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 UN-backed Principles for Responsible Investment.

Our Responsible Investment Policy can be found here.

Our ESG Reports and other disclosures can be found here.

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Best ESG Investment Fund: Energy Transition 2022

Africa Power Deal of the Year 2019

Africa Power Deal of the Year 2019

Deal of the Year: Infrastructure 2019

African Developer of the Year 2019

Outstanding Contribution: Power 2019

20 Years of Excellence in Africa 2018

African Energy Project Developer of the Year 2018

African Developer of the Year 2018

First Investment Grade credit rating from S&P for project financing in Chile 2018

First wind projects in Brazil to issue Green Bonds 2017

Africa Project Development Fund of the Year 2017

Africa Power Deal of the Year 2016

Africa Power Deal of the Year 2016

APAC Solar Deal of the Year 2014

Asia-Pacific Power Deal of the Year 2010

European Solar Bond Deal of the Year 2010

European Solar Deal of the Year 2009

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.

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.

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

EVC

EVC is a UK based EV charge point owner and operator focussed on deploying EV chargers at hotels, leisure centres, retail parks, offices and multi-dwelling residential units. The company has plans to grow its network to 100,000 chargers in the coming years, with several partnerships already signed. EVC has developed its own back-end and front-end software to manage its network and offers a premium EV charging service to EV drivers across the UK.

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.

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

    Denham fully exited its position in Nexif Energy in December 2022.

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

Solops

Solops is a premier developer, financier, and owner/operator of photovoltaic solar projects in the commercial and industrial sectors throughout the United States. Solops is focused on the execution of 800+MW pipeline of project investments.  Solops’ distributed generation solutions support customers in achieving decarbonization goals and simultaneously reduce operating costs.  The business plan is further enhanced by the Inflation Reduction Act which is providing a longer runway for incentives in the US renewable power space and further targeting incentives for utilization of domestic products and in low-income communities throughout the US.

  • Headquarters

    Florida
  • Target Markets

    USA
  • Website

    https://www.solops.com
  • Sector

    Sustainable Infrastructure
  • 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

    Sustainable Infrastructure
  • Exit Description

    Denham exited its investment in SunRay in 2010.

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

Sector Team

Stuart Porter

CEO and Partner

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

Partner

Justin DeAngelis is a Partner and co-leads the firm’s Sustainable Infrastructure investment efforts. 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.

Scott Mackin

Partner

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.

Brian Bonnesen

Managing Director

Brian Bonnesen is a Managing Director, Head of Capital Formation, for Denham Sustainable Infrastructure. Brian is primarily focused on capital raising, investor relations, co-investment, and product development for DSI equity and DSI credit strategies and is a member of Denham’s ESG committee. He has more than 12 years of experience in the alternative investments and private markets space. Prior to Denham, Brian worked at Morgan Stanley Infrastructure Partners. In addition, Brian has previously worked at Davidson Kempner Capital Management, Goldman Sachs, and Deloitte where he held business development, risk management and/or product specialist roles.

Brian received his MBA from Columbia Business School, his BS in Business Administration from the University of Richmond and is a Chartered Alternative Investment Analyst (CAIA).  Brian is a dual citizen of the United States and Denmark and resides in New York, New York.

Sabine Chalopin

Head of ESG-Sustainable Infrastructure

Sabine Chalopin is the Head of ESG, Sustainable Infrastructure and is responsible for screening, managing, and monitoring investments for environmental and social risks and opportunities. She brings 16 years of ESG experience in the infrastructure sector to the firm and is part of GRESB’s Expert Resources Group.

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. Sabine has recently completed a course with Berkeley Law and Ceres on ESG and Navigating the Board’s Role.

Sarah Lane

Managing Director

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

Managing Director

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

Director

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.

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.

Brian Rodio

Associate

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.

Camilla West

Associate

Camilla West is an Associate with the Sustainable Infrastructure group at Denham Capital Management. She is responsible for financial modeling, monitoring, valuation, and execution of investments.

Prior to joining Denham, Camilla worked as an investment banker at Goldman Sachs within the Natural Resources group, her experience includes M&A and advisory work in renewable energy and infrastructure. Camilla began her career at Bank of America Merrill Lynch as an equity derivatives and Delta-One trader.

She holds an M.B.A. from INSEAD and an undergraduate degree in Neuroscience from Wellesley College. Camilla is originally from the Boston area and moved to the U.K. in 2018.

Richard Burrell

Operating Partner

Richard Burrell is an Operating Partner of Denham Sustainable Infrastructure, responsible for the origination and provision of strategic support and advice to portfolio companies in the UK and Western Europe. He brings 35 years of experience to the firm. 

Prior to joining Denham, Richard was Chief Executive of AMP Clean Energy which he co-founded and IPO-ed.  During this time, Richard led the acquisition of several businesses, building the company into a highly profitable developer, owner and operator of energy transition assets prior to its successful acquisition and privatization. Prior to this he was founder and Chief Executive of Assura and has served on the board of a number of listed and private businesses in the UK.

Richard received a Bachelor of Arts from Durham University and is FCA regulated.

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.

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.

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.

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