Auctus Minerals is a Perth-based company focused on developing promising projects into production and improving the economics of operational mining assets throughout Australia. It targets opportunistic projects that are either near production or development-ready.
During Denham’s ownership, BioTherm Energy was an African renewable power developer largely focused on South African wind and solar projects. BioTherm had a ~500MW portfolio of wind and solar projects in operation, construction or near construction, and a 1,500MW+ development project pipeline at the time of exit.
Camino Minerals Corporation (TSXV:COR) is a publicly listed copper exploration company with three projects in Peru. The company acquired the Maria Cecilia copper project from Denham in 2021 and is advancing it, along with the Los Chapitos and Plata Dorada projects, to define and develop copper resources that can be used in facilitating the green energy transition.
Ceiba Energy seeks to acquire, build, own and operate a portfolio of high-quality power generation assets in Latin America consisting of both gas-fired and renewable projects. Ceiba is developing the Portocem LNG-to-power project in Northeast Brazil. The project is located next to an existing port and the gas-fired combined cycle power plant is licensed up to 2.2 GW. The new plant will provide reliable and firm electricity for the region.
Endeavor Energy is an Africa-focused independent power generation company, focused on power generation opportunities across the continent. Endeavor has a 450MWs of projects in construction, one of which was named “African Power Deal of the Year” at the Project Finance International’s and IJ Global’s 2016 awards. Endeavor has an additional pipeline of 1.0GW of project opportunities throughout Sub-Saharan Africa.
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.
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.
Greenleaf Power is a biomass power and battery storage development company focused within North America. Greenleaf owns and operates 135 megawatts (MW) of dependable generation, fueled by sustainable biomass material.
*Greenleaf is a legacy US power investment in our Fund VI Continuation and Fund V
INCOA Performance Minerals is a vertically integrated producer of fine, ultrafine and treated ground calcium carbonate for North American markets. The company’s high-quality ground calcium carbonate can be used as a functional filler in a variety of end-products including film, fiber, pipe, conduit, vinyl profile used in construction, paint, sealant, caulk, adhesive, and rubber.
JDS Silver, led by accomplished Canadian mining entrepreneur, Jeff Stibbard, targets base and precious metals projects that may be quickly brought into production in northern and western Canada.
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 and 222MW wind project under construction in Australia. In 2019, Nexif expects to break ground on a 100MW gas-fired project in Thailand, 50MW hydro project in Vietnam and has an additional pipeline of 1.5GW+ of project opportunities throughout Southeast Asia.
During Denham’s ownership, Novus Energy owned two operating biomass combined heat and power projects in Germany, one of which was developed as a green-field project and the other of which was acquired as an operating asset.
Pangea Exploration targets resources throughout Africa and is engaged in the acquisition of mining assets across all stages of the project life cycle.
Pembroke Resources is an Australia-based company focused on the acquisition and development of a portfolio of high quality, metallurgical coal assets in the Asia-Pacific region.
Rio Energy is a Brazilian renewable power platform with 485MW of wind projects in operation, 144MW under construction and 2,000MW+ of project pipeline opportunities.
Santiago Metals targets mining and exploration projects in Chile.
Serra Verde is advancing the world’s largest known ionic clay rare earths deposit outside of China, Serra Verde, through construction and into production. The Serra Verde project, located in Brazil, contains the four key elements – neodymium, praseodymium, terbium and dysprosium – required to make permanent magnets used in wind turbines and electric vehicle motors.
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.
Themis is an Africa-focused independent power generation company focused on renewable power projects. Themis has a 44MW hydro project in Cote d’Ivoire in construction and is in mid-development of a 200WM hydro plant in Madagascar. The team, headquartered on the continent, has an additional pipeline of around 1GW of project opportunities throughout the Africa.
At the time of acquisition in 2005 Trigen was the largest provider of district heating and cooling services (DHCS) in North America with a major presence on the East Coast and in the Midwest. Major cities served include Boston, Philadelphia, Baltimore, Trenton, Kansas City, St Louis, Oklahoma City, and Tulsa. Under Denham stewardship, major DHCS systems in the metropolitan areas of Atlanta, Los Angeles and Las Vegas were added, increasing overall customer count to +1,000 prior to our exit in 2008. DHCS are an attractive investment opportunity because of long-term, stable revenue streams with significant inflation protection.
Trinity was a coal producer in the Central Appalachian coal basin, operating a variety of surface and underground mines in southern West Virginia and eastern Kentucky. Trinity sold both steam and metallurgical coal to electric utilities, steel manufacturers, coal brokers and other buyers primarily in the eastern United States.
Upper Wilgat owned and operated coal mines and ancillary facilities in Northern Appalachia and the Illinois Basin. The company operated a longwall mining complex in Illinois, and had one operating mine and one mine under development in the Northern Appalachian Basin.
Wharton County Power Partners (WCPP) was created to facilitate power-related transactions in the Electric Reliability Council of Texas (ERCOT). WCPP executed two transactions:
New Gulf Peaking Plant
In 2003, WCPP acquired the New Gulf power generation facility in the Houston Zone of ERCOT The gas- fired peaking facility was purchased as a combined cycle plant and under Denham stewardship was converted to a simple cycle pant in 2005 with significantly improved ramping speed thus enhancing ability to take advantage of pricing volatility. We also executed a medium-term tolling agreement with a large electricity service provider to enhance revenue stability
A Tolling & Credit Intermediation Transaction between two credit-challenged entities in the wake of the Enron bankruptcy.
The 2004 through 2006 transaction consisted of tolling a +500MW generating facility owned by a credit-challenged generator and selling a heat-rate call to a credit-challenged retail electricity provider whose features closely corresponded to the tolling agreement. Denham took a lead role in negotiating and structuring the transaction and provided the necessary credit support in exchange for enhanced tolling fees and option premia.
We believe in fostering communication with our stakeholders, including members of the public. To submit comments, questions, concerns, grievances and feedback in relation to the conduct of Denham and our portfolio companies, please contact the ESG team.