BioTherm Energy

DECEMBER 2018

www.endeavourmagazine.com

BioTherm Energy Making The Change INSPIRED BY YOUR SUCCESS

HTTPS://BIOTHERMENERGY.COM // 27 011 367 4600

www.littlegatepublishing.com

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.

We see risk protection from every angle

T

heir renewable energy customers, who range from power utilities to commercial and industrial businesses, can look to receive support in four main areas, namely project

Willis Towers Watson’s experienced professionals will provide you with a wide range of strategic and operational risk management services and insurance solutions for the Renewable Energy Sector.

development, project and construction management, operations

See risk management as a path to growth.

throughout the region are complete.

Chris Nivison Renewable Energy Specialist t: +27 21 681 3700 chris.nivison@willistowerswatson.com Your trusted risk advisor willistowerswatson.com

Willis South Africa (Pty) Ltd is an authorised financial services provider (FSP267)

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