Denham Capital sells its African renewable energy company
Private equity firm Denham Capital has sold renewable energy firm BioTherm Energy, which built some of the very first wind and solar projects in South Africa, to emerging market investor Actis Capital, for an undisclosed amount.
Denham invested in BioTherm Energy through its Fund V and helped build it into a leading African independent renewable power company.
According to the statement on Thursday, BioTherm has 285 MW of wind and solar projects under construction, representing more than $500-million in enterprise value.
“BioTherm’s focus on economic sustainability manifests itself in continually improved internal rates of return on project throughout their lifecycles, creating meaningful and permanent employment, and reliable renewable power for thousands of homes and businesses,” the statement said.
Jasandra Nyker, who is currently the CEO at BioTherm, will become an MD in Denham Capital’s International Power Group, following the exit.
Nyker will be responsible for origination, analysis, structuring, valuation and execution of investments for the International Power deal team.
Actis energy team director Lisa Pinsley commented that the investment in BioTherm will help drive the 300 GW of potential growth in renewable generation across Africa over the next decade.
“With favourable regulatory frameworks around Africa paired with the cost competitive price of renewables, we will draw on Actis' deep relationships and extensive experience in the renewables sector, plus BioTherm's track record and expertise, to continue to help meet the ever-growing demand for a clean and reliable power supply in Africa,” she said.
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