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Denham Capital partners with Thesis Energy for European power platform

Denham Capital and Thesis Energy have partnered to form Thesis Energy Holdings Ltd, a platform to pursue opportunities in European power generation. Financial terms weren’t announced. London-based Thesis will buy and actively manage large-scale gas, coal and biomass-fired power generation and cogeneration assets across Western Europe. Christopher Picotte is Thesis Energy’s chairman and co-founder, while Luis Pais Correia is president and co-founder. Picotte was previously an ArcLight Capital Partners MD and is current chairman of px Group Ltd. Pais Correia was at Dalkia where he held director-level management positions. Other Thesis staff will include Irene Otero-Novas, who will be a Thesis Senior VP. Otero-Nevas was most recently an MD and the Head of the EMEA electricity, gas, coal and emissions desk at Morgan Stanley.


LONDON–(BUSINESS WIRE)–Denham Capital, a leading global energy-focused private equity firm, and Thesis Energy, a London-based independent power management company, announced today a partnership to pursue opportunities in European power generation. The new platform, called Thesis Energy, will acquire and actively manage large-scale gas, coal and biomass-fired power generation and cogeneration assets across Western Europe.
Christopher Picotte, Thesis Energy Chairman and Co-Founder, stated, “The current complexity and rapid pace of change in the power markets in Europe create challenges for all market participants but also a significant opportunity for new entrants. We believe that a combination of competitive, regulatory and political factors will drive the market to a very different configuration – both physically and with respect to asset ownership – over the next decade. We are fortunate to have secured Denham’s backing and look forward to a long and successful partnership with them.”
Luis Pais Correia, President and Co-Founder, added, “We do not subscribe to the view that a viable future European market model will be devoid of all large-scale conventional generation. And, looking at the current market simply as an opportune time to deploy capital because utilities are selling assets is not sufficient. Denham contributes substantial capital resources and also a sophisticated understanding of the markets and experience in asset ownership.”
Picotte was a managing director at ArcLight Capital Partners from its formation in 2001 until 2013 and is currently the Chairman of px Group Ltd. Pais Correia previously held a variety of director-level management positions at Dalkia for more than 15 years and served as the Chief Executive Officer of several Dalkia subsidiaries. In the near future, the Partners at Thesis Energy will include Senior Vice Presidents Irene Otero-Novas, most recently a Managing Director and the Head of the EMEA electricity, gas, coal and emissions desk at Morgan Stanley, and Guido Fiebes, formerly the Director of Strategy and Business Development at a utility in the Benelux region.
Justin DeAngelis, a Director at Denham Capital, said, “Consistent with Denham’s strategy of backing the best management teams, the four Thesis Energy partners possess the senior level corporate and asset management, commodities and principal investment experience required to succeed during a transformational period in the European energy market. This team is an extension of Denham’s deep operational and investment experience. We are delighted to be partnering with this group of proven power industry veterans and believe their European thermal acquisitions will complement our investments in the development and construction of new power assets in high growth markets around the world.”
About Thesis Energy LLP
Thesis Energy LLP is a privately held independent power management company based in London. Through a partnership with Denham Capital, we acquire, operate and actively manage large-scale thermal energy assets in Western Europe. We seek opportunities where our ability to evaluate and manage complex situations creates the potential to generate appreciation in asset value over time. For more information about Thesis Energy LLP, visit or email us at
About Denham Capital
Denham Capital is a leading energy and resources-focused global private equity firm with more than $7.9 billion of invested and committed capital across seven fund vehicles and offices in London, Boston, Houston, São Paulo and Perth. The firm makes direct investments in the energy and resources sectors, including businesses involving power generation, oil and gas, and mining, across the globe and all stages of the corporate lifecycle. Denham’s investment professionals apply deep operational and industry experience and work in partnership with management teams to achieve long-term investment objectives. For more information about Denham Capital, visit