Sustainable Infrastructure – Equity

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 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 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 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 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 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 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 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 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 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 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 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 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 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.

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 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.