado. He has been a Registered Professional Engineer since 1984.

Bill Calcraft is a Senior Advisor based in Sydney, Australia, providing advisory services to Denham and portfolio companies in the Australasia region.

He previously served as Managing Director at Allianz Capital Partners, where he was instrumental in creating and developing the firm’s renewable energy investment business. Bill also held senior positions at the Union Bank of Switzerland, Banco Santander and Dresdner Kleinwort Benson. He currently serves on the Board of Directors of Nexif Energy.

Bill received a Bachelor of Commerce of Law from the University of New South Wales and a Diploma in Social Studies, Philosophy, Politics & Economics from Basenose College, Oxford University. He holds both Certificate and Diploma in Company Direction qualifications from the Institute of Directors, London.