GreenMax offers financial, commercial, technical and strategic consulting services for the energy efficiency and renewable energy sectors based on its experience across a range of emerging markets, technologies, regulatory regimes, project structures and financial partners. The GreenMax team of experts has an extensive background evaluating project development potential in the economic and political realities of emerging economies. Our experts all have diverse work histories serving as commercial managers, project developers, investors, advisors, board members and entrepreneurs. Acting as advisors, primarily to financiers and developers, and with direct development experience ourselves, we bring the perspective of hands-on practitioners to each assignment.

Our range of services and recent assignments completed include:

SE4ALL Comparative Mini Grid Policy Analysis
During 2020 GreenMax has completed a review of the rural mini-grid sector in Sierra Leone to support SEforALL with preparation of a final report commissioned by DFID. The scope of work includes analysis of existing off-grid/mini-grid business models, programs and regulatory frameworks in both Sierra Leone and Nigeria, including: i) assessment of pros and cons of different tariffs and subsidy mechanisms in general (including payment by results and auction with capital subsidy) for private sector providers to deliver mini-grids; ii) Assessment of subsidies to mini-grid players and their respective projects in Sierra Leone, as part of the end-user tariffs, in terms of assessing access to Tier 2 or above, productive use impacts, and drivers and barriers to achieve the above two elements; iii) Lessons learned from the existing mini-grid programs in Sierra Leone and Nigeria, in terms of assessing access to Tier 2 or above, productive use impacts and drivers and barriers to achieve the above two elements; iv) Assessment of possible legal/regulatory options for tariffs and management arrangements for currently unserved communities, covering both grid extension and off-grid supply, including arrangements when the grid extends to an existing mini-grid site (where legislation lays out compensation options); v) Assessment of possibilities and applicability of options available for mini-grids with solar PV for productive agriculture uses, including but not limited to irrigation, grain milling, cocoa processing and/or drying of crops; and vi) Development of criteria (both supply-side and demand-side factors) for determining mini-grid and off-grid project sites for Sierra Leone, based on the lessons learned from existing cases in Sierra Leone and Nigeria as well as other inputs from various SEforALL workstreams.

UNDP FREAGER Papua New Guinea
Together with Trama TecnoAmbiental, in 2020 GreenMax has supported development of an off-grid regulatory framework in Papua New Guinea. The scope of work involves design and implementation of off-grid codes and associated regulations, including: draft tariff guidelines for off-grid operators; draft regulations governing tariffs for the off-grid sector, feed-in tariffs and power purchase agreements; grid interconnection regulations and procedures; quality-of-service regulations; and development of a complete off-grid/mini-grid code.

World Bank Regulatory Indicators for Sustainable Energy
GreenMax was initially retained by the World Bank in 2015 to conduct extensive country-level data collection on renewable energy, energy efficiency and energy access in 13 African countries under the Regulatory Indicators for Sustainable Energy (RISE) program. The RISE database is today the pre-eminent source of information on renewable energy, energy efficiency and energy access policy and regulation across the globe. The GreenMax team's 2015 assessment included a combination of desk research, interviews with key public officials and private sector stakeholders in all 13 countries. GreenMax was subsequently retained to update the RISE data for these countries plus 3 additional ones in 2017 and again in 2019 we have updated the RISE data for 37 countries in Africa and Latin America.

Regional Off Grid Electrification Program (ROGEP) for West Africa
In 2018-2019, GreenMax, in association with African Solar Designs and Energio Verda Africa (EVA), led a comprehensive off-grid solar market assessment in 19 countries – including Nigeria, Niger, Cameroon and Chad – for the Reginal Off-Grid Electrification Project (ROGEP), funded by the World Bank and administered by the ECOWAS Center for Renewable Energy and Energy Efficiency (ECREEE). The project included a least-cost electrification analysis that was undertaken by EVA to assess the potential development of electricity access and grid coverage in each country through 2030. The study utilized geospatial mapping to estimate the total number of potential settlements, people, households, schools and health facilities that will be electrified by on-grid, mini-grid or off-grid stand-alone solutions based on a series of indicators, including national electricity grid proximity, population density and nodes of economic growth. As part of the analysis, the GreenMax team also engaged with local stakeholders from the household, institutional, productive use and supplier market segments in each country through a combination of focus group discussions and surveys, as well as with commercial lenders and microfinance institutions to determine their current practice for lending to off-grid projects, their appetite for / barriers to expansion of this lending activity and necessary risk mitigation and support to facilitate this scale-up. The outcome of the assignment was a set of recommendations of policy, financial and TA interventions to expand access to off-grid electricity in the project countries as well as at the regional level.

USTDA Zambia Microgrids Technical Assistance
In 2018, GreenMax, in association with African Solar Designs and Energio Verda Africa (EVA), led a multidisciplinary TA engagement funded by the US Trade Development Agency (USTDA) to support the rollout of a portfolio of 150 micro-grids to be implemented by Standard Micro-Grids, a US-Zambian-South African venture. The TA included managing the geospatial studies to select best potential sites, organizing the community surveys and focus groups to confirm local demands, ability and willingness to pay. The GreenMax team also confirmed the regulatory procedures for licensing of the micro-grids and approval of SM’s unique pricing approach, provided tax structuring and insurance planning advice and prepared the aggregated financial model for the whole portfolio.

DFID Off Grid Solar Market Development in Somalia
In 2018, GreenMax partnered with African Solar Designs to undertake TA to support growth of the off-grid household solar market in Somalia. The goal was to support interested businesses to identify and initiate private and public/private capital solutions. This took place through B2B and financing partner introductions, including initial identification, introductions and facilitation of early discussions with crowd funding, mobile money and other partners. It also included supporting financing applications and strategic and operational advice (e.g. quality, after-sales, marketing, etc.) as requested.

Lighting Africa Tanzania Market Assessment
GreenMax was retained by the World Bank in 2013 to undertake market research to help formulate a detailed strategy for the Lighting Africa program implementation in Tanzania. The study focused on off-grid lighting trends among rural and peri-urban populations, and the supply chain stakeholders who meet these demands. The ‘Market Intelligence’ is a critical part of the project planning that provides market information for designing suitable products for local markets, in addition to determining the market demand and supply value chain in Tanzania. The purpose of this market research study was to acquire an understanding of current household and SMEs lighting usage and expenditures; estimates of overall lighting demand; market activities for alternative lighting products; attitudes and characteristics of targeted customer groups; applicable regulatory frameworks, government policies and interventions; delivery mechanisms for promoting off-grid lighting solutions; financing needs and approaches; available alternative lighting products, technical characteristics and pricing; and details and structure of the chain of suppliers and distributors of alternative lighting products.

US Trade and Development Agency (USTDA) Philippines Rural Electric Cooperatives and Technical Assistance Facility
In 2008, GreenMax was retained by the USTDA to analyze the establishment of a loan and TA facility for the Rural Electric Cooperative Financing Corporation (REFC) to finance system loss reduction projects and major Capex. REFC, jointly-owned by 50 Philippine rural electric cooperatives (ECs) and the NRECA Electricity for Progress LLC (NEP) proposed a pilot program to develop the necessary studies, contracting and financing to bring about intended distribution system improvements that can correct significant reduction of energy losses.

European Union South Pacific Solar Review
In 2007, GreenMax undertook a comprehensive review of opportunities for investments in small-scale distributed solar electricity generation on the South Pacific Island nations of Kiribati, Micronesia, Nauru, Niue, Palau, the Marshall Islands and Tonga. The best projects were presented to the EC Directorate in Suva for approval of grant funding. GreenMax experts visited each of the islands to meet with all project proponents and stakeholders. Our final report provided a general outlook of the countries visited, their situation from the viewpoint of energy and economy, experiences in the field of use of renewable energy sources, and some general remarks about the types of projects proposed. We provided a detailed evaluation of the projects proposed for funding, with a general set of recommendations and guidelines, making distinction between projects recommended for more than one country (in which some economies of scale can be achieved through common bidding procedures) and those which are country-specific.

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Development Bank of Nigeria Renewable Energy Finance Portfolio Development
In 2020 GreenMax was retained by KfW to support the Development Bank of Nigeria in extending refinancing – including subordinated loans or senior debt – to selected partner commercial banks who will in turn extend loans to MSMEs and low-income households to finance energy efficiency and renewable energy technology solutions in Nigeria. The scope of work under this assignment included: i) Update on market developments in the renewable energy (RE) and energy efficiency (EE) financing sector; ii) Analysis of DBN and identification of potential gaps in implementing the program to be addressed through technical assistance and capacity building; iii) Identification of potential partner banks for extending RE/EE loans; iii) Analysis of the capacity of potential partner banks and identification of gaps to be addressed with a technical assistance and capacity building; iv) Analysis of the refinancing needs of potential partner banks.

GET.invest Funding Database
In 2020, GreenMax was retained by GIZ to develop a funding database for GET.invest – a European program that aims to mobilize investment in decentralized renewable energy projects. GreenMax was tasked with updating and expanding the GET.invest funding database, which is designed to help users navigate the complex landscape of funding sources for their projects. The scope of work involved preparing the listing of funding instruments to over 100.

Eco-Micro Dominica Green Financial Product Design
In 2019, GreenMax was retained by the IDB under the Eco-Micro Program to provide specialized technical assistance services to the NDFD to support implementation of green financing in the country. The objective of this project is to build climate resilience of MSMEs and low-income households in Dominica through development of two distinct green finance products that would support access to (i) RE/EE technologies (mitigation finance), and (ii) adaptation technologies/measures (adaptation finance).

World Bank Colombia Assessment of Capital Market Instruments to Finance Renewable Energy
In 2018 GreenMax was selected by the World Bank to support Colombia’s National Development Finance Agency (FDN) with establishment of a funding platform through capital markets for the development of renewable energy in the country. The GreenMax team will undertake a detailed feasibility study, including review of the Colombia legal/regulatory framework, to assess the viability of securitizing the underlying cash flows or PPAs of a portfolio of RE projects in order to demonstrate under what conditions and with what features, safeguards and supporting instruments, the RE asset-backed securitization transaction would succeed in both the international and Colombian financial market.

Global Green Growth Institute (GGGI) Business Plan Development for the Vanuatu National Green Energy Fund (NGEF)
In 2017, as a follow-up to the Financial Instrument Assessment (described below), GreenMax was retained by GGGI to design the Business Plan for the NGEF. The GreenMax team developed a detailed business plan to guide successful implementation and operation of the NGEF as an independent institution owned by the Government of Vanuatu. The Business Plan included (i) a comprehensive fund operation manual, (ii) a targeted investors list and stakeholder engagement strategy, (iii) a financial model with cash flow projections, (iv) a risk analysis framework, and (v) an implementation roadmap for the Fund. The NGEF is now fully operational and began dispersing loans to the country's off-grid sector earlier this year.

GGGI Vanuatu NGEF Financial Instrument Assessment
In 2016-2017, GreenMax conducted an assessment of financial instruments to be deployed by the NGEF. The objective of the study was to (i) identify challenges in access to capital for RE, EE and rural electrification market players in the country, (ii) assess existing financial instruments active in the energy sector and (iii) identify gaps in the availability or effectiveness of these instruments to inform appropriate financial product selection for the Fund. The GreenMax team’s assessment included consultations with all relevant market stakeholders, including RE/EE industry players (utilities, equipment suppliers, energy service providers, project developers), financial institutions (commercial banks, development banks, investment funds) and policymakers (government ministries, regulators, and other national organizations). The results of this fieldwork informed GreenMax’s recommendations to GGGI / the Government on appropriate off-grid solutions (e.g. mini-grid vs. solar home systems) and corresponding financial instruments the NGEF could utilize to engage financial and non-financial intermediaries and stimulate rural electrification and sustainable energy market growth.

GGGI Colombia FENOGE
In 2017, GreenMax was retained by GGGI to work directly with the Fondo de Energías Renovables y Gestión Eficiente de la Energía (FENOGE) in Colombia to develop financial products targeting green growth in the country. The results of this work were presented in three reports including a preliminary business plan for the Fund’s development and implementation. In addition, the GreenMax team has submitted three additional deliverables to the Ministry of Mines and Energy (“MME”), including revisions of the Operations Manual and Decree and development of a strategic planning document for FENOGE.

GGI National Financing Vehicle Program: Financial Institution Assessment and Sustainable Energy Fund Design
In 2016, under Stages 1-2 of the NFV Program, GreenMax carried out an assessment of financial institutions in 15 GGGI member countries to determine which countries/FIs GGGI should prioritize for implementation of its NFV program. The GreenMax team performed the following tasks: i) Identification of existing FIs and/or existing NFVs in 15 GGGI member countries (listed above); ii) In-depth assessment of existing national FIs in each member country through desk research/phone interviews by applying a pre-determined set of criteria; iii) Classification of NFVs based on its scale up potential and prioritization for GGGI development. Under the next phase of the NFV Program (Stage 3), GreenMax worked directly with financial institutions (“FIs”) in select countries (Colombia, Jordan, Indonesia, Mongolia, and Vanuatu) to develop financial products targeting green growth. To complete this assignment, the GreenMax team undertook missions to each country to conduct a market assessment of the clean energy sector. This assessment enabled the team to review the current level of market development and opportunities within different clean energy market sub-sectors through consultations with relevant stakeholders, including EE/RE industry players (utilities, equipment vendors, service providers, project developers), financial institutions (commercial banks, development banks, investment funds) and policymakers (government ministries, regulators, and other national organizations). This stakeholder engagement process informed the team’s design of a detailed conceptual business plan to establish/scale-up an NFV targeting green growth in each country.

IFC Chile Renewable Energy Self Supply & Energy Efficiency (RESSEE) Program
GreenMax was retained by IFC and the Inter-American Development Bank in 2014 to identify possible financing mechanisms and structures as part of the design of the RESSEE finance facility in Chile, an IFC-led initiative aimed at scaling-up sustainable energy investment in Chile by providing financing instruments to local financial institutions. The GreenMax team performed extensive research on financing facilities and similar programs globally and then assessed the clean energy market in Chile to identify the financing mechanisms that could be utilized in the country. The market assessment examined opportunities in different RE segments of Chile, including retail consumer RE, corporate RE, municipal/public RE and project finance. This process involved meetings with a broad range of actors from the Chilean financial sector, including commercial banks, leasing companies, and investment funds among others. A final set of recommendations on the design of the RESSEE financing facility included a proposed financing instrument along with a robust TA intervention to work with partner FIs to enhance their internal capacity to identify, market, structure and finance clean energy projects in Chile more effectively.

Solutions for Supporting Energy Efficiency Investments in Polish Multi-Family Buildings
In 2014 GreenMax was retained by the World Bank to develop a menu of policy options by which national and local governments in Poland can facilitate energy efficiency investments in residential buildings for lower income groups. This included review of the existing Thermo-Modernization Fund, as well as practicable recommendations for dismantling financial barriers, GreenMax first conducted qualitative and quantitative research to define categories of housing in the context of Poland that should be included in a pro-poor financial support or subsidy program enabling energy efficiency investments, and provided an estimate of costs, benefits, and timeframe of returns of energy efficiency improvements in the housing categories identified above, disaggregated by energy efficiency measure (i.e. roof insulation, wall insulation, windows, sealing air leaks, etc.). Thereafter the team identified opportunities for realigning current financial subsidies in the housing sector to create greater incentives for energy efficiency. For this, it was necessary to: (i) identify all participants in the financing and benefit chain (poor households; municipality as owner of housing as well as administrator of subsidies for energy use; the national Government providing transfers to municipalities to cover these costs); and (ii) develop a program of incentives for all stakeholders to benefit. International ‘good practice’ examples of such programs in particular from the rest of the European Union were examined.

Mid-Term Review of the GeoFund Program, Turkey
In 2013, GreenMax reviewed the impacts of the GeoFund Program’s exploration risk insurance mechanism developed by IFC in Turkey. The GreenMax team was tasked with assessing whether the Program was moving in the best possible direction, whether the Program was strategically a good fit for IFC, and how implementation had performed to date. To undertake the review, we evaluated project documentation files made available by IFC and studied available information about development of geothermal energy in Turkey and in emerging markets worldwide. The team collected data through interviews with 30+ stakeholders in Turkey and internationally.

Kosovo Buildings Energy Efficiency Fund
In 2013, GreenMax was retained by the World Bank to support preparation of the financing and implementation plan for the National Program for EE in Buildings in Kosovo. The GreenMax team developed implementable financing mechanisms by using all available financing schemes for EE investments in all types of buildings (public, commercial and residential). As part of this assignment, our team analyzed the technical and commercial market potential for residential EE investments, studied consumer and residential lending practices of commercial banks and MFIs, reviewed the condominium law and other relevant regulatory frameworks and prepared the design for a new financing structure to demonstrate implementation of EE measures in multifamily housing. GreenMax conducted an analysis of relevant legal acts and documents to understand which financing options are legally possible according to Kosovar legislation. Based on the legal review and the review of the financial and donor sector, we developed financing models for EE according to each category of building. Financing models for evaluation included government, donor and commercial financing (debt and equity); ESCO models; utility-based programs, and a potential EE Fund. For each financing model developed, GreenMax highlighted the strengths and weaknesses and identified legal barriers and proposals to address them. Based on the proposed financing models GreenMax then prepared a detailed implementation plan for these financing options as well as the overall National EE in Buildings program.

Facilitating Municipal Energy Efficiency Finance in Ukraine
In 2012 GreenMax was retained by the World Bank to develop implementable financing mechanisms by International Financial Institutions (IFIs) and commercial banks for municipal energy efficiency investments in Ukraine aided by various municipal borrowers (municipalities, municipal utilities, energy service companies). GreenMax is conducting a review of successful municipal energy efficiency finance models in Europe and Central Asia region and an ongoing legal and regulatory review related to municipal energy efficiency finance in Ukraine to inform and support future World Bank clean energy investment within Ukraine. The study (i) informed government policy to help identify legal and regulatory obstacles to municipal energy efficiency finance in Ukraine; (ii) built government capacity by developing and applying commercial and IFI financing models for municipal energy efficiency projects that can be scaled up; and (iii) facilitated World Bank lending for municipal energy efficiency projects and develop case studies of projects that could be financed under the existing Ukraine Energy Efficiency Project and the planned District Heating Energy Efficiency Project.

Establishment of the Southeast Europe Green for Growth Fund
In 2009, Under contract to the European Investment Bank, GreenMax, in consortium with Innpact Luxembourg, prepared the detailed market study and business plan to establish a €70 million fund by EIB, KfW and the European Commission to invest in sustainable energy projects, including energy efficiency and small scale renewable energy, in the West Balkan countries of Albania, Bosnia & Herzegovina, Croatia, North Macedonia, Kosovo, Montenegro, and Serbia. The study included a detailed review of the market opportunities and legal frameworks in each country.

Impact Analysis for Residential Energy Efficiency Loan Program, Montenegro
In 2008-2009, under contract to the European Fund for Southeastern Europe, GreenMax provided the design and TA for one of the first residential EE financing efforts in Montenegro – an EE home improvement loan offered by Opportunity Bank. GreenMax reviewed the design of the program parameters, regarding marketing, credit underwriting and loan administration procedures and provided suggestions, which improved program promotion and technical support provided to borrowers

Argentina EE Fund
In 2007-2008, the Energy Secretariat of Argentina and the World Bank retained GreenMax to assist in the design and launch of a pilot Energy Efficiency Fund. GreenMax conducted a market assessment of the demand for energy efficiency finance among end users and the appetite for entering this market among commercial banks and then provided a design for the financing facility and reviewed capabilities of different entities within Argentina to administer it.

Commercializing Energy Efficiency Finance Program, Central & Eastern Europe
GreenMax provided advisory services to IFC on a succession of energy efficiency finance programs in Central & Eastern Europe from 2000-2008. Our contributions included a variety of guarantee instruments, individual bank lending products, supporting market studies, and due diligence of individual blockhouse energy efficiency project investments in Estonia, Hungary, Latvia, Lithuania, Czech Republic, and in the Slovak Republic.

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Papua New Guinea National Energy Efficiency Road Map
In 2019, GreenMax was retained by UNDP under the FREAGER proram to support design and promotion of a national-level roadmap for township energy efficiency programs, targeting the country’s most energy intensive sectors, including industry and transportation. The objective of the assignment is to develop a national EE roadmap to strengthen government policy and planning and more broadly to improve national literacy on the benefits of energy efficiency. The scope of work includes (i) design and promote a national-level energy roadmap for township EE programs; (ii) refine the draft national building energy efficiency standards and facilitate their adoption into the national building code; and (iii) design and promote renewable energy and energy efficiency plans for Milne Bay Province, Eastern Highlands Province, East Sepik Province and Morobe Province.

Global Climate Fund: Energy Efficiency Guidance
In December 2019, GreenMax was retained by GCF to prepare an energy efficiency sector guidance document with recommendations on GCF’s EE programs and project investment strategies. The assignment includes analysis of global, regional and sub-regional market trends, barriers and opportunities in the buildings, appliances and industrial EE sector, with a particular focus on the cooling market segment. The report aims to improve GCF EE program and project investment designs and methods to achieve greater accelerated results and impacts. It will also inform new high-quality GCF EE program investment and funding proposal designs being developed by AEs and NDAs that will meet GCF investment criteria and be ready for GCF Board review and approval.

EBRD West Balkans Regional Energy Efficiency Program (REEP) - Public Sector ESCO Development
Since 2014, GreenMax has been supporting implementation of the European Bank for Reconstruction and Development (ERBD) Regional Energy Efficiency Programme (REEP), which aims to develop a pipeline of municipal energy efficiency projects in the West Balkans, including public street lighting retrofits in Croatia, Kosovo and North Macedonia and hospital heating system upgrades in Serbia and Bosnia and Herzegovina.
Kosovo and Republic of North Macedonia (2018 - ongoing) In Kosovo and North Macedonia, GreenMax is providing technical assistance to support energy efficiency project development in the municipal sector, with a focus on public street lighting. The objective of the assignment is (i) to identify a project pipeline of technically and commercially viable and bankable ESCO projects with a combined investment value of up to €10 million equivalent in street lighting; and (ii) to rank these projects in terms of their ease of preparation, urgency of investments, and importance for developing the country’s ESCO market. The GreenMax team is leading technical, legal and financial structuring of EE project arrangements (model energy performance contract etc.) to develop this project pipeline in each country.
Serbia (2017 – ongoing) In Serbia, the GreenMax team is providing support to local hospitals with preparation of tender documentation, a model ESCO contract, and related procurement procedures, including any clarifications and amendments of contract documents etc. The team is also advising the hospitals on technical aspects of tender document preparation and administration, defining qualitative selection criteria and provide general support and TA to the process as needed. The tender specifications and documents adhere to relevant national regulations and include necessary steps and procedures and required documentation in order to conduct an ESCO tender. This includes detailed descriptions of building characteristics, reliable energy consumption data in tender dossiers and related annexes. The tender dossiers are designed to enable bidding contractors to prepare their proposals in a way that can be evaluated according to predetermined criteria. The project tendering consists of (i) tender procedures and related documentation; and (ii) procedures for monitoring and verification of energy savings.
Bosnia and Herzegovina (2014 – ongoing) In Bosnia and Herzegovina, the main objective of the assignment is to identify and support preparation for two individual ESCO/EnPC pilot projects in the country’s public sector with a minimum investment value of at least €5 million. The GreenMax team is currently finalizing a detailed energy audit report for the cantonal hospital in the city of Zenica, with support from the Government of Zenica-Doboj Canton. In 2015, we organized a workshop where legal, financial and technical aspects of the hospital project in Zenica were discussed with key stakeholders, including representatives of the local government and of the cantonal hospital, representatives of other hospitals, ESCO firms, engineering companies, and technology suppliers. Our team is currently preparing a model EnPC contract and tender documentation.
Croatia (2014 – ongoing) In Croatia, the objective of this initiative is to identify and support preparation of public sector EE projects reaching a combined investment value of at least €10 million. The GreenMax team has prepared a model EnPC contract along with relevant tender documentation that has been shared with key project stakeholders, including local authorities, ESCOs and local financial institutions. The tender model was prepared pursuant to Croatia’s Public Procurement Law with minimal legal, financial and technical requirements for potential ESCO bidders. The minimal technical requirements depend on the project structure and protect the contractor from low quality products. Two criteria are defined: quantitative (NPV) and qualitative (guaranteed working hours of the lamps). The EnPC contract model has been drafted pursuant to the EE Law and the Regulation on the Negotiation and Implementation of Energy Services in the Public Sector. The EnPC addresses legal, financial and technical aspects that were presented to key shareholders (ESCOs, banks, energy agencies) at the workshop and provided to local authorities that expressed interest in utilizing the technical support of our team. Based on comments from key stakeholders, the EnPC contract and tender documents have been completed and a final version was approved by EBRD and accepted by eight Croatian cities and two municipalities (Vrbovec, Novigrad, Podbablje, Ludbreg, Pozega, Nova Gradiska, Ozalj and Marcana) with a total estimated CAPEX of €10 million. Thus far, five tenders based on this template and contract model were published. Street lighting projects in Vrbovec,

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IRENA Geothermal Direct Use in the Agri Food Sector
In 2021 GreenMax has been retained by IRENA to design and implement a training program to equip relevant policymakers and other stakeholders with the necessary knowledge and tools to support the adoption and scale-up of geothermal heat utilization in the agri-food value chains. This will include cascaded use of residual heat from geothermal power plants and stand-alone direct- use projects. The key outputs/deliverables of the project include: i) A report highlighting capacity-gaps and making recommendations for capacity building in developing countries; ii) Training material for the deployment of geothermal heat in the agri-food value chains; amd iii) 2 training/capacity building activities (delivered in English and Spanish) based on guidelines targeting policy makers and other relevant stakeholders in two regions.

UNIDO East Africa Direct Use Geothermal
In 2019, GreenMax was retained by the United Nations Industrial Development Organization (UNIDO) to provide specialized technical assistance services to the Climate Technology Center and Network (CTCN) in order to identify potential geothermal direct use applications in six East African countries – Djibouti, Ethiopia, Kenya, Rwanda, Tanzania and Uganda. In each country, the TA services aim to inform policymakers to improve their understanding of opportunities for direct use geothermal applications from technical, financial and market viability perspectives, as well as to identify potential sectors and technologies that are best suited to benefit from the utilization of direct use geothermal projects. In addition to supporting rural livelihoods and economic development, this project will also support each country’s efforts to advance its climate commitments given the impact of geothermal development on energy sector decarbonization.

African Development Bank Kenya GDC
From 2014-2018, we were engaged with the Kenya Geothermal Development Company (GDC) as Lead Transaction Advisor for development of 460 MW of geothermal power at the Menengai prospect. GreenMax was tasked with confirming the resource and environmental management plans, designing viable steam sales and electricity sales tariffs, advising on a workable organizational and financing structure and engaging private IPP investors to promote steam field development at Menengai and subsequent prospects to be exploited. GreenMax’s interdisciplinary team of experts reviewed all of the different business models that had been deployed for geothermal development in Kenya and globally to date, providing a comparative economic analysis of five different options for future development at Menengai. For the current steam supply model being deployed at Menengai, we provided the detailed financial model as well as development of risk mitigation features in the project structure. As part of our work for GDC, GreenMax catalogued over 60 legal acts with respect to their role and impacts on geothermal project development in Kenya. We also analyzed 23 distinct approvals, permits and licenses that must be granted by national, county and local agencies to geothermal projects and made recommendations on how to improve these processes.

DFID EAGER
In 2016-2017, GreenMax was part of the Adam Smith International led consortium that implemented the East Africa Geothermal Energy Facility (EAGER), an advisory facility established in 2015 and funded by the UK DFID, which aims to remove policy and regulatory barriers to investment in geothermal power generation in East Africa. GreenMax carried out two assignments under this framework contract – in Tanzania, we provided capacity building to TGDC with development of appropriate geothermal business models, risk mitigation strategies and negotiation of concession tenders, PPAs and Steam Supply Agreements; in Ethiopia, we provided advisory services to EEPCo to support PPA negotiations to conclude a PPA and Interconnection Agreement with private developer, Ormat, for development and operation of a power plant pursuant to Ormat’s geothermal concession.

USEA Kenya GDC Joint Development Program
In 2014, we completed a successful assignment for the U.S. Energy Association East Africa Geothermal Partnership (USEA EAGP), in which our team worked with GDC to design a new business model for the development of additional geothermal prospects in Kenya through a Private Investment – Joint Development Program strategy. Under the JDP arrangement, an external investor is engaged to join GDC to support the financial demands of overall project development. For this assignment, GreenMax undertook a market survey and assessment of investor and lender views of the planned JDP strategy for Suswa and Silali-Bogoria prospects, after which our team proceeded to prepare a financial model of the JDP approach and draft of the Joint Development Agreement for the GDC-investor relationship. Our market survey was responded to by more than 30 investors and lenders with interest to participate in the development of the geothermal sector and provided important feedback to GDC and the government on investor/lender expectations and requirements.

Akiira Geothermal
Amongst our private sector clients, from 2014 - 2017 GreenMax advised the geothermal developer Akiira Geothermal Ltd. (Akiira) on the first 70 MW tranche of their planned 210 MW project adjacent to Olkaria in Kenya. GreenMax successfully procured grant funding for the Akiira project of nearly USD 1M from the U.S. Overseas Private Investment Corporation Africa Clean Energy Facility (US OPIC ACEF) to support final stages of project preparation including technical and legal work necessary to commence drilling. Our team also helped secure further concessional funding for the final stages of project preparation. For Akiira, key members of the GreenMax team, including Hezy Ram have played a critical role in the development and structuring of this project to facilitate private investment and a commercial bank led debt-financing package. On the financing of the project, our team members have been at every stage of negotiations with the original Kenyan concession holder, foundational international investors, drilling risk mitigation insurer, mezzanine debt provider, commercial lender for the construction loan, bilateral development lender who will take out the construction lender with a long-term loan, as well as with concessional funders such as the GRMF, US OPIC and USTDA. Our team members have also played a key role in negotiation of the PPA with Kenya Power, in obtaining permits and licenses from Kenyan authorities and in planning the Community Social Responsibility program with the surrounding residents.

Concessional Funding for Olsuswa Energy Geothermal Development, Kenya
Olsuswa Energy Ltd., a company dedicated to the development of geothermal energy projects in Kenya, has secured the concession to exploit the geothermal energy resource at the Barrier Prospect in northern Kenya near the Lake Turkana region. Olsuswa Energy was established with investment support from Frontier Investments of Denmark. In 2015, Frontier retained GreenMax to secure concessional funding from various sources to support project development, including a $1 million grant from the Geothermal Risk Mitigation Facility to conduct surface studies in the Barrier prospect, which is at early greenfield stage of development.

Concessional Funding for Arus Energy 140 MW Geothermal Project, Kenya
Arus Energy was awarded an 800-acre concession area in the Bogoria-Arus geothermal prospect in Kenya’s Rift Valley region. GreenMax was retained in 2017 to secure concessional funding for surface exploration, manage the early stage project development activity, seek a strategic partner for the drilling phase and implementation of the power plant, including a $650K grant from the Geothermal Risk Mitigation Facility to conduct surface studies.

Concessional Funding for the Maralal Energy Ltd., Geothermal Project, Kenya
The Kenyan renewable energy developer, Maralal Energy Ltd., developing a geothermal project in the Baringo prospect area, retained GreenMax in 2017 as its advisor to secure funding for resource exploration and other project development tasks. We secured a $550K grant from the Geothermal Risk Mitigation Facility to conduct surface studies.

Transmark 50 MW Kocakoy Geothermal Project, Turkey
GreenMax acted during 2015 as financial advisor to Transmark Renewables in their development of the 50 MW Kocakoy project in Turkey, which has completed drilling of 3 successful production wells. The GreenMax team developed the financial model, project valuation and investment memorandum for promotion of a sale of a shareholding in the project.

IFC Geothermal Project Scoping, Chile and Peru
In 2012, IFC appointed GreenMax to assess geothermal potential in Chile and Peru. The assignment included extensive research and in-country analysis of geothermal market development, power markets, legal/regulatory frameworks and potential opportunities for advisory, technical assistance, and investment in each country.

IFC East Africa Regional Market Scoping Study
In 2011, GreenMax was retained by IFC to conduct a Geothermal Scoping Study for East Africa, a project that encompassed Tanzania, Kenya, Uganda, Rwanda, Burundi and Ethiopia. The ultimate goal of the assignment was to identify and recommend potential interventions and opportunities for IFC to accelerate private investment in the region’s geothermal energy sector. After in depth analysis of each country’s geothermal energy potential, which included review of policies and business models deployed to promote geothermal development as well as meetings with more than 100 government officials, regulators, private developers and international donors, the GreenMax team was able to identify the main barriers to development of geothermal energy resources across the region, with special attention to the concerns of private geothermal developers already active in/looking to invest in the target countries.

USTDA Geothermal Market Study, Turkey
In 2010, GreenMax was retained by USTDA to review the market for geothermal development in Turkey, including identification of market players, projects in need of support and risks/barriers to further sector development. GreenMax met with relevant government, regulatory and power sector authorities, local financial institutions, private lenders and with private energy developers active in the geothermal sector. We provided an overview of energy sector development, power demand and supply forecasts, regulatory framework for RE and geothermal exploration and status report on all geothermal projects already operational and under development. As with geothermal projects everywhere, risk sharing for exploration stage investments was identified as a key market need.

Caribbean Geothermal Market Study, Dominica St. Kitts & Nevis
In 2008, GreenMax was retained by USTDA to provide a comprehensive review of the market for geothermal power development in Dominica and St. Kitts & Nevis. As part of this analysis, the GreenMax team identified key market players, projects in need of support and risks/barriers to further sector development in each country.

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