DECEMBER 2018
www.endeavourmagazine.com
BioTherm Energy Making The Change INSPIRED BY YOUR SUCCESS
HTTPS://BIOTHERMENERGY.COM // 27 011 367 4600
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presents
BIOTHERM ENERGY
MAKING THE CHANGE With climate issues increasingly in the news and on our minds, the shift towards renewable energy is ever more pressing. However, it isn’t only good for the planet – it can also be good for business. We spoke with Jasandra Nyker, CEO of BioTherm Energy, a pan-African renewable energy development and investment platform who turned their attention away from gas and towards a greener, richer future. WRITTEN BY ALICE INSTONE-BREWER
BIOTHERM ENERGY
Founded in 2003, South African company BioTherm Energy
initially focused on the development of gas and waste heat cogeneration projects. However, in 2011, the company was restructured and refocused: as concerns about sustainability began to gain real attention around the world, the company transformed themselves into a renewable energy platform, with a new focus on producing and supporting solar and wind power in particular.
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and maintenance, and asset management and administration. They are involved with projects both throughout South Africa and further afield, once their various developments and expansions CEO Jasandra Nyker has been with the company since its transformation: “I came in as part of its turnaround efforts. I have been in the clean energy sector since 2005 and I have worked in Kuwait, the United Kingdom, the USA and Brazil, investing in both small and large clean energy projects and technologies. My appointment as CEO at BioTherm was my first stint as being head of the helm.” That first ‘stint’ quickly proved successful; taking all of the experience she had gained in her previous roles within renewable energy, Jasandra was able to turn BioTherm around not only in terms of sustainability, but also in terms of profit and successful business practices: “At the time of my arrival, BioTherm had a troubled 4MW waste gas project. Today it has over 500MW’s secured, with 52MW operational, 284MW in construction and the rest in the process of reaching financial close in the short to medium term.” “I heard of BioTherm through Denham Capital whilst working in the United States. Denham, the investor behind BioTherm,
presented an interesting proposition of turning around an existing
successfully commenced construction. We also won two bids this
development platform into a success renewable energy player on
year - our 25MW Ivorian project which is in the final rounds of
the African continent. Over the last seven years, the company
Project Document negotiation, and our 27MW of C&I projects with
has grown from strength to strength amidst some very difficult
a leading mining company here in South Africa. This is testament to
times, primarily due to delays in the rollout of renewables in Africa.
BioTherm’s ability to deliver projects in new markets.”
Today we are a leading African development and investment
“Our main objective is to reach site completion on the 284
platform and have become a formidable player competing against
MW projects currently under construction within the construction
the international utilities with their large and very strong balance
timelines we have set. We would also like to reach financial closure
sheets – a bit of an elephant and ant story!”
and commence construction on our two solar projects in Burkina
BioTherm’s head offices are located in Johannesburg, and they
Faso, one solar PV project in Ivory Coast and a private PPA project
also operate three renewable energy projects in South Africa,
in South Africa for a mining utility.” The first of their construction
situated in the Northern Cape and Western Cape. In addition,
plans in South Africa is set to reach completion and enter operations
a further four projects are currently under construction, again
in October 2019.
throughout South Africa. To date, the company does not have
Growth is the sign of a successful business, but it is also
any assets outside of the country, but that doesn’t mean it isn’t
necessary in order to compete; since the renewable energy sector
expanding: it already has a presence in Ghana, has several projects
started receiving heavier attention and investment, it has also
beginning to explore development in both Southern and East
become a competitive market, and for BioTherm, getting involved
Africa, as well as multiple projects that have reached a preferred
was only the beginning – they now need to keep up and keep ahead.
bidder in West Africa. “In August 2018, we reached financial close
Jasandra elaborated on the state of the industry: “Over the past
on four projects totalling 284 MW, awarded under Bid Window
few years, the industry has grown rapidly and become competitive
IV of the REIPPP Program in South Africa. These projects have
due to the declining costs of renewable energy technology, as well
BIOTHERM ENERGY as potential advanced technologies such as energy storage and
energy has allowed her to foster at BioTherm. We asked her more
digitalisation to further reduce costs, spark growth and improve the
about her journey in her career leading up to joining the company’s
value and reliability of renewable energy assets.”
re-structure:
Competition is not the only issue that BioTherm has to tackle,
“After my MBA and prior to joining BioTherm, I worked in
either: “Policy uncertainty, political unrest and customer demand
London first for Lehman Brothers and then Booz Allen Hamilton,
are challenges that the sector continually faces across Africa and
where I focused on alternative energy and private equity related
globally.” In a state of political uncertainty, be it economically or
projects. In 2006, I established one of the first alternative energy
an uncertainty regarding government policy, the heavy initial
funds for one of the leading national oil companies in the Middle
investments needed to pursue renewable energy may be concerning
East, for which I subsequently led multiple alternative energy
for many. However, despite the challenges, BioTherm is not only
investments.
growing and thriving, but has successfully set multiple firsts in its
“I then joined the PCG Clean Energy and Technology Fund
industry. Out of the South African renewable energy market, it was
in the US, where I led the direct investment activities of a dual
the first company to monetise carbon credits, to complete project
focussed Fund. I played an active role in the business development,
financing of a renewable energy project, to secure three renewable
fundraising and international market rollout of many of our portfolio
energy projects in South Africa’s Department of Energy’s REIPPP
companies, and I was also a board director on four portfolio
Program, to secure a utility scale private PPA, and to win solar
companies (Brazil, US) and a board observer for three companies
projects in Ghana and Côte d’Ivoire by way of a competitive
(Germany, US). During this time, I also sat as a board advisor to the
auction. It was also the first and is still the largest renewable energy
Middle Eastern investment fund in which I had previously invested.”
investment in the African continent by an international investor.
With this impressive bank of experience behind her, Jasandra
These achievements are, in part, a testament to the instincts
knew her industry well, and was able to lead BioTherm in a
and industry insight that Jasandra’s background in renewable
successful strategy that applied all of the lessons of her career.
However, it is also a testament to the entire team, and Jasandra is
environment. I encourage employees to always provide feedback
the first to applaud their consistent work: “Our dedicated and hard-
on the company’s evolving strategy and to continually come up
working employees are the business’ greatest asset, and investment
with ways to do things better.”
in our team is vital for the success of a business. At BioTherm,
“Equally important is a shared common vision in terms of what
we understand the need for employee progression and thus we
we want to be - Africa’s leading energy development company.”
continuously provide opportunities for employees to develop
With the milestones already behind them and the broad slate of
themselves. We like to challenge our employees by giving them
expanding projects already underway, BioTherm are pursuing
the opportunities to expand their capabilities by taking on complex
this shared vision with a focused dedication. Renewable energy
project opportunities, and we also promote an environment where
is an industry that it is exciting and rewarding to see flourishing
employees can be multi-skilled.”
the world over, and its expanding foothold in Africa is a promising
In any team, full success is, of course, a result of both the
event not only for the environment, but the economy of the region.
leadership and the people themselves, and the ways in which they
Non-renewables are finite, but a solid investment in clean energy
are able to work together in harmony and towards the same goal. No
could set African countries up for the long-term. With companies
matter how hard-working the BioTherm team or how experienced
like BioTherm already chasing that goal, we look forward to seeing
their CEO, it is the teamwork that makes the difference between a
what the scope of the industry will be in five to ten years’ time.
good company and a great company. “The key is to lead by example. By showing commitment and passion about the business, it filters through the organisation and inspires and motivates the team. I also feel the key is having staff feel like it’s their own business and that they are part of writing the narrative by believing in its mission. We are fairly flat structure where we promote an open