Denham’s Sustainable Infrastructure equity strategy leverages our experience in building, owning and operating mid-market companies and associated assets across the globe as the world transitions to a low-carbon energy future.

We have developed, built, operated, and exited a diverse range of assets across renewable energy and sustainable infrastructure sectors, including wind, solar, hydroelectric, and battery storage, amongst others.

Our sustainable infrastructure strategy is an expansion of our current sustainable power and battery storage investment strategy, into broader but similar sustainable infrastructure areas, including electric vehicle charging, energy efficient data centers, and other infrastructure that meet our Sustainable Infrastructure ESG Screening Policy.

We seek to partner with companies who share our vision for sustainable growth and value creation, using our global reach, network, influence and unrivaled industry expertise to develop, build and acquire high returning Sustainable Infrastructure assets. The Sustainable Infrastructure business will leverage our global presence, with a focus on both OECD and non-OECD markets.

Denham’s Sustainable Infrastructure platform recognizes the importance of strong Environmental, Social and Governance (ESG) processes and practices. Our Sustainable Infrastructure investment strategy is aligned with the goals of the Paris Agreement and supports the transition to a low-carbon economy, by investing in sectors such as renewable energy, energy storage, energy efficiency and other sustainable infrastructure.

ESG considerations are included in our Sustainable Infrastructure investment decision making process and assessed throughout the investment cycle. At the screening stage, all investments are assessed against our screening tool to ensure that an investment is not an excluded activity and supports an environmental and/or social objective. During the investment hold period, we engage with our portfolio companies on a regular basis and provide ESG training on issues such as climate change, biodiversity, and human rights.

Our ESG scoring tool is used at the investment stage and is then reviewed annually to monitor the progress of an investment. We believe in supporting our portfolio companies in delivering ESG objectives to create more sustainable businesses. Our reporting framework is in line with the United Nations Sustainable Development Goals (UN SDGs) and tracks the contribution of each investment against these goals.

Denham Sustainable Infrastructure is proud to participate in the GRESB reporting framework, as well as other reporting frameworks, such as the Taskforce on Climate Related Financial Disclosures (TCFD).

Our Responsible Investment Policy can be found here.

Our ESG Reports and other disclosures can be found here.

Communicate with us.

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.

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

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 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.

  • Headquarters

    Casablanca, Morocco
  • Target Markets

    Select Countries in Africa
  • Website

    www.neothemis.com
  • Sector

    Sustainable Infrastructure
  • Exit Description

    N/A

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.

  • Headquarters

    Houston, USA
  • Website

    www.ceibaenergy.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.

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.

BioTherm Energy

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.

  • 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.

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 in the Sustainable Infrastructure Fund and co-leads the Sustainable Infrastructure team. Justin brings over 20 years of experience to the firm and is a member of the Investment and Valuation Committees. He currently serves on the Board of Directors of Endeavor Energy, Ceiba Energy, Greenleaf Power, subsidiaries of Rio Energy and is a member of the Advisory Committee of Themis Energy.

Justin is a member of Drexel University’s 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 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.”

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

Vice President

Paras is a Vice President, 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, Paras was a Manager in the Business Development Team at BioUrja Trading.  Previously, he was Vice President in the Origination and Business Development Team at EDF Trading in London and was a Senior Associate in the Valuation Team at Deloitte.

Paras received a Bachelor of Business Administration in Business Honors and a Master’s in Professional Accounting from the University of Texas at Austin. Paras is a CFA Charter holder and a CPA.

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.

Mira Halabi

Associate

Mira is an Associate, responsible for financial modeling, execution and monitoring of investments. She joined Denham Capital in 2021.

Prior to joining Denham, Mira worked in the Infrastructure team at DC Advisory in London.

Mira holds a Bachelor of Business Administration with a concentration in Finance from the American University of Beirut and a Master’s in Finance from the London School of Economics.

Imane Sekkat

Associate

Imane is an Associate, responsible for financial modeling, execution and monitoring of investments in the Sustainable Infrastructure team. She brings 4 years of experience to the firm and joined Denham Capital in mid 2021.

Prior to joining Denham, she was a Senior Investment Associate in the Project Finance and M&A team at Voltalia. Prior to that, she was an Analyst in the Infrastructure Team at Mazars Financial Advisory Services.

Imane holds a Masters in Management – Grande Ecole from Essec Business School in Paris.

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.

Adam Carte

Operating Partner

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.

Robert Warburton

Operating Partner

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

Senior Advisor

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.

Recent Sector News

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  • Sabine Chalopin will be co-chairing the next GRI ESG Global eSummit, June 10th 2021

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  • Scott Mackin joins Horasis Global Meeting, June 8th, 2021

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