GreenMax Capital Advisors Acquisition International M&A Awards Energy Corporate Finance Firm of the Year


Clifford J. Aron, President and Founding Principal, supervises all of GreenMax’s consulting activities around the globe. Cliff is an energy policy and investment professional with more than 35 years of experience advising on energy efficiency and renewable energy policy and regulation, scoping out energy project development opportunities, and coordinating investments for a wide variety of private investors and international financial institutions (“IFIs”). Since 1996 he has split his time between Brooklyn, NY and Warsaw, Poland, providing clean energy management services exclusively to international clients. Cliff has served as adviser to and assessed dozens of projects for IFIs, private equity funds, commercial banks, strategic investors, and project developers in all clean energy sectors on five continents.
Cliff is widely recognized as a leading expert on the design and introduction of innovative sustainable energy financing approaches in emerging economies. He has worked extensively on these issues as an advisor to the World Bank, IFC, IADB, EBRD, EIB, USTDA, and US OPIC since 1999, pioneering the development of sustainable energy financing products in Hungary, Poland, Estonia, Turkey, the West Balkans and Argentina and reviewing potential investment projects throughout Eastern Europe, Latin America, the MENA and Sub Saharan Africa regions.
From the establishment of CJ Aron Associates (now GreenMax Capital Advisors) in 1994, Cliff was a leader in restructuring of the power sector in New York representing the largest private owners/operators of publicly assisted multifamily housing before the Public Service Commission. Prior to this, he spent thirteen years leading BEI Energy Corp., a successful New York-based ESCo he founded in 1982.
An honors graduate in political science and international relations from the State University of New York at Binghamton, Cliff continued his graduate studies at the New School for Social Research, Baruch College and the Parsons School of Design. Cliff is a native English speaker, is conversant in Polish and reads French, Spanish and German.

Stephen Casey, Chief Financial Officer, joined the GreenMax team in 2013 as CFO, bringing over 15 years of senior-level experience to the firm. Previously, Stephen was the CFO for Ocuco, a software development company, the Finance Director for EMEA Corporate, and the Director of IMS MAXIMS Plc. for 10 years, where his role involved selling software to the UK public sector (National Health Service) and structuring multi-annual partnership deals. He was also the Corporate Finance Director for an Ireland-based Internet company where he developed international tax structure and due diligence for acquisitions.
Stephen is a certified Public Accountant, a Fellow of the Chartered Certified Accountants in the UK and an Associate of the Institute of Taxation in Ireland. His industry/sector exposure includes advertising, sustainable energy, healthcare, pharmaceuticals, finance and private equity, with a wide range of international tax exposure in the U.S., E.U., O.E.C.D. and Sub-Saharan African countries. Stephen received a L.L.M. in International Commercial Law from Griffith College (Ireland) in 2011, an Advanced Diploma in Corporate Finance from University College (Ireland) in 2007 and an M.B.A. in Finance from the same institution in 2002. He holds a B.A. in Mathematics and History from Trinity College (Ireland). He is fluent in English.

Alexander LaBua, Manager Business Development and Project Management – Consulting Services, has a diverse background in sustainable energy applications. At GreenMax he assists in managing the firm's global consulting practice and is responsible for conducting research and analysis to identify suitable renewable energy power generation and energy efficiency projects and related business opportunities in emerging markets, focusing on the regions of Eastern Europe, Latin America and Sub-Saharan Africa. Prior to joining GreenMax, Alexander was a consultant for Verengo Solar, a leading solar energy provider in the United States. Previously, he worked for 808 Renewable Energy, Inc., a start-up clean energy company in California, where he participated in the re-commissioning and operations of 15 cogeneration plants across the state.
In 2013, Alexander earned a master's degree from Columbia University's School of International & Public Affairs with a concentration in sustainable energy management & policy. For his graduate thesis, he co-authored a comprehensive report on the development of Mozambique’s natural gas sector and the sustainable management of the country’s natural resource wealth. Alexander holds a B.A. in International Affairs from George Washington University’s Elliott School. He is fluent in English and Greek and proficient in Spanish.

Sylvana Böhrt, Business Development + Project Management Associate – Consulting Services, has over 7 years of professional experience in project development, management, and project oversight in the field of socio-economic and environmental studies, climate adaptation strategies, natural resources management, biodiversity conservation, renewable energy, energy efficiency, monitoring/evaluation of projects and environmental policy. She currently works at GreenMax, where she assists in the overall management of the firm´s global consulting practice. In addition, she assists all business development and marketing activities, and develop/coordinate English and Spanish Expressions of Interests (EOIs) and Request for Proposals (RFPs) processes. Sylvana also conducts research and analysis to identify suitable renewable energy power generation and energy efficiency projects and other related business opportunities in emerging markets, focusing on the regions of Eastern Europe, Latin America and Sub-Saharan Africa.
During her tenure at Ecotecnia Consulting Engineers, she performed environmental and social impact assessments as well as assessments for various projects including field inspection, preparation and review of reports, environmental management and compliance, stakeholder engagement, health and safety programs, and environmental impacts identification and evaluation. In addition, she was responsible for preparing proposals and recommendations for the development of Environmental Prevention and Mitigation Programs. She has extensive experience with cleaner production systems through cleaner technologies and strategies to promote energy, water and noise efficiency in the textile and mining industry. Sylvana holds a M.Sc. in Environmental Sciences with a concentration in sustainable development. She also earned a B.A. in Environmental Engineering from Military Engineering School of Bolivia. Sylvana is fluent in Spanish and English and proficient in Portuguese.



Kevin McSpadden, Project Finance Attorney (US citizen, based in Los Angeles, CA), has significant experience with negotiating critical path project development documents such as PPAs, transmission and interconnection agreements, risk management agreements, and EPC/O&M agreements; financing documentation for both debt and equity components such as construction/term loans and private placement memorandums; and all forms of real estate documentation. Kevin also has extensive experience with independent power mergers and acquisitions and the regulation of public utilities. Kevin served as Senior Vice President/General Counsel for Gradient Resources, a developer of geothermal energy projects, and in the project finance practices of Milbank, Tweed, Hadley & McCloy (10 years), Andrews and Kurth, and Orrick, Herrington & Sutcliffe. He received his J.D. from Tulane University School of Law.



Arthur John Armstrong Esq., Senior Attorney, is currently managing the Legal Working Group of GreenMax’s Transaction Advisory team for GDC in Kenya and is also managing the legal components of the Joint Development Program. Mr. Armstrong has more than 40 years of experience in over 30 countries working on legal and regulatory matters with regards to government and corporate development of sustainable energy. He has been an advisor in the renewable energy field for the last two decades, serving as legal counsel to governments and multilateral organizations, authoring renewable energy resource laws and regulations, structuring policies, drafting tender bid documents and regulations for granting permits, licenses and concessions.
As further detailed below, Mr. Armstrong has specific expertise in evaluating legal frameworks, preparing Power Concession Agreements, and drafting frameworks for sustainable energy laws and regulations:
• Evaluating Legal Frameworks: Mr. Armstrong has advised and counseled national governments and international organizations in establishing renewable energy legal and regulatory frameworks, and by consensus building among stakeholders in the client countries, he has implemented legislative and regulatory international best practices that promote a sustainable energy strategy and platform. 

• Preparing Power Concession Agreements: He has worked with national ministries of justice, energy, and finance as well as with public utilities and private developers in structuring national government energy-finance policy as well as in drafting and negotiating public-private power purchase and sales agreements and concomitant ministerial orders. 

• Drafting Legal Frameworks for Sustainable Energy: In conjunction with drafting renewable energy laws and regulations, he has drafted generation and transmission permits, licenses and concessions, which create the interface between private sector developers, concessions, and the granting governments in more than 30 countries on five continents.
Mr. Armstrong is a member of the Virginia and District of Columbia Bars, admitted to practice before the US Supreme Court. Engaged by the private sector, he has also been deeply involved in legal and regulatory capacity building. He has received numerous awards, and is also a prolific author, having over 20 publications in his name. Mr. Armstrong has taught law courses at Columbia University, George Washington University and American University. He has a J.D. from the University of Virginia, an L.L.M. in International Law from George Washington University and a B.A. from Vanderbilt University.

Deborah DeMasi, Senior Attorney/Transaction Advisor, has over 30 years of experience as an attorney in private practice. Most recently at the law firm of Nixon Peabody LLP, she has worked with a primary focus on transactional matters, including advising governments on reformation of local law to attract foreign investment and financing projects, and representing sponsors, project companies, contractors, investors, lenders and underwriters in connection with RFPs, developing infrastructure projects, and project finance transactions on a wide variety of infrastructure transactions, including electric generation facilities, ports, airports, roads, refineries, and chemical facilities, in Africa, Asia, Latin America, Europe and the United States. She represents clients in connection with acquisition, divestiture of ownership interests, structuring investments and ownership arrangements, including JVs, partnerships, corporations and LLC operating companies.
Deborah recently acted as in-house counsel to a startup insurance company seeking to provide financial guarantees to support project finance and other finance transactions in emerging markets, including negotiating a variety of agreements, such as ownership and investment arrangements and NDAs.
Her experience with transactions include representing clients in the following types of matters:
• Project development activities, including structuring of transactions and reviewing and negotiating related commercial contracts,
• Reviewing RFPs, including underlying concession and similar agreements,
• Advising governments on PPP transactions, including reformation of laws,
• Financing documents for project finance and debt offerings,
• Acquisition and divestiture of infrastructure assets and company interests, including conducting due diligence, structuring equity, joint venture, partnering, limited liability company and other similar arrangements, and
• Workouts of infrastructure projects.



Jacek Kostrzewa, Principal, is presently supervising GreenMax’s activities in Europe out of our regional headquarters in Warsaw. Jacek is an energy sector business and technical expert with over 25 years of international experience in renewable energy and energy efficiency, with a particular regional focus on Central & Eastern Europe (“CEE”).
Jacek commenced his career as a researcher at the Polish Building Research Institute where his focus was the energy efficiency potential of buildings, including the legal, technical and economic impacts. In 1987 he was a key player in the development of techniques for analyzing the energy efficiency of Poland’s residential blockhouse building sector at the Thermal Physics Department of the Polish Building Research Institute (“BRI”). He went on to work with the Polish Development Bank to launch a pilot credit line for the housing sector, before establishing the Polish National Energy Conservation Agency and its commercial business subsidiary in 1994, which developed the first certification program for energy auditors in Poland.
Since joining GreenMax, Jacek has managed several international technical assistance programs, including leading energy project loan due diligence activities for IFC partner banks in Central Europe. He designed a self-energy audit program at Raiffeisen Bank for Hungarian blockhouse apartment buildings. Together with Dutch International Guarantees on Housing (“DIGH”) he worked on Housing Energy Efficiency Finance programs in Ukraine and Romania. Jacek supervised the impact analysis for an energy efficiency home improvement loan product offered by Opportunity Bank in Montenegro and provided technical support for the development of the EIB Green for Growth fund. He also led GreenMax’s analysis for IFC of the housing energy efficiency financing frameworks in six Eastern European countries to assist in the design of similar regulations in Russia and our work for the World Bank in Poland designing housing energy efficiency finance approaches to better serve low income households. He is presently supervising GreenMax’s recently launched EBRD contracts to develop a pipeline of municipal ESCO projects in Croatia and in Bosnia & Herzegovina.
Jacek has a M.Sc. in Environmental Engineering from Warsaw Technical University and an M.B.A. from the Romanian-American Business School of the University of Washington and the Academy of Economic Studies in Bucharest. In addition to his native Polish, he is fluent in English and German and conversant in Russian, French and Romanian.

Agnieszka Michalowska-Komar, Group Financial Controller, is responsible for all administrative and financial matters at GreenMax. Over the last decade, Agnieszka has a lengthy track record providing accounting, tax, HR, administrative and financial services in various positions for firms in Poland, including BDO, Moore Stephens and Estee Lauder Poland. She also worked for many years as an administrative officer for GreenMax’s predecessor companies in Poland for seven years. Agnieszka has a B.A. in Financial Management from Warsaw School of Economics and a certificate in financial controlling. She is fluent in Polish and English, and conversant in Russian.

Arkadiusz Domanski, IT Manager has been working as an IT manager and consultant for various companies in Warsaw for over 10 years. Arek is also leading a small software company and some of his projects have been successfully implemented in government agencies and in Poland’s healthcare sector. He has a M.Sc. in Informatics from the University of Warsaw.



Cemal Parlak, Senior Associate, is a clean energy sector expert with two decades of managerial and technical experience in Turkey and the USA. He has been working on the development and financing of energy projects in Turkey for the last eight years. Cemal has managed GreenMax’s engagements in Turkey, including the assessment of several renewable energy and energy efficiency projects in the country as well as strategic advisory for energy efficiency upgrades in Turkey’s buildings sector. He has also prepared several bankable feasibility reports and business plans for sustainable energy investments, conducted due diligence studies for a number of wind, biogas and biofuel projects, and provided strategic advisory for energy efficiency upgrades in large industrial facilities in Turkey’s SME sector. In 2013, he served as local project manager for GreenMax’s evaluation of IFC’s Turkey Geofund program.
Previously, Cemal worked for Cargill, Inc., the world's leading supplier of biomass feedstocks, in the USA and Turkey for 13 years as a senior technical manager where he oversaw a number of manufacturing plants and managed a staff of more than 160 people in Turkey. Also at Cargill, he personally managed and oversaw many energy efficiency projects implemented in large industrial facilities, and led internal training in energy conservation, waste heat recovery, and renewable energy resource potential. Cemal has a B.Sc. in Chemical Engineering from the Middle East Technical University in Ankara, Turkey, and an M.B.A. from the State University of New York at Binghamton, USA. He is a native Turkish speaker and is proficient in English.



Dr. Vedran Uran, Senior Associate, is a sustainable energy engineer with 13 years of experience in the clean energy sector and has spent the better part of his career working on the development of implementable financing mechanisms for renewable energy and energy efficiency investments across the West Balkans and other parts of the developing world. Since 2012, he has been GreenMax’s regional manager for the West Balkans, providing due diligence on renewable energy projects for GreenMax client investors and managing the firm’s consulting assignments across the region. Presently, Vedran is managing a two-year assignment with EBRD to develop a pipeline of ESCO projects for Croatian municipalities. Last year, he managed a World Bank project for the design of energy efficiency financing models for the building sector in Kosovo.
Prior to joining GreenMax, Vedran worked as a Croatian representative for EETEK, a Hungary-based sustainable energy project developer and for DEXIA-FE Clean Energy Efficiency and Emission Reduction Fund, a private equity fund owned by EBRD, DEXIA Bank and larger Japanese energy corps (Kansai, J Power, Mitsui, Marubeni) whose mission was to invest in renewable energy and energy efficiency projects in the CEE region.
Vedran earned a Ph.D. in Technical Science from the Faculty of Electrical Engineering and Computing at the University of Zagreb. He wrote his Ph.D. thesis on the subject of Feed-in-Tariff (“FiT”) development in Croatia and played a key role in adoption of the FiT there. He has issued over 40 scientific and professional articles in the fields of energy, energy efficiency, renewable energy, energy policy and energy economics. Many of them are published and already cited in Elsevier journals such as Biomass & Bioenergy, Energy and Energy Policy. Vedran is fluent in Croatian, English and Italian.



Dardan Velija, Senior Associate, is a government relations and policy expert with a deep understanding of the issues related to energy efficiency in the Balkan region, as well as the political and economic circumstances of these countries, especially in Kosovo. With GreenMax, he has worked on a number of renewable energy and energy efficiency projects, including a number of studies in energy efficiency in Albania, Kosovo and FYR Macedonia; additionally, he has assisted clients as a policy advocate in the biomass sector. In addition to his role with GreenMax, Dardan is the managing director of Iron Consulting, a Kosovo-based consultancy.
Dardan possesses deep political knowledge and relationships in Kosovo, serving previously as an advisor to the Prime Minister; executive director of Kosovar Research and Documentation Institute; and Senior Program Assistant to the Organization for Security and Cooperation in Europe. In these positions he coordinated policy planning related to European integration and liaised with multiple high-level bodies in the strategic planning and management of multiple facets of Kosovar development, including the European Parliament, European Commission, European Parliament and Council of Ministers, UN Mission in Kosovo, KFOR, UNMIK, World Bank, IMF, and UN among others.
Dardan has a B.A. in Political Science/International Relations and European Studies from the American University in Bulgaria and a M.Sc. in European Politics and Governance from the London School of Economics and Political Science. In addition to his native Albanian, Dardan is fluent in English, Croatian, Serbian, and proficient in German, Bulgarian, Macedonian, and Italian.



Hezy Ram, Geothermal Practice Leader, is an accomplished geothermal industry leader and has nearly 40 years of experience in corporate and project development in the renewable energy sector. Hezy is currently engaged on a variety of GreenMax assignments including: Senior Geothermal Advisor for GreenMax’s AfDB funded Transaction Advisory assignment with Kenya Geothermal Development Company for the 460MW power project at Menengai; Lead Presenter at a series of DFiD funded training seminars on financial, commercial and legal topics for Tanzania Geothermal Development Company; Commercial Lead Expert on a DfiD funded team advising Ethiopia Electric Power Co. on negotiation with a private IPP of a power purchase agreement for a geothermal concession: Project Development Advisor for several private renewable energy developers in Kenya; and Project Manager for GreenMax’s Early Stage Geothermal Support Framework contract with EBRD to support geothermal development in Turkey. Prior to his position at GreenMax, Hezy spent over 20 years working in various senior management positions at Ormat Group, a world leader in the geothermal power sector and also was the founder and CEO of Ram Power Corp., a geothermal/renewable energy company. Hezy is well known for pioneering geothermal projects around the world, including in the USA, Central America and East Africa, and has been involved in the development and construction of 15 power plants, over 500 MW of renewable energy projects, and has raised approximately $2 billion in project financing. He holds an M.B.A. and a M.Sc. in Mechanical Engineering.



Andres Roi Riedel, Senior Associate & Latin America Regional Director, has over 25 years of experience in project development, consulting, finance and capital structuring and advising for the real estate, environmental, energy and healthcare sectors. At GreenMax, Andres provides advisory services on renewable energy projects and investments in Chile and Latin America. He was also part of the GreenMax team that led the design and implementation of a Renewable Energy Self-Supply Energy Efficiency (“RESSEE”) Program in Chile, which identified institutions in Chile’s energy market and financial sector (e.g. commercial banks and leasing companies) that can support RESSEE lending. He has also recently analyzed and reviewed over 20 projects in more than 15 countries in Latin America, in different technology areas (solar, wind, geothermal and biomass). Working directly with developers, Andres is actively supporting the structuring of project pipelines in solar, wind, hydro, biomass and energy efficiency in Chile, Brazil, Costa Rica and Colombia.
Andres is also the director of ROI & ASOC, a company specialized in the development of energy projects and studies, and of CRE-Invest, a company oriented to financial and capital structuring and investments. Andres also previously served as the president of WBCO S.A., a company formed in 2010 that focused on the development of waste-to-energy (“WTE”) and renewable energy projects incorporating cutting-edge Finnish and Scandinavian technology in Chile, Argentina, Uruguay, Peru and Colombia. Andres has been working in architecture, landscaping, urban design, urban & regional planning and real estate analysis in Chile since 1982, and has designed and built parks, gardens, buildings, houses and master plans in Chile, Argentina and the US. Andres has served as Professor in Urban Design and Urban Economics at Catholic University in Chile since 1983, and is a former member of the Academic Council of the School of Architecture. Andres is fluent in English, German, and Spanish.

Valerio Cecchi, Senior Associate, recently joined GreenMax’s team in Santiago to collaborate with Andres Roi in developing the firm’s consulting and transaction advisory practices in Latin America. Valerio has over 35 years of sustainable energy experience and is one of the most accomplished leaders in Latin America’s clean energy sector. Valerio recently completed a successful 10-year tenure as President of Enel Green Power Latin America (“EGP”). Under his direction, the company grew from a small investment company to a solid regional player, currently operating more than 35 renewable energy plants in 8 countries. Valerio managed hydroelectric, geothermal, wind and solar projects throughout the region. He also went on to increase the installed capacity of 200 MW to more than 700 MW over the period of his term. Before becoming president of the company, he functioned as Business Development Director, where he was responsible for the diversification of Enel into the water utilities area.
A native of Italy, Valerio has spent the past several decades of his career in the water and power businesses, managing Suez Lyonnaise des Faux’s activities in Argentina before joining EGP. Previously, he served as President and CEO of Keramont and as a Management Consultant at Booz Allen & Hamilton, where he headed the strategic study for the General Electric appliance division for the Brazilian market. Valerio earned a B.Sc. from Universitá degli Studi di Milano in 1972, and an M.B.A. from Columbia University in 1979. In addition to his native Italian, Valerio is fluent in English, Spanish, French and Portuguese.



Mauricio Amador Andrade, Senior Associate, has over 30 years of Infrastructure Securitization Development experience and is one of the most accomplished leaders in Colombia' securitization sector. Mauricio created the model and developed the characteristics that allowed the structuring of the securitization in its financial, legal and operation part, without having references at a global level. He performed data mining. Developed statistical and financial models. Structure the financial, legal and operational and place it on the market.
Mauricio earned a Business Degree from Pontifica Universidad Javeriana, and specialized an Management Development Program from Universidad La Sabana (INALDE). Mauricio is fluent in Spanish and English.



Dr. Albert Butare, Africa Regional Director, has over 30 years of experience in policy, regulatory, legal, and institutional affairs for renewable energy in Sub-Saharan Africa. He is skilled in high level public sector policy and project development and implementation, engineering, social and economic development, having served as the Minister of State in charge of Energy and Infrastructure in the Republic of Rwanda for five years (from 2005-2009).
At GreenMax, he provides supervision for all of projects in Africa. He is currently supervising strategic and financial advisory support for small hydro projects under development in Rwanda and Burundi. In addition, he is co-managing GreenMax’s Transaction Advisory assignment for the next 300 MW of geothermal power generation to be developed by Kenya’s Geothermal Development Company at the Menengai prospect in Kenya.
As a State Minister, along with the energy sector, he was also in charge of the communications, water and sanitation sectors for three and two years respectively during his ministerial tenure. Before his appointment as State Minister, Albert was the Academic Deputy Vice Chancellor of the Kigali Institute of Science and Technology (“KIST”), an Institute he has participated in building from scratch.
Among his most significant achievements as the Minister of Energy in Rwanda, Albert:
• Introduced the first cost reflective tariffs in the electricity sector,
• Transformed the state energy and water supply department into a corporatized state-owned company,
• Initiated the development of the first private power activities and signed a PPA with the developer building 
an IPP to be fired with methane gas extracted from Lake Kivu,
• Created the energy regulator Rwanda Utilities Regulatory Agency (“RURA”)
• Promulgated the first Feed-In-Tariff policy to encourage small scale renewable energy,
• Launched the development and construction of the Nyaborongo and Rukarara hydro projects
• Promoted exploration and development of Rwanda’s indigenous peat and geothermal resources for power 
Albert has a Ph.D. in Energy Policy and Implementation Instruments from Glasgow Caledonian University in Scotland, a M.Sc. in Energy Engineering and Waste Management from the University of Flensburg in Germany, and a B.Sc. in Industrial Process Engineering from the University of Dar es Salaam, Tanzania. He is fluent in English, Kinyarwanda, Kiswahili and proficient in German and French.



Moses Rotich Cherono, Regional Manager for East and Southern Africa is an accomplished infrastructure Business Development Specialist with nearly eight years of experience in Infrastructure and Capital Projects development and advisory. He has experience in the project cycle from project identification, preparation, appraisal, approval, and structuring across a wide spectrum of sectors including Built Environment, Energy and Transport. Moses has spent the past 3 years as a Senior Business Developer for Enel Green Power in Nairobi, focused on the identification, assessment and development of renewable energy projects, spanning five major technologies (wind, solar, hydro, geothermal and biomass) and with a regional focus on Eastern Africa (Kenya, Tanzania, Uganda and Ethiopia). He has played a major role in Technical due diligence (permitting, supplier contracts, land status, legal contracts, feasibility study analysis, environmental studies, grid studies etc.), Financial due diligence of prospective project opportunities to establish viability in line with company hurdle rates; Negotiation and establishment of Joint Development Agreements with developers and Counterparty risk evaluation and mitigation. Among the notable projects Moses has helped forward during this time are the 100MW Solar PV Metehara project in Ethiopia, 60MW Isiolo Wind Project in Kenya. Previously, Moses served almost five years as a Project Advisor with the National Treasury of Kenya, working to support the PPP Unit in analysis and preparation of a pipeline of PPP infrastructure project and for one year as an equity analyst covering the commodity extractive and production industries in Canada, Australia and Latin America.

Susan Njage, Office Manager - East Africa Region, brings over 10 years of administrative experience to the table with expertise in working with C-suites. Susan's additional experience in project coordination and management make her an invaluable person to the organisation. She has a master's degree in public administration from Kampala International University and degree in sociology from MOI international University - Kenya.

Emilie Vauchel, Junior Project Management and Business Development Associate, is currently supporting GreenMax’s work on regional ECOWAS/ ECREEE market assessment in West Africa. Emilie has over three years of experience working in Sub-Saharan Africa including in economic, financial, market assessment, projects monitoring and evaluation with the French Embassy in Pretoria and in Nairobi. She has previously worked with French corporate and investment bank Natixis’ equity research department, as a Social Responsible Investment Analyst focusing on Africa. Recently, she worked in Nairobi and in Cairo with a Kenyan-based market research firm, where she designed and led focus groups for several African countries. Emilie holds a master degree in International Development and Risk Management, as well as a master in Political Sciences from Sciences Po Bordeaux in France. She recently earned a certificate in microfinance from the Frankfurt School of Finance & Management. Emilie is a native French speaker, fluent in English and currently learning Swahili.


Dr. Nelson K. Lujara, Country Representative for Tanzania, has 28 years of experience working in Africa’s energy sector. Since 2000 he has been a Senior Lecturer at the University of Dar es Salaam and since 2007 he has served as an energy expert with the university’s Bureau for Industry Cooperation (“BICO”). BICO, whose main pool of personnel comes from various academic staff, is a consulting firm established to provide industry access to the wealth of knowledge and experience housed at the university. Through Dr. Lujara’s association with BICO, the GreenMax team has access to additional local personnel and resources should the occasion require it. Dr. Lujara himself has provided extensive professional services outside his academic responsibilities to such organizations as the Tanzania Electric Supply Company (Advisor), Rwandan Ministry of Infrastructure (Energy Specialist), the Rwandan Electricity Company (Strategic Advisor), and the Kigali Institute of Science and Technology’s Center for Innovation and Technology Transfer (Director).
Through his work with the Rwandan Ministry of Infrastructure, Dr. Lujara supervised the marketing, promotion and distribution of more than 400,000 compact fluorescent lamps (“CFLs”) that save around 20 MW of capacity at peak hours to promote energy efficiency in line with the Economic Development Poverty Reduction Strategy objectives of the Government of Rwanda. Additionally, he contributed to the review and development of a comprehensive least cost expansion plan for electricity supply (generation, transmission and distribution) taking into account the important changes such as sector restructuring, private sector participation, accelerated electrification scheme and privatization. Currently, with the Rwandan energy sector he is the team leader for a five-year strategic energy development activity (through 2017). He has also been involved in product development and market- building activities for the growing cook stoves industry – rural and urban – in Rwanda.
Rural electrification is an important area of pursuit for Dr. Lujara. With the Tanzania Electric Supply Company, he has played an active role in planning work for grid infrastructure expansion and in review, rationalization and restructuring of the company’s electric tariff rate. He also has experience in the coordination of energy sector activities related to the management of distributed generation resources (solar, wind, geothermal, biogas, hydro and traditional sources as well). Dr. Lujara has a Ph.D. in Electrical Engineering and is a member of Tanzania’s Institution of Engineers. He is fluent in English and Kiswahili.



Richard Kiggundu, Country Representative for Uganda has over eight years working experience in clean energy policy development and analysis as well as experience in conducting clean energy projects due diligence, development and financing. He has completed a number of clean energy project management and research based studies for public and development organizations that included GIZ, AFD, GVEP International, UNACC, Project GAIA, the African Development Bank (AfDB) and the Ministry of Energy and Mineral Development that involved comprehensive reviews of the energy policies, laws and regulatory frameworks for the energy industry for both Uganda and Rwanda. He also participated in the development of energy efficiency regulatory frameworks for Uganda. He has engaged extensively with stakeholders in the public and private sector including clean energy project developers as well as development partners during his past assignments. Richard has broad project management experience having provided project management and oversight for the development of energy efficiency standards and policies as well as managing projects that promoted the dissemination of renewable energy technologies in educational institutions. He graduated with a M.Sc. degree in Energy and Environmental Technology and Economics with Distinction from City University, London acquiring skills in the development and analysis of energy and environmental policies as well as management of natural resources.



Koye Alaba, Transaction Advisory Associate/Country Representative for Nigeria, joined GreenMax in 2016 as a Financial Analyst where he supports all transaction Advisory activities in the firm. He currently assists with financial modeling and analysis to support transaction advisory engagements for sustainable and clean energy power infrastructure projects in sub-Saharan Africa and other emerging markets across Europe and Latin America. He also conducts research and analysis on energy efficiency and renewable energy projects in emerging markets, with a focus on countries in Sub-Saharan Africa.
Prior to joining GreenMax, Koye was an Energy Analyst at Xzerta Energy group for two years where he developed models and carried out Cash flow, Sensitivity and Scenario Analyses for sustainability related projects. He also reviewed project documents and contracts as part of due diligence processes for solar, biogas, controlled environment agriculture and aquaculture project finance deals.
Koye is a LEED Green Associate, a licensed Project Manager (PMI) and a Multifamily Building Analyst Professional. He graduated from the University of Rochester with a M.Sc. in Technical Entrepreneurship and Management in 2013, and a B.Sc. in Civil Engineering from the University of Lagos in Nigeria in 2010. He is fluent in English and Yoruba.

Ifechukwude Uwajeh, Deputy Director, Africa Transaction Advisory, is an experienced Energy Specialist and Process Engineer with on-grid and off-grid financed power infrastructure development expertise with project portfolios up to US$1.2 billion. He has proven project management and contract negotiation skills with Agreements such as EPC, O&M, PPA, JDA, Gas Supply etc ranging in value from US$80mn to over US$600mn. He has significant experience in stakeholder engagement with key members of government agencies, international financiers, EPC contractors, private equity parties, etc. He served four years as Head of the Energy Projects Office for Zuma Energy, a Nigerian developer of coal and gas fired thermal power plants and has spent the past year as an independent energy consultant working on feasibility studies and financial modeling for wind energy and off grid power projects. He has managed technical, commercial and financial teams in negotiating EPC, O&M, PPA, Joint Development and Gas Supply agreements and has prepared projects for non-recourse financing and underlying risk mitigation packages.



Matlhogonolo Sebate, GreenMax Country Representative for Botswana, is the Founder and Managing Director of Afrivestment Capital (Pty) Ltd. and a Principal of Afrivestment Health (Pty) Ltd. Matlhogonolo advises clients on a wide range of projects with a focus on energy issues. He applies sound theoretical frameworks, methods and techniques to solve contemporary development finance problems and offer sustainable investment solutions. Matlhogonolo manages client relationships in the areas of actuarial, research, process reviews, strategic facilitation and financial advisory in Botswana and South Africa.
Prior to GreenMax, Matlhogonolo conducted statistical analysis to optimize pricing and minimize financial pricing risk, pricing and economic analysis of new and existing financial product offerings with Sebatech Finance. He has also implemented, tested and rolled out price changes across different markets and financial offers. Matlhogonolo has a B.A. in Social Sciences with majors in economics and statistics and a M.A. in Development Finance with a dissertation on liquidity and efficiency in the bonds market of Botswana. He is fluent in English and Setswana.



Teddie Mwale, Country Representative for Zambia is a utility economist and energy management specialist with vast experience within the Southern Africa environment and beyond. Teddie has 35 years’ experience in the energy and infrastructure sector, out of which 26 years were in the public sector. He has had long experience with the Zambia major electrical utility ZESCO where he served in different portfolios including that of Director Customer Services before retiring in 2009. He has been involved in the bulk supply market of power between the national utility and other large customers, including export and mining customers. He has been involved in various studies in the power sector as a counterpart to international consultants. He is well versed with industry regulation, markets and pricing methodologies. He has acquired a lot of knowledge, experience and deep understanding of the local and regional power markets. He has been associated with the power sector since the 1980’s during which he received formal training and acquired practical experience in energy economics, policy development, electricity pricing and utility regulation. He also had a lot of interactions with the water sector in the areas of revenue management and distribution loss reduction strategies.
Since leaving ZESCO, Teddie has been working as an independent energy consultant. He is involved in feasibility studies with investors on energy development projects, financial modelling, tariff development, utility regulation, electricity access, energy efficiency and due diligence work for prospective investors. He is currently engaged with various investors in the power sector advising them on commercial, economic and financial matters. He also works with international consulting firms as local expert.
Teddie Mwale obtained a Bachelor of Arts degree in Economics and Business Administration from the University of Zambia in 1982. He has a post-graduate diploma in Economics of Energy and Development from the University of Surrey-UK which he obtained in 1988. He has also attended various courses in tariffs development, utility regulation, business strategy and change management.



Abdishakur M. Ahmed, Somalia Country Expert Co-Founded SomLite, an off-grid solar product financing and distribution company that focuses on rural communities in Somaliland and Somalia. He led the execution of an IRB-certified market research survey to understand energy consumption patterns in local households. As part of this initiative, he successfully launched SomLite's activities in 2014. He has many years of experience working in the energy sector and other infrastructure projects in the Somali regions. He began his career as the project coordinator for a US $4.5MM initiative to upgrade the largest airport in Somaliland, in which he managed relationships between the Chinese, Kuwaiti, and Somali stakeholders. Later, he was the Business Development Officer for SomPower, Somaliland’s largest power utility. Abdishakur was one of 100 Young Global Changers selected by Think 20 GLOBAL SOLUTIONS, a sister event of the G20 Summit in Hamburg, Germany to provide research-based solution proposals to the G20 Summit. He is also an Ambassador at the One Young World, a UK-based non-for-profit organization that gathers young leaders from around the world to develop solutions to the world’s most pressing issues. Abdishakur graduated with a B.A. in Financial Management from Abaarso Tech University and an M.Sc. in Engineering Management from Gollis University.


Sustainable Energy Finance Advisory Team

John MacLean, Senior Associate (based in Olympia, WA). John MacLean’s background is investment banking in municipal and project finance for energy and environmental projects. John has 32 years commercial finance experience with a wide range of investment structures for senior debt, municipal bond, leasing, factoring, subordinated debt, guarantees, project equity and corporate equity transactions and has worked on financing energy efficiency projects and companies throughout his career. His clients have included commercial and development financial institutions, energy services companies, utilities, public agencies and state and local governments on project development, procurement and finance assignments.
From 1995-2009, John worked mainly internationally as a financial advisor with the International Finance Corp., World Bank, Asian Development Bank, United Nations Environment Program and others to develop, structure and implement energy efficiency (EE) and renewable energy (RE) investments and finance programs and transactions in emerging market countries including Argentina, Mexico, El Salvador, Peru, Poland, Hungary, Croatia, Czech Republic, Slovakia, Latvia, Estonia, Lithuania, Romania, Russia, Ukraine, Egypt, Ghana, Senegal, India, China, Thailand, Vietnam, the Philippines and South Africa. The last four years his work has focused on structuring and arranging financing for EE project investments and designing and implementing EE development finance programs in the US, working with EE companies, contractors and project developers, State and local governments, the US Department of Energy, the National Governors Association, electric utilities and financial institutions.
Current/recent work also include international assignments in China, Bangladesh, South Africa, Vietnam and Nicaragua on EE and RE finance.
Mr. MacLean received his B.A. in Economics from Yale University in 1980 and has done graduate work in development economics and public finance. From 1988-90 he served on the Board and chaired the Fundraising Committee of the Boston Community Loan Fund. From 1992-1994 he served on the Board of Supervisors and chaired the Finance Committee of the Windham County (VT) Solid Waste Management District. From 1992-97, Mr. MacLean was an adjunct faculty member at Antioch New England Graduate School in Keene, NH and Seattle, WA teaching courses in macro and sustainable economics, and taught sustainable economics at Evergreen State College (Olympia, WA) and Bainbridge Graduate Institute (Bainbridge Island, WA) (2008-2011). Mr. MacLean also speaks, reads and conducts business in Spanish. Mr. MacLean currently serves as the Board President for the South Sound Community Farm Land Trust.

Maxim Titov, Senior Associate (based in St. Petersburg, Russia). Maxim Titov is a clean energy finance professional with 13 years of experience managing IFC’s sustainable energy finance programs in Eastern Europe, Central Asia, the Middle East and North Africa. Maxim has a successful track record designing SEF programs for financial institutions, trainings for bankers, effective advocacy, and marketing and communication campaigns. He currently works as an independent consultant advising major development finance institutions such as GIZ and NEFCO on mainstreaming energy efficiency finance in emerging markets and consulting for Russian governmental agencies on capacity development of financial institutions.
From 2003 to 2015, Maxim worked in various advisory and leadership roles as a Sustainable Energy Finance expert for IFC. In 2005, he led a multi-disciplinary team servicing client banks in Russia and reviewed draft federal legislation on energy savings and energy efficiency. Next, Maxim served as Deputy Program Manager of the Russia Sustainable Energy Finance Program, where he assisted with program implementation, staffing, reporting, and budgeting. As a Program Manager for the Sustainable Energy Finance Program of Europe and Central Asia, Maxim led and facilitated strategic energy efficiency advocacy, marketing and outreach campaigns through collaboration with private investors, state institutions, media agencies, and other key stakeholders to initiate a new capacity building program for financial institutions in the region. Shortly thereafter, Maxim served as Program Head of the Sustainable Energy Finance Program to initiate and develop SEF projects in Jordan, Lebanon, Morocco, and Pakistan. In this capacity, Maxim advised financial institutions on capacity development for energy efficiency finance and trained over 300 loan officers from five banks.

Pavol Vajda, Senior Associate (based in Bratislava, Slovakia). Pavol is a clean energy finance specialist with 32 years of experience in private sector development, investment banking and sustainable energy finance and project development in emerging markets worldwide. Pavol spent 16 years managing sustainable energy finance assignments for IFC throughout Europe and Asia, focusing on development, management, implementation, monitoring and evaluation of SEF projects and programs. From 2002 to 2008 Pavol managed comprehensive SEF programs in six European countries (Czech Republic, Estonia, Hungary, Latvia, Lithuania, and Slovakia) and SEF projects in Serbia, Bosnia and Herzegovina, the Philippines, the Marshall Islands, and Vanuatu. From 2009 to 2014, he managed a portfolio of 10 sustainable energy finance projects/programs in India, Bangladesh, Sri Lanka, the Maldives and Nepal. Since 2014, Pavol has provided SEF consulting services to private and public sector clients worldwide.
Throughout his career, Pavol has worked with more than 25 financial intermediaries, mostly commercial banks and leasing companies, helping them to design sustainable energy strategies and programs, to identify market opportunities, to develop financial products according to market needs and to scale-up their lending for EE and RE projects. He has extensive experience in the design and implementation of financial instruments including dedicated credit lines, specialized funds, forfeiting, partial guarantees, first loss guarantees, portfolio guarantees, credit insurance, quasi-equity or mezzanine financing and project finance. The above products were used either as blended financial instruments, partially utilizing donor-funding support, or as fully commercial instruments based on market pricing. Pavol has also helped financial intermediaries assess the GHG impact of their EE/RE portfolios, developed monitoring, reporting and evaluation frameworks, summarized lessons learned, and implemented knowledge management and capacity building activities.
Pavol has worked together with multiple bilateral and multilateral institutions including GEF, CIF, EU, UNDP, DFID, World Bank, ADB, NORAD, and DANIDA, as well as leading corporate financial, and consulting companies in the private sector.
Pavol graduated from the City University of Seattle in 1998 with an M.B.A., received a M.Sc. in Chemical Engineering from Slovak University of Technology in 1983, and has completed a post-graduate study of Economics and Management in Energy Sector at ENI Corporate University in 1990 He is fluent in Slovak, English and Czech, and has good working proficiency in German, Russian and Italian.


Tariff & Regulatory Team

Dr. William Kwasi Gboney – Senior Energy Economist/Tariff Specialist, GreenMax Capital Advisors, Senior Associate (based in Accra, Ghana). Dr. Gboney leads GreenMax’s energy economics and tariff development practice. Currently he is engaged to design the steam tariff to be deployed by Kenya’s Geothermal Development Company for the sale of steam to IPPs for the next 300 MW of geothermal power production at the Menengai prospect. He is also advising on the regulatory, PPA negotiation and grid connection aspects of the solar PV projects GreenMax is supporting in Ghana.
William is an energy and regulatory economist and power engineer with 25 years experience in the economic regulation of utility companies and in power plant operations, with specific expertise in econometric, financial and tariff modeling. He is also an expert in the application of empirical techniques for utility performance benchmarking. From 1987 to 1999, William worked with the Volta River Authority, a power utility in Ghana, as a power plant engineer. Between 1999 and 2006, he was the Director for Technical Operations & Regulatory Economics at the Public Utilities Regulatory Commission (PURC) in Accra, Ghana. Since 2006, William has been the Chief Executive Officer of the International Institute of Infrastructural Economics & Management (I3EM), based in Ghana. He is also currently serving as the Technical Coordinator for the African Forum for Utility Regulators (AFUR), which is based in Pretoria, South Africa.
Since 2006, Dr. Gboney has undertaken a number of technical and tariff studies and also organized training programs for power utilities and regulatory agencies in Africa, where he has served as a key resource person. He was a member of the technical team that carried out studies on the European Commission-funded project on Power Market Structures and Models in ten African countries, for the African Forum for Utility Regulators (AFUR). He was also a member of the team that undertook a diagnostic assessment of the capacity building needs of power sector stakeholders in Sub-Saharan Africa. This was an African Development Bank funded project, which aimed to promote regional power inter-connection and trade by building the capacity of power pools, regional and national regulators, and utility companies throughout Sub-Saharan Africa.
William holds a B.Sc. (Honors) in Mechanical Engineering, M.Sc. in Economic Regulation & Competition, MBA in Finance and Ph.D. in Economics. He is a member of the American Society of Mechanical Engineers (ASME) and a Member of Ghana Institution of Engineers (MGhIE).

Mtutuzeli Benya – Senior Tariff and Regulatory Advisor, GreenMax Capital Advisors, Senior Associate (based in Johannesburg, South Africa). Mtutuzeli Benya has 33 years experience in accounting, finance, consulting, due diligence, forensic audits, project management and economic regulation/regulatory research for Greenfields projects. He also has experience as a Director/Senior Manager for Regulator Analysis and tariff development studies. He has worked in Nigeria, Lesotho, his home country South Africa, and in Namibia.
Most recently, he served as a Power Advisor to Adam Smith International in Nigeria where he developed the Regulatory Strategy for the Power Holding Company of Nigeria (PHCN) to address the sector risks on restructuring of electricity supply industry in Nigeria on how utilities should interface with the sector Regulator. In this same capacity, Mtutu developed the industry submission for the Market Operator in Nigeria for the first Annual Review of Generation Prices, Transmission Use of Service (TUoS) Charges and Retail Tariffs under the five year Multi-Year Tariff Order (MYTO) and assisted the utilities to respond to the regulations of the sector regulator. He also developed regulatory skills manuals for the eleven regional electricity distributors of Nigeria and conducted training based on regulatory skills needs analysis. From 2002 – 2015, Mtutu gained a strong foundation in economic regulation of the following infrastructural sectors:
• Corporate Planning & Consumer Affairs: training on the developing budget planning process, deriving the sustainable revenue requirement levels, and submitting utility tariff applications;
• Economic Regulation: developing and controlling the implementation of policy, procedures and standards for pricing and tariffs; determining appropriate tariff structures and pricing levels for utilities and evaluating the efficiency of their financial operations; development of regulatory frameworks on which price levels are derived including tariff setting;
• Financial and Administrative: providing financial compliance supervision to licensed companies; providing general financial information for the sector tariff regulation; Develop Regulatory Accounting Guidelines (RAGs).
Mtutu earned a M.Sc. in Finance from the University of Strathclyde, UK in 1992, and Bachelors in Communications from the University of South Africa in 1990. He is fluent in English, Xhosa and Zulu.

Robert Opini – Regulatory Accounting, Pricing and Tariff Expert, GreenMax Capital Advisors, Senior Associate (based in Nairobi, Kenya). Robert Opini has 23 years of experience in providing technical support to RE/EE projects on pricing and regulatory matters. He currently serves as the Senior Advisor to the CEO of the NEPAD Business Foundation in South Africa where he leads and co-ordinates initiatives to replicate and transfer lessons learned/best practices from South Africa’s successful Renewable Energy Independent Power Producers Procurement Program (REIPPPP) to the rest of Africa, starting with two flagship projects in SADC. In this capacity, Robert also operationalized the Africa Investment and Integration Desk (AVID) Program to bridge the Africa infrastructure funding gap of $93billion per annum; AVID is the first of its kind practical initiative that will accelerate the development of projects from concept to bankability, with dual outcomes of becoming a source of a steady flow of projects pipeline for the financiers as well as advancing Africa’s socio-economic development. Prior to this current engagement, Robert provided technical assistance to AECOM International as a subcontractor, where he developed funding models and business plans for investments in Malawi totaling about $22.3million dollars for the following:
• Funding Model for 36 rural aggregation warehousing - $4.6million investment;
• Business Plan and Financial Plan/Model for urban Agro-Processing Complex- $17.7million investment. These investments have attracted funding from European Investment Bank (EIB) and the French Development Bank (AFD)
Robert graduated with an MBA in Management from McGill University in 2000. He also received the CPA (Strathmore College of Accountancy) and Chartered Management Accountant certificates Chartered Institute of Management Accountants) in 1993 and 2000 respectively, and a Bachelors of Education (Mathematics and Geography) from Moi University in 1990. He is fluent in English and Swahili.


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