CORPORATE PRESENTATION
September 2016
Lead Transaction Advisor: Partner: Winner:
Projectsexecutedsuccessfullyacrossfourcon2nents
WIND SOLAR GEOTHERMAL SMALLHYDRO
CHPandGas
BIOMASS/WTE
Europe USA Africa La2nAmerica
SectorsCLEAN ENERGY FOCUS WITH EXTENSIVE PROJECT EXPERIENCE
Exper2seacrossarangeofCleanEnergyTechnologies
1
GLOBAL TEAM
2
Representedin13countriesandexperienceinmorethan80countriesgloballysince1994
SOLAR: USA, BULGARIA, ROMANIA, CZECH REP, ITALY, UGANDA, KENYA, GHANA, NIGERIA, SIERRA LEONE, RWANDA, CHILE, MEXICO WIND: POLAND, ESTONIA, TURKEY, KENYA, PANAMA, DOMINICAN REPUBLIC, DOMINICA CHP: POLAND, UKRAINE, MOLDOVA, SPAIN, COLOMBIA, USA, NIGERIA BIO/WTE: UKRAINE, POLAND, CZECH REP, SLOVAKIA, NIGERIA, COLOMBIA, KENYA, NIGERIA HYDRO: CZECH REP, SLOVAKIA, RWANDA, KENYA, TANZANIA GEOTHERMAL: RWANDA, KENYA, TANZANIA, ETHIOPIA, UGANDA, TURKEY, CHILE, PERU, DOMINICA,
ST. KITTS & NEVIS
RENEWABLES: Raised USD 2 B+ in international debt from MDIs, Commercial Lenders and Export Credit agencies.
ENERGY EFFICIENCY: Launched Financing Facilities leveraging more than USD 1 B in EE investments in 15 countries
MissionTO BE THE PREMIER BOUTIQUE CLEAN ENERGY FINANCIAL ADVISORY FIRM
SERVING EMERGING MARKETS
PERFORMANCE TRACK RECORD IN FINANCE
CorporateFinance:M&Aexperience
ProjectFinanceexperience
3
FinancialAdvisory
CorporateandProjectFinance StrategicAdvisory
ProjectDevelopmentServices
OUR SERVICE OFFERINGS
4
Project Equity-Working relationships with investment funds and strategic investors targeting RE and EE projects around the globe.
Project Debt-Strong relationships with multilateral development banks, commercial lenders, export credit agencies
Extensive network of contacts with investment funds, strategic investors, project developers, technology companies and energy services providers
ProjectFinance
Corporate-M&A
CORPORATE AND PROJECT FINANCE
5
Entry to CEE solar market
Acquisition of solar parks in Greece
Sale of Italy solar parks
Acquisition of solar parks in Italy
Acquisition of solar parks in Romania
Acquisition of solar parks in Romania
Acquisition of solar parks in USA
Acquisition of solar parks in Italy
Acquisition of solar parks in Bulgaria
Acquisition of solar parks in Italy
Acquisition of solar parks in Italy
Acquisition of solar parks in Bulgaria
Acquisition of solar parks in Bulgaria
Acquisition of solar parks in Bulgaria
Acquisition of solar parks in Italy
Acquisition of solar parks in Bulgaria
Acquisition of solar parks in Italy
Acquisition of solar parks in USA
SOLAR ENERGY PARTNERS LimitedSolar Infrastructure Investment Specialists
CORPORATE FINANCE-M&A
European&AmericanProjects
6
Identification of wind projects in Czech Republic & Slovakia
CEE wind energy investments
Acquisition of wind project in Hungary
Renewable energy sector investments
Entry to wind market in Poland
Acquisition of wind projects in Poland
CEE landfill gas projects carbon trades
Acquisition of CHP in Poland
Acquisition of wind projects in Bulgaria
Acquisition of CHP in Poland
Acquisition of wind projects in Turkey
Acquisition of wind projects in Poland
Entry to wind market in Baltic region
Acquisition of Bio-Pellet Plant in Poland
Sale of wind project in Romania
Grant Funding for Biomass Facility in Ukraine
Electricom
Sale of wind farms in Romania
Acquisition of Small Hydro in Bosnia
CORPORATE FINANCE-M&A
EuropeanProjects
7
Strategic Partner for Geothermal in Turkey
SVIT-MLtd
PROJECT FINANCE-DEBT & EQUITY
6 MW SVEP wind farm in Czech Republic
FITMIN Company Biomass Boilers in Czech Republic
2 MW Libocany Weir Small Hydro in Czech Republic
District Heating in Snina, Slovakia
BOT Power Company in Poland
District Heating in Devinska Nova Ves, Slovakia
Forfaiting of ESCO receivables in Czech Republic
BOSS Company wood gasification boilers in Czech Republic
Trade Credit Financing for 90 MW SOMA wind farm
USTDA Project Development Grant for RDF pellet facility Sumy, Ukraine
EuropeanProjects
8
Financial structuring of energy sector transactions
Financing facilities design
Design and launch of EE and RE financial products:
• Credit enhancement and loan guarantee programs
• Vendor financing programs and multi-project
framework facilities
• Mezzanine, subordination and quasi equity
instruments
FINANCIAL ADVISORY
Cross-Border, International finance support
9
Government of Ukraine $500M U.S. EXIM financing + export management of medical equipment
Current
Double W Group $12 Million U.S. EXIM financing of equipment for the Radisson Hotel Kiev, Ukraine
Current
PA Yuzhmash $80 Million U.S.EXIM financing for a wind tower production facility
2008
UkrGasProduction $150 million US EXIM Financing for pipeline equipment
2006
UkrKosmos $125 million US EXIM export financing of telecom equipment
2009
Sea Launch $107 million US EXIM Financing for satellite equipment
2004
FINANCIAL ADVISORY: CROSS-BORDER, INTERNATIONAL FINANCE SUPPORT
US EXIMBANK FINANCING Partnership
with Broad Street Capital Group
10
Train Hungary Credit Dept for RES
Launched EE Guarantee Fund
Design RES credit line for SMEs in CZ
Launched Estonia Block House EE Financing Facility
Launched Hungary Block House EE Financing Facility
Launched Montenegro EE Credit Line at Opportunity Bank
Credit Facility for Municipal Building EE
Launched Block House EE credit lines
FINANCIAL ADVISORY: FINANCING FACILITY DESIGN, FINANCIAL PRODUCT LAUNCHES, TA
EuropeanProjects
11
Framework Contract for Early Stage Geothermal TA in Turkey
Low Income Multifamily EE Financing Mechanisms Poland
Design for Building EE Financing Mechanisms in Kosovo
Design for Municipal EE Financing Mechanisms in Ukraine
Best Practices for Multifamily EE Finance in Eastern Europe Countries
Design for EE Loan Facility with Partner MFI in Bosnia + Herzegovina
Advisor for launch of Multifamily EE Loan Fund, Northeast USA
Design for Multifamily EE Financing Mechanisms in Armenia
Lessons learned from EE Finance programs in Europe
FINANCIAL ADVISORY: FINANCING FACILITY DESIGN
EuropeanProjects
USAProjects
12
Design of the GeoFund Investment Window for Eastern Europe and Caucasus
Block House EE Finance Facilities in Romania, Hungary, Ukraine
Market Study Business Plan and Design of the SEE Green for Growth Fund
Design + TA for Poland EE Loan Guarantee Fund
Design of a pilot project Hospital EE Financing Facility in Poland
Quasi Equity Facility for SME Renewable Energy in Eastern Europe
Design + TA for Central European EE Loan Guarantee Fund
ESCO financing analysis for Warsaw Technical University
FINANCIAL ADVISORY: FINANCING FACILITY DESIGN AND FINANCIAL PRODUCTS LAUNCH
EuropeanProjects
Blockhouse EE Financing Mechanisms for Russia
Municipal ESCO projects pipeline for Croatia + Bosnia Herzegovina
13
Entry to New Country Markets
Review of Regulatory Frameworks
Risk Assessments
Selec2onofOp2malRESSub-Sectors
Identification of Acquisition Targets
STRATEGIC ADVISORY
14
• When Neo Energia, the RES subsidiary of Electricite de Portugal wanted to enter the Polish market in 2006 they turned to GreenMax.
• We prepared a comprehensive review of the regulatory framework and permitting process, reviewed main local and international players already on the market, projected an achievable market share for Neo Energia and developed a market entry strategy.
• As a result, in Q1 2007, EdP acquired Relax Energy, with a portfolio of more than 1,700MW under development.
Supported initial entry of NEO Energia, to Polish wind market resulting in acquisition of Relax Energy
EXAMPLE- STRATEGIC ADVISORY AND M&A
EuropeanProjects
15
• The publicly traded Spanish renewable energy company FERSA asked GreenMax to support them to expand to Eastern Europe in 2008.
• With FERSA seeking a strong position in new country markets, GreenMax recommended Estonia where we demonstrated an approach for FERSA to achieve a one third market share.
• As a result in Q2 2008, FERSA acquired EastWind, the most advanced wind developer in Estonia. GreenMax continued to provide support, arranging project financing from IFC and Hansa Bank for EastWind's first 57MW wind farm project.
Led FERSA Renovables team to acquire EastWind, Estonia
EXAMPLE- STRATEGIC ADVISORY AND M&A
EuropeanProjects
16
• The largest Private Equity Fund dedicated solely to Eastern Europe, with over Euro 3 billion in assets under management, MEP called on GreenMax in 2009 to develop an investment strategy focused on renewable energy projects.
• We analyzed regulatory frameworks and market potential for wind and solar PV in Poland, Romania, Bulgaria, Turkey, Ukraine and the West Balkans to arrive at a focus for MEP.
• In April 2010 MEP acquired a controlling interest in Energy 21, the largest Czech solar PV developer with over 20MW in operating capacity and a regional portfolio of more than 100MW under development.
Advised Mid Europa Partners on investment to an Eastern European RE venture
EXAMPLE- STRATEGIC ADVISORY AND M&A
EuropeanProjects
17
EPC and O&M contracts, Equipment
Procurement
Tariff Applications,
Permitting and Environmental
Review
Energy Off-take
Agreements
Emissions Trading and RE
Certificates
Project Business
Plans
Feasibility Analyses + Economic Modeling
Detailed Due Diligence
Market analysis and Regulatory
review
PROJECT DEVELOPMENT SERVICES
18
EXTENSIVE EXPERIENCE IN LATIN AMERICA AND AFRICA
19
Financial Advisory
Corporate and Project Finance
Strategic Advisory
Project Development Services
GREENMAX IN LATIN AMERICA + AFRICA
Duetocomplexityofthesemarkets,GreenMaxoffersturnkeyConcepttoCommissioningsupportforprojectsinAfricaandLa2nAmerica.
Turnkey,projectspecificserviceofferings
20
• GreenMax, in partnership with Geologica, Sichangi Partners Advocates and True North Kenya, is providing an interdisciplinary team of financial, legal and technical specialists to prepare the Menengai project for investment and implementation.
• GDC is the state owned company charged with managing development of Kenya’s geothermal resources. GDC undertakes exploration and plans to manage the steam field exploitation, selling steam to private IPPs.
• As part of the first phase at Menengai, GDC is targeting 300MW to be operational
in 2017.
• GreenMax will confirm the resource and environmental management plans, design viable steam sales and electricity sales tariffs, advise on a workable organizational and financing structure and promote the opportunity to private IPP investors.
Lead Transaction Advisor to Kenya’s Geothermal Development Company (“GDC”) for the 300MW Menengai Geothermal Power Project (2013-Ongoing Assignment)
GEOTHERMAL FINANCIAL ADVISORY & PROJECT DEVELOPMENT SERVICESGDC MENENGAI GEOTHERMAL POWER PROJECT
AfricanProjects
21
Secured a Strategic investor for HEA’s 100MW Solar PV Project in Ghana (2014-Ongoing Assignment)
EXAMPLE- STRATEGIC ADVISORY, M&A + PROJECT MANAGEMENT
AfricanProjects
22
• A6erobtainingaprovisionallicensefor100MW,theGhanaregisteredrenewableenergyprojectdeveloper,HEAaskedGreenMaxtosupportthemindevelopmentoftheirsolarPVprojectatSankanainnorthernGhanain2014.
• GreenMaxismanaginganinternaNonalteamofconsultantstocompletetheFeasibility,GridInterconnecNonStudiesandtheESIA.WearealsoresponsiblefororganizingtheTransmissionLineRightofWay,securingregistraNonofthelandleaseandimplementaNonoftheCSRplan.
• In2015Q2GreenMaxsecuredastrategicinvestmentpartnerforHEA,pursuanttoaninternaNonaltenderingprocessandagrantfromtheusgovernmenttooffsetsomeoftheprojectdevelopmentexpense.
• AtsameNme,GreenMaxhaslaunchedthePPAandInterconnecNonAgreementnegoNaNonsandisorganizingDFIengagementforthedebtfinancingandcreditsupportpackage.
GEOTHERMAL FINANCIAL ADVISORY & PROJECT DEVELOPMENT SERVICESAKIIRA ONE LTD. GEOTHERMAL POWER PROJECT
Akiira One Ltd. (“AOL”), a company solely dedicated to the development of the geothermal project at Akiira, was first established by a Kenyan clean energy development company as a joint venture with the US geothermal developer Ram Energy Inc. AOL is one of the first clean energy project developers in Kenya to obtain a concession for the preparation of a geothermal energy project without government financial support in early stage exploration. GreenMax, procured a $950,000 services package provided at no cost from the US Overseas Private Investment Corporation (“US OPIC”) Africa Clean Energy Facility (“ACEF”), one of the Power Africa programs sponsored by the US Government, for AOL to support the final stages of project preparation for a 40MW geothermal energy project in Kenya. The planned project will be: • Constructed on land concessioned to AOL adjacent to the Olkaria
geothermal fields, less than 100km outside of Nairobi. A first phase of 40MW will be followed by additional generation capacity totaling 140MW; and
• Facilitated by the OPIC funding to pay for a highly qualified set of international and Kenyan consultants to perform the final technical and legal work necessary to commence drilling for the geothermal resource early next year.
23
GEOTHERMAL FINANCIAL ADVISORY & PROJECT DEVELOPMENT SERVICESPRESS COVERAGE
RobertBunyiCEOofAOL,stated:“Thisgrantisamajorstepintheimplementa2onofthefirstfullycommerciallydevelopedgeothermalprojectinKenya.
24
MARKET ASSESSMENTS
AfricanProjects
25
TANZANIA: Market Intelligence Report for Lighting Africa launch in TZ
UGANDA: Review of Rural Electrification Cooperatives Strategy
EAST AFRICA Geothermal Market + Finance Assessment
REGIONAL: Readiness for Investment in Sustainable Energy (RISE) Surveys in 13 countries
KENYA Market Assessment for GDC’s JDA business model
KENYA + UGANDA 2005 Energy Sector Definitional Mission to review projects
RWANDA + BURUNDI 2007 Energy Sector Definitional Mission to review projects
TANANIA + UGANDA 2008 Energy Sector Definitional Mission to review projects
KENYA 2010 Energy Sector Definitional Mission to review projects
KENYA + TANZANIA 2012 Energy Sector Definitional Mission to review projects
H GHANA: Project Management and Financial Advisory for a 100MW solar PV plant
SBS-Hanel Power Limited (SBSHPL) NIGERIA: Project Development Support for LUTH 6MW gas cogen plant
PROJECT FINANCE & PROJECT DEVELOPMENT SERVICES
AfricanProjects
RWANDA: Development support for a 40MW Solar PV – HFO thermal power plant
KENYA: Development Support for 40 MW Solar PV plant
OSD Projects Limited
NIGERIA: Development support for a 20 MW Natural Gas Power project in Ikeja Industrial Zone
SIERRA LEONE: Project Development support for 20 MW Solar PV- Diesel thermal power plant
Brio Integrated Power Limited
NIGERIA: Raising Development and Implementation Financing for 70 MW Natural Gas Power project in Lagos State
KENYA: Development Planning + Concessional funding for geothermal power project
KENYA: Design of the Joint Development Program
26
KENYA: Review of small hydro project development portfolio
PROJECT FINANCE & PROJECT DEVELOPMENT SERVICES
AfricanProjects
27
H
RWANDA: Project Development Support for 2.4 MW Small Hydro plant
NIGERIA: Project Development support for 60 MW WTE Plant in Lagos
SBSPUMANTI
NIGERIA: Development Support for 2 MW rooftop solar plant Lagos
KENYA: Development support for 25 MW Ngong Hills Wind Farm
MadhvaniInternaNonal
UGANDA: Development Advisory for 30MW Peat Fired power plant in Kabale
SolarEnergyUgandaLtd
UGANDA: Working capital for PV installation and panel assembly company
KENYA: Capital raise to support development of40MW solar PV project in Homa Hills
KENYA: Capital raise to support hybrid 10MW solar/15MW wind project in Ngong Hills
Zimbabwe: Capital raise to support development of 30MW solar PV project
Tanzania: Advisory on geothermal business models for TZ Geothermal Development Co
TANZANIA: Grant funding for TA at EWURA on PPAs + tariffs for IPPs
UGANDA: Grant funding for TA at Ministry of Energy on Biofuels Plan
H
KENYA: Grant funding for TA at KTDA on small hydro development
FINANCIAL ADVISORY: GRANT FUNDING SUPPORT
AfricanProjects
28
M MadhvaniInternaNonal
UGANDA: Grant Funding to develop 23MW Bagasse Cogen at Kakira Sugar
KENYA: Grant funding for development of 10 MW Ngong Hills Solar Park
Amahoro Energy
RWANDA: Grant Funding to develop a 5 MW Small Hydro Project
KENYA: Grant funding for development of 40 MW Geothermal project
RWANDA: Development advisory for 10MW Rukarara+27MW Nyaborongo Hydro Plants
M&A AND PROJECT FINANCE
La2n-AmericanProjects
29
CHILE: Capital Raising for Project Development + Implementation of 30MW+ pipeline of solar PV projects
PANAMA + DOM. REP. Assessment of Wind Project Investment Opportunities
CHILE: Codelco Copper Industrial Heat Recovery Project Grant Funding
COLOMBIA: Grant funding for planning of pilot agricultural waste to energy project in Antioquia
ORMUZ
HONDURAS: Capital Raising for Project Development + Implementation of 10MW+ pipeline of solar PV on Roatan + other Islands
MARKET ASSESSMENTS, FINANCING FACILITY DESIGN, TA
CHILE: Design of Renewable Energy Self Supply and Energy Efficiency RESSEE Financing Facility
CHILE: Renewable Energy + Energy Efficiency Training Seminar +Technical Support to project developers + ESCOs
ANDEAN REGION: Geothermal Market Assessment + Financial Advisory, Chile and Peru
EASTERN CARIBBEAN: Geothermal Market Assessment for St. Kitts/Nevis, Dominica, Montserrat
ANDEAN REGION: Waste to Energy Market Assessment for Chile and Colombia
La2n-AmericanProjects
30
ARGENTINA: Design of the National Energy Efficiency Fund
DOM. REP Wind Energy Market Assessment + Project Due Diligence
Clifford J. Aron, Founder & President Ø 30+ years’ experience in sustainable energy; 18+ in emerging markets Ø Advisor to IFC, the WB, EIB, KfW, EBRD, USTDA, US OPIC Ø Advisor to private investors + commercial banks Ø Pioneer of ESCO industry in USA Ø Founding President NY Energy Efficiency Council Ø Director of Energy + Economic Development NYC Ø Environmental lobbyist Ø Congressional aide on EE policy
Jacek Kostrzewa, Co-Founder Ø 25 + years EE + RES experience Ø Specialist in project finance, biofuels technology, wind energy, solar PV, CHP + EE policy and analysis Ø Assignments for EFSE, IFC, World Bank Ø President of largest biofuels trader in Poland Ø Manager, EC PHARE Multi-country Energy Program Unit in 13 East European countries Ø Business Development Director, National Power in Poland Ø Founder of the Polish Foundation for Energy Efficiency
THE TEAM: FOUNDING PRINCIPALS
31
Cemal Parlak Manager, Turkey and the Caucasus
Ø Worked in development and financing of energy projects in Turkey for over eight years.
Ø Worked across range of Clean Energy technologies Ø Expertise in strategic advisory for Energy Efficiency(EE)
upgrades particularly in large industrial facilities Ø Has developed bankable reports for financing of
Sustainable Energy investments in the industrial sector
Dr. Albert Butare Manager, East Africa
Ø 20+ years’ experience in energy, technology and RE Ø Former Minister of State,Infrastructure:Republic of
Rwanda. Ø CEO of Africa Energy Services Group Ltd. Ø Vice Chancellor of the Academic Deputy of the Kigali
Institute Science and Technology (KIST); Ø Expertise in high-level public sector policy, project
development and implementation including engineering
Dr. Vedran Uran Manager, West Balkans
Ø Prepared and updated country energy profiles of various eastern europe countries. Ø Managed the first comprehensive ESCO project in Eastern Europe. Ø Published over 40 scientific,professional articles in the fields of EE, RE,Energy policy & economics Ø 8+ years’ of experience in the RE and EE with functional finance and engineering experience. Andres Roi Riedel Manager, LATAM and Caribbean
Ø Served as president of WBCO S.A; Former Chairman of the ULI Chile Country Council. Ø Chairman of the ULI South America Council Ø Former General director of the development of Parque Bicentenario in Vitacura-Santiag Ø Directed several urban and real estate studies; currently director of ROI&ASOC; Ø Expert in advisory on RE projects and investments, architecture, landscaping, urban design,
urban & regional planning and real estate analysis
THE TEAM: REGIONAL MANAGERS
32
Valerio Cecchi Transaction Advisory - LATAM Ø 35yearsofexperience;oneofthemostaccomplishedleadersinLa2nAmerica’srenewableenergysectorØ 10-yeartenureasPresidentofEnelGreenPowerLa2nAmericaØ GrewEGPtoopera2ngmorethan35renewableenergyplantsin8countrieswithmorethan700MWØ ManagedSuezLyonnaisedesFaux’sac2vi2esinArgen2naØ FluentinEnglish,Spanish,FrenchandPortuguese.
Thomas Cochran Transaction Advisory Practice Leader Ø Financial services executive with over 35 years' experience
Ø Mobilized capital for energy and infrastructure, projects in the US and Emerging Markets in Africa, Asia, Central and Eastern Europe, and Latin America.
Ø Has served in corporate, non-profit, state and municipal government positions.
Ø Currently working on the design and execution of the City Creditworthiness Initiative component of the World Bank's recently announced Low Carbon Livable Cities ('LC2') initiative.
Hezy Ram Geothermal Power Practice Leader Ø 30yearsofexperienceincorporateandprojectdevelopmentinrenewableenergyØ PioneerofgeothermalprojectsintheUSA,CentralAmericaandAfricaØ Involvedinthedevelopmentandconstruc2onof15Powerplants,over500MWofrenewableenergyprojects,andhasraised
approximately$2Billioninprojectfinancing.Ø Execu2veVPofOrmatTechnologies,FounderofRamPowerØ Developerof72MWSanJacintogeothermalprojectinNicaraguaand40MWAkiiraOnegeothermalprojectinKenya Anthony Pitirri Financial Advisory Practice Leader
Ø 14yearscorporateexperienceingeothermalandminingindustriesinLatamandAfrica.Ø Arranged$237millionprojectfinancingfor72MWSanJacintoGeothermalprojectinNicaraguaØ Developed$20milliongeothermaldrillingfacilityforCopahueGeothermalProjectinArgen2na.
Ø FortheVinmartGroup’smininginterestsintheDRC,drovea$45millionrestructuringØ CFOforCandenteCopperCorp,inLima,PeruandGoldCorp,inVancouver,Canada
Ø FluentinEnglishandSpanish
THE TEAM: PRACTICE AREA MANAGERS
33
Advantages Differentiators Client Segment • Clean Energy Specialists • Regional Experience +
Presence • Track Record of Success
• Results Oriented
• Focus on Research • Strong Origination
Network • Established Relationships
with Investors • Innovative Structures
• Strategic Investors • Project Developers • Private Equity Funds
• Infrastructure Funds • Multilateral Financial Institutions
• Commercial Banks
Design of Financing Facilities
M&A
Project Finance
Project Development
Services
Launch Financial Products
Strategic Advisory
GREENMAX ADVANTAGES
34
Thank you!
www.greenmaxcap.com
Europe Headquarters Dobra 54/41 00-312 Warszawa Phone: +48 22 892-0050 [email protected]
USA Headquarters 540 President St. 1st Floor Brooklyn, NY 11215 Phone: +1 646-564-3500 [email protected]
Africa Headquarters CK Gardens Annex, 1st Ngong Avenue 33223–00600 Nairobi, Kenya Phone: +254 724 255 537 [email protected]
Latin America Headquarters Merced 22 Oficina 1101 Santiago, Chile Tel: +56 2 2639 3225 [email protected]
35