2,345MW

Previously developed 

The founders of Merchant Energy were majority equity shareholders in NCF and Tandii (2 x 5MW Solar PV projects in Okatope, Namibia) and Greenam (2 x 10MW Solar PV Projects at Mariental and Kokerboom).

They were the primary developers and equity shareholders in driving the projects to Financial Close, through construction and into successful commercial operation. These projects at implementation represented almost 10% of Namibia’s power.

5,460MW

In development 

The founders of Merchant Energy were the lead project developers of 5 x 125MW Solar PV projects in the Dealesville area in the Free State. They were successfully appointed preferred bidders in Round 6 of REIPPPP. 

The current portfolio consists of 4,660MW of solar, 800MW of wind and 18GWh of battery projects that are all in various stages of development.    

Intikon & Noblesfontein

The founders of Merchant Energy were the key principles in advising Intikon, a 16% shareholder in a portfolio consisting of the 96MW Jasper, 75MW Lesedi and 75MW Letsatsi solar PV projects, on the sale of their equity for a consideration of R750 million (2014).

In addition, on the 86MW Noblesfontein Wind Project, they acted as the lead advisor for the minority shareholder, SARGE, to follow its pre-emptive rights to acquire a 60% shareholding held by the selling sponsor, the Spanish IPP Gestamp, for a consideration of R1 billion (2017).  

Both of these transactions were the largest of its kind at the time in South Africa.

Fund Management

We were the Co-Founders and Managers of the Prescient Evolution Clean Energy and Infrastructure Debt Fund with Assets under Management of R1bn, which was invested into seven large-scale wind and solar projects.

In addition we co-founded and manage the Moshesh Partners RECI Fund 1, with Assets under Management of R300m, deployed into a range of large scale and distributed generation renewable energy projects.

Daniel Palm

Co-Founder and CEO

Daniel Palm, CEO and co-founder of Merchant Energy, has over 12 years of experience in the renewable energy sector across Sub-Saharan Africa. As a co-founder of Evolution Africa, the Prescient Evolution Infrastructure Debt Fund, and Moshesh Partners, Daniel has successfully executed and overseen renewable energy deals amounting to more than 5GW and R7 billion in value.

A graduate of Oxford University’s Said Business School, Daniel holds a Master of Science in Finance, as well as a BBSc in Finance and Economics from the University of Cape Town. He has an extensive professional background, having worked with the Barclays M&A team in Madrid & London, ABSA Wealth in Cape Town, and as the Project Finance and Structuring Manager for Soitec, where he played a crucial role in placing the first renewable bond issue on the African continent, worth R1 billion. With his in-depth knowledge of the renewable energy sector, Daniel has demonstrated his capacity for patience, resilience, and innovative problem-solving.

He is committed to fostering partnerships with pioneers and innovators, driven by his belief in the transformative power of the energy sector to create a better world – both socially and sustainably. As CEO, Daniel’s comprehensive understanding of renewable energy development and execution is grounded in years of hands-on experience, positioning him as an invaluable asset to the team.

His strong emphasis on honesty, intelligence, and rigorous analysis of opportunities, combined with his robust professional network, further attest to his leadership and expertise in the renewable sector.

Chris Botha

Co-Founder and Operations Director

Chris is a CFA Charterholder with 13 years of corporate finance and asset management experience in sub-Saharan Africa, focusing on renewables in Southern Africa for the last 8 years. He has collaborated closely with Daniel at Evolution Africa, successfully executing several significant transactions in the renewable energy sector.

Among his notable accomplishments, Chris co-managed the R1 billion Prescient Evolution Clean Infrastructure Debt Fund, developed, constructed, and owned 30MW of Solar PV projects in Namibia, and contributed to the development of 625MW of Solar PV in South Africa. His extensive experience and dedication to the renewables industry have led him to co-found the R300 million Moshesh Partners RECI Fund 1 and Merchant Energy.

As a co-founder of Merchant Energy, Chris brings his considerable expertise and passion for renewable energy to the team, ensuring that the organization remains at the forefront of sustainable energy development and investment in the region.

Shaun Clark

Platform Investment Partners

Shaun is an investment professional with a primary focus on private equity and telecoms. Shaun has been involved in capital deployment across Africa and Asia throughout his career. Despite an excellent track record within larger institutions Shaun left a promising investment banking career to pursue an entrepreneurial path in 2013.

Shaun joined Absa Capital in 2008 after leaving a technical modeling and forecasting house to assist Absa Capital in building out a newly established infrastructure private equity team, where Shaun developed his deep interest in telecoms. During this time Shaun was one of the youngest transactors within the bank to lead a >USD 100m direct investment on behalf of the bank. These assets included Dark Fibre Africa, where he met Richard.

Post the GFC, Absa consolidated the entire Absa Group private equity and property equity portfolio into a single portfolio forming Equity Investments and Special Situations. Shaun led several restructurings and disposals under this team.

In 2013 Shaun invested alongside Richard in Conduct Telecoms and in 2014 in Vumatel as a personal investment. This assets were sold in 2015 to Dark Fibre for 8x TMB and 2019 to CIVH for 22x TMB.

Shaun left Absa in 2013 to join a startup private equity firm as a partner, based in Hong Kong concentrating on Asia outbound investment into Africa. During the time he assisted in fundraising and capital deployment of 5 assets in 2 years.. In 2016 Shaun returned to South African to open the South African office for this firm.

In late 2016, having worked together informally for 8 years Richard and Shaun partnered to form Platform Investment Partners.

Tutu Mnganga

Khululu Capital

Tutu founded and established Vulindlela Holdings in 1995 and his leadership has seen the business mature into a diverse portfolio of quality investments that includes Property, Private Equity, Infrastructure and Public Private Partnerships.

Vulindlela Holdings is a wholly owned subsidiary of Khululu Capital, where Tutu serves as a director. He obtained a Bachelor of Laws (BA LLB) from the Natal University, Pietermaritzburg in 1988.

Tutu’s responsibilities include developing the group strategy, deal origination and structuring, and the oversight of the performance and sustainability of the company’s investments and assets.

Tutu resides in KwaZulu-Natal and is married with three children and four grandchildren.

Marshall Mabin

Development Director

Marshall is a seasoned renewable energy development expert (BSc (Hons), M. Phil) with over 15 years of experience in the UK and South Africa. Since 2013, he has held senior positions at prominent IPPs in South Africa, contributing to the development of over 4,000 MW of renewable energy projects. Marshall has successfully led numerous wind and solar PV projects through their entire development life cycle, from greenfield to financial close. Most recently, he served as Lead Development Manager for a renowned German IPP subsidiary. 

A proactive advocate for renewable energy policy in South Africa, Marshall has contributed to the establishment of Renewable Energy Development Zones and Electricity Transmission Corridors by the Department of Environmental Affairs. He has also held leadership roles within the South African Wind Energy Association.

As Development Director at Merchant Energy, Marshall is responsible for expanding the portfolio of energy projects and tailoring their design to meet customer and environmental needs.

André Pienaar

Commercial Manager

André is a Chartered Accountant with a 15-year career dedicated to the dynamic landscape of the energy and mining sectors. His expertise spans a diverse range of financial management, corporate finance, and analyst roles across various listed and multinational companies. 

André is skilled in financial modelling and scenario analysis, particularly in the context of project evaluation, debt and equity financings, as well as company and project acquisitions and disposals. His analytical acumen has been a driving force behind strategic decision-making processes, contributing to the success of numerous high-stake projects. 

He managed various due diligence workstreams with equity and debt investors, including collaboration with CICERO, Norway’s leading provider of independent reviews of green bond and sustainability financing frameworks. He played a pivotal role in numerous capital market transactions where he was instrumental in the issuance of bonds worth more than US$1 billion and navigating successful debt refinancing and equity raises totalling over US$500 million. 

André demonstrates a forward-thinking mindset in the renewable energy sector, evident in his commitment to sustainability and innovation within the sector. His understanding of the dynamic mining and energy industries, coupled with a keen eye for financial intricacies, positions him as a valuable asset to the Merchant Energy team.

Joe Botha

Analyst

Joe Botha is a Chartered Accountant (SA) with over 8 years of experience, bringing extensive expertise to Merchant Energy. Proficient in technical accounting, audit, and project management, Joe excels in navigating complex financial landscapes while also contributing to the commercial and operational aspects of the team. 

Having honed his financial and organisational skillset at Deloitte and CrossCountry Consulting in the US, Joe contributed to business transformation, accounting advisory, systems implementations and risk management. Driven by a passion for solving the country’s energy crisis and promoting green initiatives, Joe has transitioned to the renewables sector and is committed to making a positive impact on the environment. 

Now serving as an Analyst at Merchant Energy, Joe’s dedication to renewable energy aligns seamlessly with the company’s mission of sustainable energy development and investment. His experience and commitment make him a valuable asset to the team.

Ross Train

Development Analyst

Ross Train brings nearly half a decade of experience in the renewable energy sector, having held positions in land rights management and project development. He began his career focusing on greenfield projects as well as drafting, negotiating, and securing land agreements. Transitioning into project development, he has since been responsible for facility licensing and permitting to ensure compliance with tender requirements and financial close.

Currently, as a Development Analyst at Merchant Energy, Ross develops wind, solar, and battery energy storage system projects throughout their life cycle for both public and private sector tenders. His extensive work across South Africa’s renewable energy landscape underscores his commitment to sustainability.

Ross holds multiple degrees from the University of Cape Town, including a Master of Environmental and Marine Law, a Master of City and Regional Planning, a Bachelor of City Planning Honours, and a Bachelor of Social Science in Psychology and Environmental and Geographical Science.

Lischa Gerstle 

Legal Counsel

Lischa holds a LLB and BBusSc (Law) from UCT.  With over 20 years of experience in corporate and finance law, she has served as in-house legal counsel to one of South Africa’s leading investment banks, as well the South African subsidiary of one of Australia’s large investment banks.  She has also held equity partnership in one of Africa’s top tier law firms. 

Lischa’s deep insight into corporate and funding transactions stem from her having represented different sides of the negotiation table and thus give her a balanced insight into the negotiations in any transaction.  Having represented the various stakeholder perspectives across transactions from lender to borrower, deal structurer to commercial product owner, provides Lischa with a unique insight into their respective commercial interests.  Her tenacity, attention to detail and problem-solving acuity, and her equal ability to take a strategic high-level approach, have played a decisive role in many of the transactions she has worked on and has successfully closed.  

Lischa has worked on many complex and multi-jurisdictional international transactions over the years, as well as numerous transactions that have spanned various jurisdictions of the African continent.  Her ability to speak English, German and Afrikaans have stood her in good stead in this regard, as well as her ability to build enduring connections with transaction parties and other practitioners across Africa and top tier international law firms. 

She has worked on an extensive spectrum of matters, including cross-border debt and equity funding transactions, LMA based, bilateral and syndicated funding transactions, transactions with various complex security structures, including but not limited to parallel debt structures and Security SPV structures, as well as project finance transactions at different stages in the project lifecycle.

Lischa harnesses the power of partnership, bringing the respective stakeholders together in a transaction to manage the transaction to its completion. Her commitment and passion to “closing the deal” and her ability to negotiate hurdles as they arise during the transaction lifecycle make Lischa a driving force in closing transactions.