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Finance Our range of services includes:

M&A and Corporate Finance (read more)

Project Finance (read more)

Design and Implementation of Sustainable Energy Finance Facilities (read more)

Housing Energy Efficiency Financial Services (read more)

  M&A and Corporate Finance

GreenMax brokers transactions for sellers and buyers of energy projects and companies. With over 15 years experience in emerging market energy sectors, GreenMax is the perfect partner for matching financial or strategic investors from Western Europe, North America, Asia and the Middle East with acquisition opportunities in Central, Eastern and Southeastern Europe, the countries of the former CIS, Latin America, MENA and Sub Saharan Africa. We work on either the buy or the sell side of transactions. We arrange equity investments and other corporate finance instruments both for projects and for growing energy and environmental sector enterprises. The GreenMax team has recently worked as the transaction advisor for deals in Italy, Spain, Estonia, Turkey, Bulgaria, Romania, Poland, Hungary, Ukraine, Colombia, Chile and Uganda.

Sample transactions:

Relax Wind (Poland).
GreenMax supported the initial entry of Electricite de Portugal's renewable energy subsidiary, NEO Energia, into the Polish wind market, resulting in the eventual acquisition by NEO of Relax Wind, a Polish project developer, still the largest wind sector transaction in Poland to date.

EastWind (Estonia).
GreenMax supported the initial entry of FERSA Renovables, the Barcelona based renewable energy company, to the Baltic wind market resulting in the eventual acquisition of EastWind, an Estonian project developer.

Bilgin Elektrik (Turkey).
GreenMax supported Bilgin Elektrik, the largest Turkish wind developer, in the preparation of the 90MW Soma wind project for trade financing by KfW IPAX Bank of the supply of Nordex turbines.

Mid Europa Partners Renewable Energy Strategy (Central Europe).
We advised the largest private equity fund focused on the CEE region in negotiations to acquire a regional wind developer with a 1,200MW pipeline in Poland, Romania and Bulgaria.

  Project Finance

GreenMax is retained by investors and lenders to advise on and arrange debt financing for energy and environmental sector projects. We work extensively for project developers, investment funds, multilateral development banks and commercial lenders. We are experts in the financial structuring of non recourse project finance and Export Credit Agency finance for energy and environmental infrastructure. Our deep experience with these transactions allows us to arrive at creative solutions for projects that provide better leverage and ameliorate investor risk exposure. GreenMax maintains a broad network of strong relationships with international and regional lenders ensuring that we are well informed about the best financing opportunities for each project. For lenders we provide comprehensive advisory and due diligence services.

Sample transactions:

Kabale Peat Fired Power (Uganda).
GreenMax arranged the debt financing on a non recourse basis from international development banks and regional commercial lenders for a 30MW peat fired power plant.

SVEP Wind Farm (Czech Republic).
GreenMax acted as financial advisor for the arrangement of the debt package from a local bank, backed with a guarantee from the IFC for a 6MW wind farm, the first commercially financed wind project in the Czech Republic.

Snina District Heating Project (Slovakia).
For the IFC and a major European bank, GreenMax performed detailed technical, financial and commercial due diligence on a $3.9 million loan transaction for a project to reconstruct two obsolete district heating distribution systems. Both projects have been implemented.

Fitmin Biomass Boilers (Czech Republic).
For the IFC and a local bank, GreenMax undertook detailed technical, financial and commercial due diligence on an investment to install agricultural waste-fuelled boilers at the largest animal feed producer in Czech Republic. The project has been implemented.

  Design and Implementation of Sustainable Energy Finance Facilities

GreenMax has successfully structured and managed the implementation of sustainable energy finance (SEF) facilities and related Technical Assistance programs to support clean energy development in emerging markets worldwide. The GreenMax team has undertaken dozens of clean energy market assessments along with policy, regulatory and institutional reviews and designed appropriate interventions for governments and lenders on both the national and local level, utilizing a variety of risk-sharing financing arrangements and products, including inter alia:

  Credit enhancement and loan guarantee programs
  Vendor financing programs and multi-project framework facilities
  Forfaiting of ESCO receivables
  Mezzanine, subordination and quasi-equity instruments
  Green bonds

We have extensive experience working with commercial banks to assess SEF opportunities, identify market segments where they can be most effective and develop financial products and mechanisms for them to utilize.

Sample SEF facility design & related Technical Assistance programs:

World Bank Assessment of Capital Market Instruments to Finance Renewable Energy (Colombia).
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 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.

GGGI National Sustainable Energy Funds (Colombia, Indonesia, Jordan, Mongolia, Vanuatu)
GreenMax was retained by the Global Green Growth Institute (GGGI) to work with financial institutions in Colombia, Indonesia, Jordan, Mongolia and Vanuatu to design SEF funds targeting green growth in each country. The GreenMax team carried out missions to each country to analyze the clean energy sector, including review of the level of market development and SEF opportunities within different sub-sectors of the economy. Each market assessment included comprehensive engagement with relevant stakeholders, including policymakers (government ministries, regulators and other national organizations), RE and EE industry players (utilities, equipment vendors, service providers, project developers) and financial institutions (commercial banks, development banks, investment funds) among others. This process informed our team's design of a detailed conceptual business plan to establish or scale-up sustainable energy funds.

IFC Renewable Energy Self-Supply & Energy Efficiency Finance Facility (Chile)
GreenMax was retained by IFC and the Inter-American Development Bank 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.

Green for Growth Fund (Southeastern Europe).
Under contract to the European Investment Bank, GreenMax prepared the design of this new fund to invest in sustainable energy credit lines and ESCOs throughout the West Balkans and Turkey.

Geothermal Geofund (Central Europe/Asia).
Under contract to the World Bank, GreenMax prepared the design for the direct investment finance window of the GeoFund, a GEF funded support facility for geothermal energy projects.

Renewable Energy Quasi Equity Finance Facility (CEE).
GreenMax advised on the design of an IFC quasi equity financing facility aimed at small to medium sized wind and hydro projects in Central and Eastern Europe.

Siemens Building Technologies Forfaiting (Czech Republic).
GreenMax was retained by the IFC to act as a lead arranger of a financing facility for Siemens Building Technologies to sell the future receivables from energy performance contracts implemented at facilities of Delta Bakeries to a local bank through a forfaiting transaction.

Energy Efficiency Fund (Argentina).
GreenMax was retained by the Energy Secretariat of Argentina to design a loan guarantee program for the financing of energy efficiency projects in Argentina to be funded by the World Bank-GEF.

  Housing Energy Efficiency Financial Services

GreenMax is a leading expert in housing energy efficiency development and finance. In partnership with the Dutch International Guarantees on Housing (DIGH), the GreenMax team developed a unique financing facility to local commercial banks that encourages lending for apartment building renovation. The key elements of the approach are a cash deposit which provides first loss coverage on a portfolio of housing energy efficiency loans. This is accompanied by a targeted marketing program to gain approval of investments at the apartment building level. Technical assistance is provided to the commercial banks to develop workable credit underwriting and loan administration procedures.

Sample projects:

Residential Energy Efficiency Loan Program (Montenegro).
GreenMax supported Opportunity Bank Montenegro in rolling out a pilot loan program for energy efficient home improvements in single family homes.

Housing Energy Efficiency Finance (Hungary).
GreenMax designed IFC's first full energy efficiency loan programs for blockhouses. Supported by partial risk and portfolio guarantees from the IFC as well as technical assistance in product design provided by GreenMax, three banks (Raifeissen, ERSTE Bank Hungary and OTP) developed a new business area providing financing for energy efficiency upgrades to panel type housing.

Pilot Multifamily Housing Energy Efficiency Finance Program (Estonia).
GreenMax served as transaction advisor in the design and implementation of a pilot program to install energy efficiency and general building improvements in 25 apartment associations with financing from local banks. Sponsored by the IFC and Estonian Union of Housing Cooperatives, the program brought important innovations to the housing reconstruction finance market.

Housing Energy Efficiency Finance (Ukraine & Romania).
GreenMax is developing a new financing facility for housing energy efficiency projects in cooperation with DIGH. A cash deposit would provide first loss coverage for a portion of the loan portfolio originated by a local lender.

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