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Denham exits BioTherm Energy to Actis

Staff writer
Aug. 4, 2019, 11:07 p.m.
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Denham Capital, a global energy and resources private equity firm, has sold BioTherm Energy to Actis Capital, an emerging market investor, for an undisclosed sum.

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Denham Capital, a global energy and resources private equity firm, has sold BioTherm Energy to Actis Capital, an emerging market investor, for an undisclosed sum.

Lisa Pinsley, Director in the Energy team at Actis, commented: “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.”

Denham invested in BioTherm Energy through its Fund V and helped build it into a leading African independent renewable power company.

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.

Jasandra Nyker, currently CEO at BioTherm, will become a Managing Director 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. She brings over 20 years of experience to the firm.

Scott Mackin, Partner at Denham Capital, said: “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% 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, added: “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.”

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