Global Infrastructure Need Driven by Power Investments, with Emerging Markets to Dominate Growth.

Through 2030, McKinsey Global Institute estimates that $49 trillion of projected infrastructure investment is needed globally, of which nearly 18% ($8.6 trillion) will be in non-OECD (developing economy) power investments, driven by a fundamental need for new power generation.  Developing economies have already surpassed OECD countries in power generation and are expected to be the center of growth in the industry.  Denham partners with experienced management teams to bring affordable renewable and gas-fired electricity generation to these economies, under well-structured long-dated power purchase agreements.

GNPower: Financing a Power Project in the Philippines (Part 1) and (Part 2)
Courtesy of the Wharton School of the University of Pennsylvania

SunRay Renewable Energy: Private Equity in the Sunshine
Courtesy of the London Business School

ESG is a core part of the Denham International Power “Playbook”

  • Responsible environmental stewardship and socially responsible development
  • Low-cost, cleaner power has in itself a positive ESG impact

Compliance with IFC Performance Standards

  • Economically
    • Appropriate return for our investors
    • Benefit to the regions/economies that we operate in
  • Socially
    • Social impact of projects on surrounding communities
    • Local stakeholder engagement
  • Environmentally
    • Societal benefits should outweigh any negative environmental impacts

Denham Capital recognizes that its role as an investor affords it the opportunity to promote responsible environmental stewardship and socially responsible development, including fulfilling its responsibility to respect human rights. We recognize the importance of climate change, biodiversity, and human rights, and believe negative impacts on project-affected ecosystems, communities, and the climate should be avoided. If these impacts are unavoidable they should be evaluated in a thoughtful manner with the goal to minimize, mitigate, and/or offset. Denham Capital seeks to ensure that the companies and projects we finance are developed in a manner consistent with the foregoing and that is socially responsible and reflects sound environmental management practices.

Select Portfolio Companies

At Denham, we seek to capitalize on these opportunities by focusing on investments in solar, wind, hydro and gas-fired generation.

Rio Energy

Rio Energy is a Brazilian renewable power platform with 484MW of wind projects in operation or construction, and 1,000MW+ of project pipeline opportunities.

Endeavor

Endeavor Energy is an Africa-focused independent power generation company, focused on thermal and hydro opportunities across the continent.  Endeavor has a 200MW project in construction, which was named “African Power Deal of the Year” at the Project Finance International’s and IJ Global’s 2016 awards, 450MW of projects expected to break ground in 2017 and an additional 1,000MW of projects with PPAs which are expected to break ground beginning in 2018.

  • Headquarters

    Houston, TX
  • Target Markets

    Select Countries In Africa
  • Website

    www.endeavor-energy.com
  • Sector

    International Power
  • Exit Description

    N/A

Nexif Energy

Nexif Energy is a Southeast Asia-focused power platform company that develops and opportunistically acquires thermal and renewable power generation assets. Nexif currently owns a controlling stake in a 30MW operating hydro project in Vietnam, expects to break ground on a further 326MW of wind and hydro projects in 2017 and has an additional pipeline of 1,500MW of project opportunities throughout Southeast Asia.

  • Headquarters

    Singapore
  • Target Markets

    Southeast Asia
  • Website

    www.nexifenergy.com/
  • Sector

    International Power
  • Exit Description

    N/A

FRV

Fotowatio Renewable Venture (“FRV”) is a leading global solar development company focused on emerging solar markets. Over the course of Denham’s investment, FRV brought 159MW into construction or operations, secured 150MW of PPAs and developed a 3.4GW pipeline across Latin America, the Middle East, Africa and Australia.  FRV’s 70MW Moree project in Australia was named “APAC Solar Deal of the Year” at IJ Global’s 2014 awards.

  • Headquarters

    Amsterdam, Netherlands
  • Target Markets

    Global, Except the US
  • Website

    www.frv.com
  • Sector

    International Power
  • Exit Description

    Denham exited its investment in FRV in 2015.

Jenner Renewables

Jenner Renewables is a Latin America focused renewable power platform. Jenner is led by a management team with comprehensive development, construction and execution experience with deep local relationships. Jenner has a 1,500MW+ pipeline across Latin America.

  • Headquarters

    Madrid, Spain
  • Target Markets

    Select Countries In Latin America
  • Website

    www.jenner-renewables.com/
  • Sector

    International Power
  • Exit Description

    N/A

GreenWish Partners

GreenWish Partners is an African wind and solar development company focused on on-grid utility scale and off-grid commercial and industrial scale projects with proprietary access to 400MW+ of project opportunities.

  • Headquarters

    Amsterdam, Netherlands
  • Target Markets

    Select Countries In Africa
  • Website

    www.greenwishpartners.com
  • Sector

    International Power
  • Exit Description

    N/A

BioTherm Energy

BioTherm Energy is an African renewable power developer largely focused on South African wind and solar projects. BioTherm has a 437MW portfolio of wind and solar projects in operation, construction or with PPAs secured, and a ~1,500MW project pipeline.

  • Headquarters

    Johannesburg, South Africa
  • Target Markets

    Select Markets in Africa
  • Website

    www.biothermenergy.com
  • Sector

    International Power
  • Exit Description

    N/A

GNPower

GNPower successfully developed and constructed the 600MW Mariveles thermal-power plant on Luzon Island in the Philippines. The award winning (“Asia-Pacific Deal of the Year” at Project Finance International’s 2010 awards) project featured negotiated fixed price EPC contract, US dollar-linked take-or-pay PPAs, fuel cost as a pass-through and was a low cost energy generator.

  • Headquarters

    Manila, Republic of the Philippines
  • Target Markets

    Philippines
  • Website

    N/A
  • Sector

    International Power
  • Exit Description

    Denham exited this investment in 2014.

Thesis Energy LLP

Thesis Energy is focused on the proprietary origination, acquisition and optimization of thermal power generation assets in Western Europe.

  • Headquarters

    London, England
  • Target Markets

    Western Europe
  • Website

    www.thesis-energy.com/
  • Sector

    International Power
  • Exit Description

    N/A

SunRay Renewable Energy

SunRay Renewable Energy focused on solar power development across Europe and the Mediterranean. SunRay’s 24MW Montalto di Castro project financing was named “European Solar Deal of the Year” at Project Finance International’s 2010 awards.

  • Headquarters

    Valletta, Malta
  • Target Markets

    Europe
  • Website

    N/A
  • Sector

    International Power
  • Exit Description

    Denham exited its investment in SunRay in 2010.

Sector Team

Stuart Porter

Founder and CEO

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

Prior to founding Denham, Stuart 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. Stuart 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, Stuart 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. Stuart volunteers his time by serving on the Board of Directors of the Massachusetts Society for the Prevention of Cruelty to Children, a charitable organization, and also serves as a Trustee of St. Sebastian’s School in Needham, MA.

Stuart 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.

Scott Mackin

Managing Partner and Co-President

Scott Mackin is a Managing Partner and Co-President and heads the firm’s Power Deal Team. He brings over 30 years of energy experience to Denham and is a member of the Management Committee, Fund Investment Committee and Valuation Committee.

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 served as a Law Clerk to the Hon. Daniel H. Huyett III, Federal District Court for the Eastern District of Pennsylvania. He is Co-Chairman of the Emerging Markets Private Equity Association (EMPEA) Energy and Infrastructure Council and a frequent speaker at the London Business School.

Scott currently serves as a member of the Board of Directors of Endeavor Energy, BioTherm Energy, Rio Energy, Thesis Energy, Nexif Energy, and Greenleaf Power.

He received a Bachelor of Arts, Honors Program, from Villanova University and a Juris Doctor from the University of Michigan Law School. He is an Emeritus Member, Villanova University College of Arts and Sciences Advisory Committee and served on the Committee of Visitors for the University of Michigan Law School.

Justin DeAngelis

Managing Director

Justin DeAngelis is a Managing Director, responsible for origination, analysis, structuring, valuation and execution of investments for the Power Deal Team.  He brings 20 years of experience to the firm.

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.  He is currently a member of the Board of Directors of Endeavor Energy, Thesis Energy, and subsidiaries of Rio Energy.

Justin is a member of the Advisory Council for NASP-USAID Investment Partnership for mobilizing institutional investors to develop Africa’s infrastructure.

Justin holds a Master of Business Administration from LeBow College of Business at Drexel University and a Bachelor of Science from Drexel University.

Victor Muñoz

Managing Director

Victor Muñoz is a Managing Director, responsible for the origination, analysis, structuring and execution of investments within Latin American region. He brings 26 years of experience to the firm. Victor is a member of the Valuation Committee, the Power Deal Team and the Mining Deal Team.

He is fluent in English, Spanish and Portuguese.

Prior to joining Denham, Victor was a Director at PSEG Global, a Manager at Enron North America and an Associate at Chase Securities. He currently serves on the Board of Directors of Mining Ventures Brasil Ltda., Stellar Mining, Santiago Metals and Rio Energy.

He received a Bachelor of Science from Los Andes University in Colombia and a Master of Business Administration from Harvard Business School.

Saurabh Anand

Director

Saurabh Anand is a Director, responsible for origination, analysis, structuring, valuation and execution of investments for the Power Deal Team. He brings 14 years of principal investing experience in the global energy industry to the firm.

Prior to joining Denham, Saurabh spent four years with GE Energy Financial Services focusing on private equity and structured financing transactions in the energy industry. In this role, he originated, evaluated and executed multiple power generation and oil and gas investments in the United States and AsiaPacific region. He currently serves on the Board of Directors of Nexif Energy, Jenner Renewables, Rio Energy and Greenleaf Power.

Saurabh received a Bachelor of Engineering from Panjab University and a Post Graduate Diploma in Management from Indian Institute of Management Calcutta.

Jens Thomassen

Director

Jens Thomassen is a Director, responsible for origination, analysis, structuring, valuation and execution of investments for the Power Deal Team. He joined Denham Capital in 2012.

Prior to joining Denham, Jens was a Director at Hg Capital, where he originated, executed and sat on the board of companies and transactions in wind, solar, hydro and conventional energy across Europe. Before Hg Capital, Jens was with GE Energy Financial Services, BHP Billiton, BP and Enron, and currently serves on the board of Directors of BioTherm Energy, SUM Energy and Endeavor Energy.

He holds an Master of Science in Finance from the Norwegian School of Economics and the University of St. Gallen.

Juergen Heeg

Vice President

Juergen Heeg is a Vice President, responsible for origination, analysis, structuring, valuation and execution of investments for the Power Deal Team. He brings 13 years of experience to the firm.

Prior to joining Denham, Juergen was a Vice President at Macquarie Infrastructure and Real Assets, where he originated and executed transactions in wind, solar, biomass, regulated utilities and conventional power generation across Europe. Before Macquarie, Juergen worked for Siemens’s energy division and the German Army.

He holds a Master of Business Administration from the University of Oxford and a Bachelor of Arts in International Management from the University of Applied Sciences Essen.

Steven Mandel

Vice President

Steven Mandel is a Vice President, responsible for origination, structuring, valuation and execution of investments for the Power Deal Team. He brings seven years of experience to the firm.

Prior to joining Denham, Steven was an Analyst in the Global Power Investment Banking Group at Citigroup, focusing on M&A, financings and restructurings of utilities, independent power producers and generation assets. He currently serves on the board of subsidiaries of BioTherm Energy.

Steven earned a Masters in Finance at the London Business School and a Bachelor of Science in Business and Economics from Lehigh University. He holds the Chartered Financial Analyst designation.

Will Blake

Associate

William is an Associate, responsible for financial modeling, execution and monitoring of investments. He brings two years of experience and joined Denham in 2016.

Prior to joining Denham, William was an analyst in the Power & Renewable Energy Investment Banking Group at Bank of America Merrill Lynch in New York.

William received his Bachelor of Science in Finance and Bachelor of Science in Accounting from the University of Wisconsin – Eau Claire.

Ana Vugdelija

Associate

Ana Vugdelija is an Associate, responsible for financial modeling, execution and monitoring of investments. She brings four years of experience to the firm.

Prior to joining Denham, Ana was an Analyst in the Power, Utilities & Infrastructure team at Société Générale Investment Banking Group in London and a Business Analyst in the Business Planning Group at NYSE.

She holds a Master of Science in Finance from the Bocconi University and a Bachelor of Arts in Economics from St. Francis College.

David Webb

Associate

David Webb is an Associate, responsible for financial modeling, execution and monitoring of investments. He brings four years of experience to the firm.

Prior to joining Denham, David was an Analyst in the Global Power Investment Banking Group at Citigroup in New York.

He received his Bachelor of Science in Finance and Bachelor of Science in Accounting from the University of Kansas.

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