Denham Capital Management, a private equity firm specialising in energy investments, has partnered with GreenWish Partners to develop and finance a 600MW renewable energy portfolio across sub-Saharan Africa.
Denham, based in New Jersey, has over $8.4 billion of invested and committed capital across seven fund vehicles and is looking to diversify its holdings from oil and gas.
The African renewables developer was founded in 2010 by chief executive Charlotte Aubin-Kalaidjian and chief investment officer Gilles Parmentier and aims to build a $1 billion portfolio in sub-Saharan countries. The two have successfully structured over 20GW of renewable energy projects and funded over $10 billion in projects.
GreenWish said it reached financial close in 2015 for the 20MW Senergy II plant located in Senegal, which will be part of the portfolio. According to Aubin-Kalaidjian, the electricity produced by the solar plant will have a cost per kilowatt hour 50 percent below the current energy mix cost. The project is expected to be operational in October.
Last September, Denham announced another partnership with an emerging markets renewables developer, Madrid-based Jenner Renewables, to build wind, solar and small hydro projects in Latin America, the Middle East and North Africa. In February, Denham and Singapore-based Nexif Energy invested in a 30MW hydro plant in Vietnam, the first in a $200 million partnership focusing on south-east Asian renewable projects.
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