In a recent ION Influencers Fireside Chat, Giovanni Amodeo sat down with Justin DeAngelis, Global Head of Sustainable Infrastructure at Denham Capital, to explore the emerging opportunities in the repowering sector and broader energy transition trends. As global infrastructure ages and the push for decarbonization intensifies, repowering projects offer significant, untapped investment potential. For institutional investors, asset managers, and infrastructure developers, staying ahead of these evolving dynamics is essential.

Key Topics Discussed:

1. Repowering as a Strategic Opportunity
The central theme revolved around repowering—upgrading or replacing aging energy infrastructure to improve efficiency and sustainability. DeAngelis emphasized the growing need and investor interest in this niche, driven by decarbonization goals and infrastructure reaching end-of-life.

2. Denham Capital’s Evolution and Focus
Once rooted in oil and gas, Denham Capital has transformed into a global asset manager centered on sustainable infrastructure and mining. Their shift mirrors the broader industry’s pivot toward clean energy and ESG-aligned investment.

3. Data Center Energy Dynamics: US vs. Europe
DeAngelis noted that energy pricing, land availability, and infrastructure make the U.S. more attractive than Europe for energy-intensive facilities like data centers. The U.S. benefits from lower natural gas prices and larger land footprints, encouraging suburban expansion of these digital assets.

4. Talent in the Energy Transition
As the sector evolves, there’s a premium on deep technical expertise. DeAngelis stressed the importance of experience with complex, large-scale energy projects—critical for de-risking and delivering investor returns.

5. The Asset Management Landscape: Scaling and Mid-Market Tensions
The chat highlighted an ongoing consolidation among mega asset managers, but underscored the critical role of mid-market players like Denham in originating and developing projects. LPs and consultants are increasingly seeking specialized mid-market managers for differentiated value.

6. Shifting Ecosystem and Capital Structures
From permanent capital models to growing interest in infrastructure credit, DeAngelis sees a broader spectrum of capital providers entering the space—including insurance and pension funds seeking long-term, stable assets. He also flagged the potential for private credit expansion in infrastructure, as traditional banks face lending constraints.

Key timestamps:

00:07.28 Introduction to ION Influencers Fireside Chats
01:13.14 Understanding Denham Capital
02:11.57 Leveraging Engineering Background in Investments
03:36.56 Equity vs. Credit Platforms
05:44.08 Assessing Macro Economic Factors
07:33.82 Opportunities in Data Center Investments
10:50.37 Power Solutions for Data Centers
13:20.79 Due Diligence in Infrastructure Investments
14:46.04 Partnerships in Infrastructure Development
16:57.73 Regulatory Frameworks in the US and Europe
18:53.78 Talent Requirements in the Evolving Industry
20:47.57 Future of Asset Management and Market Dynamics
22:15.88 Evolving Ecosystem in Infrastructure
23:07.36 Distinguishing True Infrastructure Investments
23:41.36 Growth of Credit Investors in Infrastructure
24:38.85 Closing Remarks and Insights