Denham Sustainable Infrastructure invests in long-lived infrastructure businesses and assets including renewable power, energy storage and other infrastructure supporting the energy transition. All investments are screened and managed against Denham’s proprietary environmental and social due diligence tool.

Denham is expanding its existing renewable and ESG capabilities to a broader sustainable infrastructure. The market for sustainable infrastructure is estimated at $50 trillion for the 2018-2050 period driven by growing populations and a need for more modern infrastructure which is in line with the UN Sustainable Development Goals (UN SDGs) and the Paris Agreement. The Sustainable Infrastructure team has been successfully investing in clean power since 2006 and has a competitive edge through its global experience helping to build and optimise sustainable infrastructure businesses.

Denham recognizes the importance of good Environmental, Social and Governance (ESG) processes and practices and is implementing management systems that effectively addresses environmental and social risks and realizes opportunities. All sustainable infrastructure investments are screened and managed against our proprietary environmental and social due diligence tool. We have developed this tool following our experience of managing power projects in emerging markets to the IFC Performance Standards, participating in GRESB and the Taskforce on Climate Related Financial Disclosures.

The Denham International Power Fund Responsible Investment Policy can be found here.

Our ESG & Impact Reports can be found here.

Our Disclosures can be found here.

Modern Slavery Statement can be found here.

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Select Portfolio Companies

At Denham, we seek to capitalize on these opportunities by focusing on investments which contribute towards energy transition, such as renewables, battery storage, and data centers.

Ceiba Energy

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. Ceiba is developing the project with Rio Energy.

  • Headquarters

    Houston, USA
  • Website

    www.ceibaenergy.com/
  • Sector

    Sustainable Infrastructure
  • Exit Description

    N/A

Rio Energy

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.

  • Headquarters

    Rio de Janeiro, Brazil
  • Target Markets

    Brazil
  • Website

    http://www.rioenergyllc.com
  • Sector

    Sustainable Infrastructure
  • Exit Description

    N/A

Endeavor

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.

  • Headquarters

    Houston, TX
  • Target Markets

    Select Countries In Africa
  • Website

    www.endeavor-energy.com
  • Sector

    Sustainable Infrastructure
  • 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 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.

  • Headquarters

    Singapore
  • Target Markets

    Southeast Asia
  • Website

    www.nexifenergy.com/
  • Sector

    Sustainable Infrastructure
  • Exit Description

    N/A

Themis

Themis is an Africa-focused independent power generation company focused on renewable and gas-fired power projects.  Themis has a 44MW hydro project in Cote d’Ivoire about to start 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 continent.

  • Headquarters

    Casablanca, Morocco
  • Target Markets

    Select Countries in Africa
  • Website

    www.neothemis.com
  • Sector

    Sustainable Infrastructure
  • 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

    Sustainable Infrastructure
  • Exit Description

    Denham exited its investment in FRV in 2015.

BioTherm Energy

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

  • Headquarters

    Johannesburg, South Africa
  • Target Markets

    Select Markets in Africa
  • Website

    www.biothermenergy.com
  • Sector

    Sustainable Infrastructure
  • Exit Description

    Denham exited this investment in BioTherm in 2019.

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

    Sustainable Infrastructure
  • Exit Description

    Denham exited this investment in 2014.

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

    Sustainable Infrastructure
  • 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. 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.

Scott Mackin

Managing Partner

Scott Mackin is a Managing Partner of Denham Capital and heads 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, Nexif Energy and Rio Energy and is a member of the Advisory Committee of Themis Energy.  Scott is a frequent guest speaker at the London Business School and the inaugural Chairman of the Emerging Markets Private Equity Association (EMPEA) Energy and Infrastructure Council.   He is also a Business Mentor for under-employed young people for The Prince’s Trust.

Denham has backed the successful development of numerous power projects across the globe, from wind and solar in South Africa, Italy, Brazil, Uruguay and Australia to thermal generation in the Philippines and Africa. Denham’s projects have won numerous awards including Reuters Project Finance International Asia-Pacific Power and Africa Power Deal of the Year, Euromoney Project Finance APAC Power Deal of the Year, IJ Global African Power 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.

Justin DeAngelis

Partner

Justin DeAngelis is a Partner of the Sustainable Infrastructure team of Denham Capital and is responsible for origination, analysis, structuring, valuation, and execution of investments, as well as fundraising, for the Sustainable Infrastructure team. Justin brings over 20 years of experience to the firm and is a member of the Investment Committee and Valuation Committee. He currently serves on the Board of Directors of Endeavor Energy, Ceiba Energy, Greenleaf Power, subsidiaries of Rio Energy and a member of the Advisory Committee of Themis Energy.

Justin is a member of the Millennium Challenge Corporation Advisory Council and a member of the Advisory Council for NASP-USAID Investment Partnership for “Mobilizing Institutional Investors to Develop Africa’s Infrastructure” or “MIDA.”  He also serves as a Board Member for IGD (Initiative for Global Development) and is a member of the EMPEA Gender Parity Acceleration Working Group. Separately, Justin is taking part in Columbia University’s World Projects Initiative.

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 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.

Saurabh Anand

Managing Director

Saurabh Anand is a Managing Director, responsible for origination, analysis, structuring, valuation and execution of investments for the Sustainable Infrastructure team. He brings over 18 years of principal investing experience in the global energy industry to the firm and is a member of the Investment Committee.

Saurabh currently serves on the Board of Directors of Nexif Energy, Rio Energy, Ceiba Energy, and Greenleaf Power.

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 Asia Pacific region.

Saurabh received a Bachelor of Engineering from Panjab University and an MBA from Indian Institute of Management Calcutta.

Koenraad Driessens

Director

Koenraad (Koen) Driessens is a Director, responsible for origination, analysis, structuring, valuation and execution of investments for the Sustainable Infrastructure team. He brings 26 years of principal investing and power consulting experience to the firm.

Prior to joining Denham, Koenraad served as a Senior Analyst at Sowood Capital Management where he focused on US power acquisitions. Prior to that he was a Senior Analyst at Capstone Global Energy providing power market consulting services in Germany. Previously, he was a Business Analyst at SKF and an energy economist at Laurits R. Christensen Associates.

Koenraad is fluent in Dutch and conversant in French and German. He received a Bachelor of Science from the University of Wisconsin – Green Bay and a Master of Science in Applied Economics from Marquette University.

Sabine Chalopin

Sustainable Infrastructure ESG & Impact Director

Sabine Chalopin is the ESG and Impact Director to the Sustainable Infrastructure team and is responsible for screening, managing, and monitoring investments for environmental and social risks and opportunities. She brings 15 years of ESG experience in the infrastructure sector to the firm and sits on GRESB’s Infrastructure Benchmark Committee.

Prior to joining Denham, she was the ESG Manager at Armstrong Asset Management in Singapore where she implemented an Environmental and Social Management System and managed projects for environmental and social compliance in Southeast Asia. Prior to Armstrong Asset Management, Sabine was with Kyoto Energy (Singapore) where she was responsible for business development.

She holds an MSc in Environmental Technology from Imperial College London and a BCom in Business Studies from Edinburgh University.

Ricardo Ramirez

Vice President

Ricardo Ramirez is a Vice President, responsible for financial analysis, origination, structuring, execution and monitoring of investments. He brings 9 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.

Paras Shah

Associate

Paras is an Associate, responsible for financial modeling, execution and monitoring of investments in the Sustainable Infrastructure team. He brings 11 years of experience to the firm and joined Denham Capital in 2019.

Prior to joining Denham, he was a Manager in the Business Development Team at BioUrja Trading. Prior to that, he was a Vice President in the Origination and Business Development Team at EDF Trading in London focused on evaluating, structuring, executing and monitoring transactions in the energy industry. Previously, he was a Senior Associate in the Valuation Team at Deloitte.

Paras received a Bachelor of Business Administration in Business Honors and a Master in Professional Accounting from the University of Texas at Austin.

Klara Nguyenova

IR Associate

Klara is an IR Associate, responsible for investor relations, fundraising efforts and monitoring of investments. She brings 5 years of experience to the firm and joined Denham Capital in early 2021.

 Prior to joining Denham, Klara was a Senior Analyst at Cebile Capital and an Analyst at Pantheon Ventures in London.

 Klara earned a Bachelor of Science from the Johannes Kepler University and holds a Master’s degree in Chemical Engineering from the Imperial College London.

Victor Muñoz

Operating Partner

Victor Muñoz is an Operating Partner, 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 Sustainable Infrastructure 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.

Recent Sector News

  • Sabine Chalopin will be a panelist at Impact Investor Forum, on Wednesday 26 May 2021.

    Read article
  • Stanford Africa Business Forum, Saturday, May 15 and Sunday, May 16, 2021

    Read article
  • Justin DeAngelis will be a panelist at the Global Power Markets Conference, April 12-14, 2021

    Read article
All Sustainable Infrastructure News Articles