BioTherm Energy a portfolio of assets in operation, construction and development across Africa, totalling 288MW
Image: One of BioTherm Energy’s wind farm. Photo: Courtesy of BioTherm Energy.
British equity company Actis has acquired South Africa-based renewables energy business BioTherm Energy, from Denham Capital, for an undisclosed amount.
BioTherm is a Johannesburg-based firm with a portfolio of about 288MW of assets in operation, construction, and development across Africa.
The portfolio includes the 123MW Golden Valley wind project in the Eastern Cape, the 33MW Excelsior wind project in the Western Cape, the 46MW Aggeneys solar project in the Northern Cape, the 86MW Konkoonsies II solar project in the Northern Cape and a 4MW biogas facility.
Actis energy team director Lisa Pinsley said: “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.”
BioTherm CEO will join Denham Capital
Following the deal, BioTherm CEO Jasandra Nyker will join Denham Capital, while the rest of the management team will remain in place. The BioTherm team claims to have 114 years of combined development, construction and operational experience.
The deal follows the private equity firm’s recent acquisition of Kipeto Energy, one of Kenya’s largest wind power project, which was brought to financial close last year.
Denham Capital partner Scott Mackin 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 percent currency depreciation during our hold period, we’ve delivered solid returns, as represented to our investors.”
Actis is a private capital investment firm in Africa, which as $3.4bn (£2.8bn) of assets under management on the continent, spread across real estate, private equity investments, energy and infrastructure.