Denham Capital Highlights Its Three African Power Portfolio Companies During 2016 U.S.-Africa Business Forum
Denham Capital, a leading energy and resources-focused global private
equity firm, shared updates on its three African power portfolio
companies with the heads of state and global CEOs gathered in New York
City during the U.S.-Africa Business Forum on Sept. 21, 2016, co-hosted
by Bloomberg Philanthropies and the U.S. Department of Commerce. Denham
Chief Investment Officer Stu Porter was an honored guest at the event.
Denham has been investing in African power since 2008 with a targeted
focus on delivering low-cost sustainable power generation. Today, the
firm’s African power portfolio, comprised of Endeavor Energy, GreenWish
Partners and BioTherm Energy, is working to develop, build and operate
more than 3,000 megawatts (MW) of projects across the African continent.
"Our portfolio companies have been and continue to be a part of the
evolving African power generation story. They’re delivering low-cost
thermal and renewable power projects across Africa and are helping to
create jobs, boost economies and reduce energy shortfalls,” said Justin
DeAngelis, Denham Managing Director and a Power Deal Team leader. “Of
course, these successes only underscore the need for greater investment
as well as efforts like Power Africa and the U.S.-Africa Business Forum.”
Endeavor Energy
Endeavor Energy was formed in 2013 and has grown quickly with Denham’s
backing and ownership. The company develops large-scale thermal and
hydro power projects plus “hybrid, first-of their-kind” integrated LNG
projects throughout Africa. It works closely with host governments to
address country specific needs then uses best-in-class standards to
ensure it is investing in and providing world-class, reliable and
low-cost power plants.
Led by Chief Executive Officer Sean Long, who also attended the event as
an honored guest, Endeavor is currently nearing completion and financing
of projects totaling more than 1,500 MW and expects to catalyze over $4
billion of foreign capital investment in power projects over the next
five years.
Most recently, Endeavor received Ghana’s parliamentary approval and
signed a power purchase agreement for the 400 MW LPG-fueled Bridge Power
Project, which will not only help to address short term demand for
electricity but also provide a competitively priced fuel solution.
Endeavor is working with the Guinean government to develop the Te’ Power
Project, a 50 MW power plant fired by heavy fuel oil, as well as other
long-term renewable power solutions for Guinea. Similarly, Endeavor is
also working with the government of Côte d’Ivoire to develop the Songon
project, a low-cost 372 MW (Phase I) power plant. As part of this
effort, the company is working with the government and industry-leading
fuel suppliers on an imported fuel solution which will help address the
country’s fueling needs until natural gas becomes available. Endeavor
expects that the project’s development will accelerate in the coming
months, creating new jobs and other developments that will benefit the
people of Côte d’Ivoire.
Finally, in conjunction with the U.S. Peace Corp., the company has
recently committed to support the First Lady Michelle Obama’s “Let Girls
Learn” initiative in Cote d’Ivoire, Ghana, Guinea and other African
countries.
A Power Africa partner, Endeavor's projects are making progress
throughout West Africa, where the initiative is also working with
national governments and local stakeholders to build capacity and the
enabling environment to help meet critical demand for new electricity
supplies.
GreenWish Partners
GreenWish Partners, Denham’s latest power platform announced in June
2016 following a $250 million commitment, is a renewable power company
focused on the African continent seeking to produce 600 MW of renewable
energy assets by 2020. Led by Chief Executive Officer Charlotte
Aubin-Kalaidjian, the company is currently pursuing projects in various
African countries including Senegal and Nigeria.
In Senegal, GreenWish expects to complete the construction of Senergy
II, a photovoltaic power plant with a 20 MW capacity, in October. The
project will be the first solar power plant to commence production in
Western Africa.
In Nigeria, GreenWish seeks to develop a 300 MW pipeline of on-grid
solar and off-grid solar-hybrid projects. It has committed to a 50 MW
solar project in the State of Kaduna and signed a memorandum of
understanding with the Governor of Kaduna to develop an innovative 200
MW solar hybrid energy project. The latter project will eventually
supply the innovative 2000ha Agri Green Hub, helping kick start agri
processing in the heart of Nigeria. In addition, GreenWish is developing
other solar-hybrid energy efficiency projects to address the needs of
telecommunications towers, commercial rooftops and other commercial
users in the country.
BioTherm Energy
Denham’s first African power platform, BioTherm Energy, was founded in
2003 and has been 100 percent supported by Denham since 2008. The South
Africa-based platform is a leading African independent power producer
focused on wind and solar projects across the continent. The company
currently controls a development portfolio totaling 1,000 MW in Africa.
It brought into operation some of the first wind and solar projects
under South Africa’s Renewable Energy Independent Power Program in 2014,
which continue to outperform. In 2015, BioTherm secured power purchase
agreements for another 284 MW of South African wind and solar projects.
It expects to close debt financing for these by the end of October/early
November followed by immediate construction.
Additionally, BioTherm has developed a pipeline of wind and solar
projects in Egypt, Zambia, Ghana and Burkina Faso totaling 314 MW that
it plans to bring into to construction during the next 12-24 months.
A speaker at the forum, BioTherm Chief Executive Officer Jasandra Nyker
shared the company’s African aspirations, details about its project
pipeline and thoughts on how to accelerate power project rollout in
Africa. She also discussed how these planned activities will advance
BioTherm's commitment to Power
Africa's goal by providing access to clean, reliable energy across
sub-Saharan Africa.
Denham Power
As a leader in African power investing and member of President Obama’s
Power Africa initiative, the Denham Power team is comprised of
investment professionals with deep global industry expertise focused on
backing the best power development teams in select global geographies
like Africa where power can help such regions grow.
“Denham has been an exemplary Power Africa partner, helping us work
towards achieving President Obama's vision of doubling access to
electricity in sub-Saharan Africa,” said Power Africa Coordinator Andrew
M. Herscowitz. “Denham and its portfolio companies are leaders in
project development, showing others how to get projects across the
finish line by working with local partners and investing significant
resources to power homes and industry.”
For more information about Denham’s power portfolio and the firm, visit www.denhamcapital.com.
About Denham Capital
Denham Capital is a leading energy and resources-focused global
private equity firm with more than $8.4 billion of invested and
committed capital across seven fund vehicles and offices in London,
Boston, Houston, and Perth. The firm makes direct investments in the
energy and resources sectors, including businesses involving power
generation, oil and gas, and mining, across the globe and all stages of
the corporate lifecycle. Denham’s investment professionals apply deep
operational and industry experience and work in partnership with
management teams to achieve long-term investment objectives. For more
information about Denham Capital, visit www.denhamcapital.com.
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