Actis has acquired BioTherm Energy (BioTherm) – a South Africa-based, pan-African renewable energy businesses – from Denham Capital, a global private equity firm.
BioTherm consists of a strong Johannesburg-based team and a portfolio of assets in operation, construction and development across Africa, totalling 288MW. These include Golden Valley, a 123MW wind project in the Eastern Cape; Excelsior, a 33MW wind project in the Western Cape; Aggeneys, a 46MW solar project in the Northern Cape; Konkoonsies II an 86MW solar project in the Northern Cape and a 4MW biogas facility.
Lisa Pinsley, a 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.”
Following the transaction, BioTherm’s current CEO, Jasandra Nyker, will step up to join Denham Capital, while the rest of the management team will remain in place. Together, the team has 114 years of combined development, construction and operational experience.
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 percent currency depreciation during our hold period, we’ve delivered solid returns, as represented to our investors.”
This transaction follows Actis’ recent acquisition of Kipeto Energy, Kenya’s second-largest wind power project, which it brought to a financial close last year, and draws on the teams’ experience building three leading African energy platforms: Globeleq Africa, Lekela Power and Azura Power.
Actis is the largest private capital investment firm in Africa, the largest private capital real estate investor in Africa, and one of the world’s largest renewables investors. It has US$3.4bn of assets under management on the continent and spread across real estate, private equity investments, energy and infrastructure.
Since 2002, Actis has deployed in excess of US$3.6bn in 34 energy transactions, totalling ~ 23GW across 27 countries and providing energy access to over 96 million people. To date, Actis has invested US$1.1bn through 5.2 GW in the African energy sector.
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