Denham Capital sells African renewable power company BioTherm Energy
Denham Capital has sold BioTherm Energy to Actis Capital, a leading emerging market investor, for an undisclosed sum. Denham invested in BioTherm Energy through its Fund V and helped build it into a leading African independent renewable power company.
Jasandra Nyker, currently CEO at BioTherm, will become a Managing Director in Denham Capital’s International Power Group following the exit. Jasandra will be responsible for origination, analysis, structuring, valuation and execution of investments for the International Power Deal Team. She brings over 20 years of experience to the firm.
Since joining BioTherm in 2011, Jasandra has grown the business into a leading African renewable energy IPP with over 500 MW of projects either operational or under development. BioTherm built some of the very first wind and solar projects in South Africa, on time and under budget, and presently has 285 MW’s of wind and solar projects under construction, representing over $500M in enterprise value. BioTherm’s focus on economic sustainability manifests itself in continually improved internal rates of return on projects throughout their lifecycles, creating meaningful and permanent employment, and reliable renewable power for thousands of homes and businesses.
Scott Mackin, Partner at Denham Capital, says: “I recruited Jasandra to lead BioTherm over eight years ago, and we’re now delighted to welcome her to the firm following this successful exit - she brings a wealth of experience and a fantastic track record. BioTherm’s success is a testament to both Denham’s investment strategy of building world class companies and Jasandra’s commendable leadership. Despite 60 percent currency depreciation during our hold period, we’ve delivered solid returns, as represented to our investors.”
Jasandra Nyker, Managing Director in Denham Capital’s International Power Team, says: “I’m looking forward to joining Denham following a fruitful and enjoyable eight years leading BioTherm. We’re proud to have developed some of the first renewable power projects in South Africa, as the demand for low-cost, reliable wind and solar has continued to grow rapidly. I’m also pleased that our team’s efforts have led to the successful sale of the Company.”
Lisa Pinsley, a Director in the Energy team at Actis, says: “We are delighted to be making this investment in the BioTherm team to help drive the 300GW of potential growth in renewable generation across Africa over the next ten years. 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.”
Prior to her return to South Africa, Jasandra was a Senior Vice President at PCG Clean Energy and Technology Fund in the US, a USD680 million clean energy fund focussed on clean technologies and power projects. At PCG, she invested in several companies which included green infrastructure, solar and wind technology companies, water (desalination, purification) and energy efficiency technologies. Jasandra has also worked for Booz Allen Hamilton in London, where she focused on alternative energy and private equity related projects. Before that, she worked at Lehman Brothers in London and spent five years with Brait Private Equity in South Africa.