Team

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 at Denham Capital and the Global Head of Denham Sustainable Infrastructure (“DSI”) overseeing both equity and credit strategies. Justin brings over 25 years of global investment and operational experience, and is a member of the Investment, Valuation, and Sustainability Committees for DSI.

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 is a member of Drexel University’s President’s Leadership Council and 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 former member of the Millennium Challenge Corporation Advisory Council and the Advisory Council for NASP-USAID Investment Partnership for “Mobilizing Institutional Investors to Develop Africa’s Infrastructure.”

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 Denham Sustainable Infrastructure (“DSI”). Scott brings over 30 years of energy experience to Denham and is a member of the Investment, Valuation, and Sustainability Committees for DSI.  Investment Committee and Valuation Committee.  He currently serves on the Board of Directors of Ceiba Energy, Endeavor Energy, Roam Energy, Pontal Energy and Solops. 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.

Carl Tricoli is a Founder and Partner of Denham Capital Management LP and has over 40 years of experience in resource related investing. He is responsible for the firm’s mining investments and is a member of the Investment Committee and the Valuation Committee. Denham Capital is a global resources, energy and sustainable infrastructure focused investment firm with more than $12 billion of invested and committed capital across multiple fund vehicles since inception. Specializing in private equity, infrastructure and debt, we invest in sectors that are central to the economic and energy transitions happening globally.  We deliver the mineral resources, energy and sustainable infrastructure needed for today and tomorrow.  Denham has offices located in Houston, Boston, Jersey City, Toronto, London, and Perth.

Prior to forming Denham, Mr. Tricoli occupied various positions in the resource investing area including President of GeosCapital, a resource focused investment firm, Managing Director of Koch Industries where he led the principal investing activities for natural resources, President of Black Hawk Resources, an independent exploration and production company with activities focused in the Northern Rockies and Managing Director and Head of Energy Corporate Finance for NationsBank Capital Markets (now Bank of America). Mr. Tricoli is a member of the board of directors of Mid LA Mining Holdings LLC., Tremont Master Holdings, Ltd., and Santiago Metals LLC.  He also serves as the Chairman of the Board of Governors of the Seaside Institute and is a member of the Advisory Board of the University of Texas at Austin College of Liberal Arts.

Mr. Tricoli received a Bachelor of Arts from the University of Texas at Austin and a Master of Business Administration from Bayes Business School, City University in London

Bert Koth is a Partner in the Mining Fund of Denham Capital. Bert is responsible for origination, analysis, structuring and execution of investments for the Mining Deal Team. He brings 21 years of experience to the firm and is a member of the Fund Investment Committee and the Valuation Committee. He speaks English, German, Spanish, French and Russian.

Prior to joining Denham, Bert worked at BHP Billiton, ING Barings, and Deutsche Bank. He currently serves on the Board of Directors of Tremont Master Holdings Ltd. and Pembroke Resources.

Bert received a graduate degree and a PhD in Business Administration from the Vienna University of Economics, Austria.

Rob Still is currently Chairman of Pangea Exploration (Proprietary), Ltd., which provides information and analysis to Denham’s African mining platform. He brings 28 years of mining experience to the firm and is a member of the Fund Investment Committee and the Valuation Committee.

Prior to Pangea Exploration, Rob has been involved in the mining industry worldwide, from discovery to production, and has held executive and non-executive directorships in companies listed in South Africa, Australia, Canada and the United Kingdom. He has participated in the evaluation and/or development of several new mining projects and companies including Rhovan (vanadium – discovery to production), Ticor (mineral sands – discovery and evaluation), Pangea GoldFields (exploration and discovery), Southern Mining Corporation Limited (mineral sands – Corridor Sands), Metorex Ltd (copper – turnaround) and Zimplats (platinum – discovery to production). Rob began his mining career in 1987 when he co-founded Rhombus Exploration, a JSE junior. Prior to 1987, he was a Partner at Ernst & Whinney (now Ernst & Young).

Rob holds a Bachelor of Commerce degree from the University of Witwatersrand, a Bachelor of Commerce (Hons) degree from the University of Cape Town and a Certificate of Theory of Accounting from the University of Witwatersrand. It is expected that Mr. Still’s services in respect of the Fund will be procured via the Sub-Advisory Agreement with the Sub-Advisor.

Jorge Camiña is a Partner and Head of Sustainable Infrastructure Credit. Jorge brings over 20 years experience in project finance and investment management, having held senior positions at both Allianz Global Investors and Santander Corporate & Investment Banking.

In his most recent role, as Director of Infrastructure Debt at Allianz Global Investors since 2016, Mr. Camiña was responsible for the origination, structuring and execution of Infrastructure Debt investments in the Americas. Jorge also executed in 2018 the launch of the infrastructure debt strategy in Latin America, resulting in the firm becoming the leading institutional private infrastructure debt investor in the region from 2018 to 2020. He led the execution of a strategic shift towards renewable power across US and Latin America, investing in infrastructure debt for over three gigawatts of solar and wind assets. He was also member of the Infrastructure Debt investment committee overseeing transactions globally.

Jorge received a Bachelor of Science in Business Administration by Deusto Business School in Spain.

Tony Fiore is a Managing Director and Denham’s Chief Legal Officer. He brings over 25 years of experience to the firm. As Chief Legal Officer, Tony is responsible for all legal matters affecting Denham, its funds, and its fund investments. He is a member of the Valuation Committee and also serves on the Board of Directors of Serra Verde Rare Earths Ltd. and Tremont Master Holdings.

Prior to joining Denham, Tony was at Aker Solutions where he provided legal counsel in connection with the engineering and construction of LNG receiving terminals, as well as the engineering and construction of mining, metals and midstream oil and gas projects globally. Prior to that, Tony was an attorney at Baker & McKenzie in Houston, where he focused on midstream oil and gas development projects in Latin America, and at Hunton Andrews Kurth LLP in Houston, where he focused on LNG and renewable energy projects.

Tony received a Bachelor of Arts from the University of Notre Dame and a Juris Doctor from Indiana University School of Law.

Wallace Varga

Managing Director and Chief Financial Officer

Wallace Varga is a Managing Director and Denham’s Chief Financial Officer. He is responsible for the business operations, financial, tax, and administrative functions of the firm and its private equity funds. He is a member of the Valuation Committees and has extensive experience in the structuring and execution of investments. Wallace has been with Denham since its inception and previously led the global tax function.

Prior to joining Denham, Wallace was part of the management team at a global fund administration company and held Manager positions at Deloitte and EY. Wallace received a Bachelor of Science from Merrimack College, a Master of Science in Accounting from Suffolk University, and a Master of Science in Taxation from Bentley University. Wallace holds a current CPA license.

Alberto Garcia is a Managing Director in Denham Capital’s Sustainable Infrastructure Credit platform. He brings over 20 years of financial services experience, having held several management positions within the Santander Group and Capital One Financial Corp., both in the US and Spain.

In his most recent role, as Managing Director within Santander’s Corporate and Investment Banking division in New York, he was the Head of Power & Renewables Project Finance. In that role, he led a team responsible for all deal origination, structuring and execution of energy related non-recourse financings and advisory services. In 2021, he led the financial advisory mandate for the $2.4 Bn financing of Vineyard Wind I, an 800 MW offshore wind plant being built off the Massachusetts coast to be the first large-scale offshore wind farm in the US.

Alberto received a MS in Telecommunication Engineering from Universidad Politécnica de Madrid and an MBA from IESE Business School.

Sarah Lane is a Managing Director in the Sustainable Infrastructure team. She has over 11 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.

Justin Machin is a Managing Director, responsible for origination, analysis, structuring and execution of investments for the Mining Deal Team. He rejoined Denham in 2018.

In addition to his prior experience in Mining Private Equity at Denham, Justin spent several years with Waterton Global Resource Management in Toronto. Previously, he also spent a number of years in Mining Investment Banking, working as an Associate in the Global Mining Mergers & Acquisitions Team at Standard Chartered and as an Analyst in the Global Mining Corporate Finance Team at National Bank Financial. He currently serves on the Board of Directors of Serra Verde Rare Earths, Incoa Performance Minerals, Santiago Metals I & II and Camino Minerals.

Justin holds an Honours Business Administration degree from the Richard Ivey School of Business at the University of Western Ontario.

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.

Sabine Chalopin is DSI’s Head of Sustainability and is responsible for overseeing DSI’s sustainability program. This includes screening, managing, and monitoring investments for environmental and social risks and opportunities. At the post-investment stage, Sabine works closely with portfolio companies to add value through sustainability initiatives. She brings 18 years of sustainability experience in the infrastructure sector to the firm. Sabine is a member of GRESB’s Expert Resources Group and Initiative Climat International’s climate risk working group.

Prior to joining Denham, she managed sustainability issues for Armstrong Asset Management (AAM), a renewable energy GP based in Singapore. At AAM, she developed and implemented the firm’s Environmental and Social Management System and managed projects for environmental and social compliance throughout Southeast Asia. Prior to Armstrong Asset Management, Sabine was with Kyoto Energy (Singapore) where she was responsible for business development.

Sabine holds an MSc in Environmental Technology from Imperial College London and a BCom in Business Studies from Edinburgh University. She has also completed a course with Berkeley Law and Ceres on ESG and Navigating the Board’s Role.

Ricardo Ramirez is a Director in the Sustainable Infrastructure team, responsible for financial analysis, origination, structuring, execution and monitoring of investments. He brings 13 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.

Nick is a Vice President, responsible for financial analysis, origination, structuring, execution, and monitoring of investments. He brings 6 years of experience to the firm and joined Denham Capital in 2021.

Prior to joining Denham, Nick was with the Renewable & Asset Finance team at Wells Fargo in New York. He has a broad range of credit experience across project finance, corporate finance, acquisition financing and warehouse credit facilities. In total, Nick has worked on more than $7.5 billion of energy and infrastructure related transactions.

Nick received a Bachelor of Science in Business Administration in Finance with a minor in Accounting from the University of Denver.

Iryna Voronova is a Portfolio Manager responsible for managing and monitoring existing portfolio investments in the Sustainable Infrastructure Credit team. She brings over 15 years of experience in banking and structured finance.
Prior to joining Denham, Iryna held senior positions at Siemens Financial Services where she managed a multi-billion-dollar credit portfolio covering US, Canada and Latin America. Previously, she was an Associate at Credit Agricole Corporate and Investment Bank.
Iryna received a Bachelor of Business Administration with a specialization in International Business from Hofstra University in New York.

Natalie Friedenreich is an Investor Relations Associate for Denham Sustainable Infrastructure based in Jersey City, NJ.

Prior to joining Denham, Natalie was an Investor Relations Associate at Sculptor Capital Management and JLL Partners. She began her career as a Client Service Associate at Morgan Stanley.

Natalie received a Bachelor of Science in Marketing and a Master of Business Administration from Quinnipiac University.

Franklin Goldszer is an Associate, responsible for financial modeling, execution and monitoring of investments in the Sustainable Infrastructure Credit team.

Prior to joining Denham in 2021, Franklin was an investment banking analyst in the Power, Utilities and Infrastructure group of Jefferies LLC.

Franklin received a Bachelor of Arts degree with majors in Economics and Psychology from Dartmouth College. He graduated cum laude.

Jordan Grossi is an Associate, responsible for financial modeling, execution and monitoring of investments for the Mining team. He joined Denham in 2025 and has over 6 years of experience in M&A, corporate finance and accounting. Prior to joining Denham, Jordan held roles in the Metals & Mining Investment Banking group at Paradigm Capital, Scotiabank and INFOR financial. Jordan earned a Bachelor of Commerce with honors from the DeGroote School of Business at McMaster University and is a CPA.

Ethan Kao is an Associate with the Sustainable Infrastructure Credit platform at Denham Capital. He is responsible for financial analysis, origination, structuring, execution, and monitoring of investments.

While attending business school at Columbia University, Ethan worked in the structured finance team at DSD Renewables and in the Investments and Portfolio Management team at New York Green Bank before joining Denham Capital. Ethan began his career as a Foreign Exchange derivatives trader at UBS where he spent time in New York, London, Singapore, and Zurich.

Ethan holds a Bachelor of Science in Computer Science from Cornell University and a Master of Business Administration from Columbia Business School.

Santosh is an Associate with the Sustainable Infrastructure group at Denham Capital Management, having joined the firm in 2024. He is responsible for financial modeling, monitoring, valuation, and execution of investments.

Previously, Santosh was a member of the Investment Team at African Infrastructure Investment Managers (AIIM) for 5 years. He has closed transactions in the energy, transport, ports and logistics sectors. Santosh holds a Master of Business Administration (MBA) from INSEAD in France and a honors degree in Financial Analysis and Portfolio Management from the University of Cape Town (UCT) in South Africa.

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.

Ziad Saliba is an Associate, responsible for financial modeling, execution and monitoring of investments. He joined Denham in 2022.

Prior to joining Denham, Ziad was an Investment Banking Analyst on the Global Mining Team at TD Securities. Prior to joining TD Securities, he was an Investment Banking Analyst at Desjardins Securities. Ziad earned a Bachelor of Engineering in Mining Engineering and Master of Engineering in Mining and Materials Engineering from McGill University.

Seldi Shembitraku is an Associate, responsible for financial modeling, execution and monitoring of investments. He joined Denham in 2024 and has over four years of experience. Prior to joining Denham, Seldi was an Investment Banking Associate on the Metals & Mining Team at Canaccord Genuity and prior to that he was an Investment Banking Analyst at INFOR Financial. Seldi earned a Bachelor of Business Administration from Wilfrid Laurier University and Bachelor of Mathematics from the University of Waterloo.

Herculus Jacobs is the Chief Technical Officer – Mining for Denham Capital, responsible for technical due diligence, assessment and monitoring of its Mining investments. He has worked with Denham since 2016 and brings 24 years of experience to the firm. Herculus grew up on a large mine in South Africa and started his career as technical manager at Anglo-American’s Gold and Base Metal divisions. Herculus also held senior positions at UraniumOne, Pangea and Rand Uranium prior to joining Denham Capital. Of special note is his involvement in the development of Skorpion zinc, Bisie tin, Dominium Reefs and Cooke uranium as well as Panda Hill niobium.

Herculus’s experience spans across a diverse range of commodities, geological settings, mining, processing and marketing requirements. Herculus has led and participated in project development, building mines, providing technical oversight, performing techno-economic due diligence and advising on minerals and metals projects and operations globally.

Herculus holds a Bachelor Degree in Metallurgical Engineering, is a Registered Professional Engineer with the Engineering Council of South Africa, Fellow of the Southern African Institute of Mining and Metallurgy and Member of the American Society for Mining, Metallurgy and Exploration.  Mr. Jacobs’ services are procured via a Sub-Advisory Agreement with Denham.

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.

Paul David is an Operating Partner within the Denham Sustainable Infrastructure Credit team. He brings 35 years of experience of infrastructure credit to the firm.

Prior to joining Denham, Paul was one of the original founding members of Allianz Global Investors’ Infrastructure Debt platform initially based in London. In 2015, after successfully establishing the platform in Europe, he moved to New York to set up a team in the Americas where he successfully raised significant third party institutional capital and grew the Americas business to over $8 billion of AUM.  Previous roles in infrastructure credit included 12 years at MBIA, where he led the successful European Transport and PPP strategies, and 8 years at Lloyds Bank, both in London.

Paul received a Bachelor of Science in Mathematics at Imperial College.

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.