Corporate profile

1. CORPORATE PRESENTATION
October 2014
Lead Transaction Advisor: Winner:

2. Executive Summary
• (need to find pictures of gmx projects… in the dropbox folder?)
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3. Projects executed successfully across four continents
WIND SOLAR
GEOTHERMAL SMALL
HYDRO
CHP and
Gas
BIOMASS/
WTE
Europe USA Africa Latin America
SectorsCLEAN ENERGY FOCUS WITH EXTENSIVE PROJECT EXPERIENCE
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Expertise across a range of Clean Energy technologies

4. KIGALI, Rwanda
GLOBAL TEAM
Represented in 16 countries -EUROPE,AMERICAS,AFRICA. Experience in 55 countries globally
since 1994
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New York, USA
SANTIAGO, Chile
BOGOTA, Colombia
WARSAW, Poland
LAGOS, Nigeria
ACCRA, Ghana
ADDIS ABABA Ethiopia
NAIROBI, Kenya
DAR ES SALAAM, Tanzania
MILAN, Italy
ISTANBUL, Turkey
ZAGREB, Croatia
PRISTINA, Kosovo

5. SOLAR: USA, BULGARIA, ROMANIA, CZECH REP, ITALY, UGANDA, KENYA, GHANA,
NIGERIA,SENEGAL, BENIN, CHILE
WIND: POLAND, ESTONIA, TURKEY, KENYA, PANAMA, DOMINICAN REPUBLIC, DOMINICA
CHP: POLAND, UKRAINE, MOLDOVA, SPAIN, COLOMBIA, USA
BIO/WTE: UKRAINE, POLAND, CZECH REP, SLOVAKIA, NIGERIA, COLOMBIA, KENYA, NIGERIA
HYDRO: CZECH REP, SLOVAKIA, RWANDA, KENYA,TANZANIA
GEOTHERMAL: RWANDA, KENYA, TANZANIA, ETHIOPIA, UGANDA, TURKEY, CHILE, PERU, DOMINICA,
ST. KITTS & NEVIS
RENEWABLES: Raised USD 2 B+ in international debt from MDIs, Commercial
Lenders and Export Credit agencies.
ENERGY EFFICIENCY: Launched Financing Facilities leveraging more than USD 1 B in
EE investments in 15 countries
Mission
TO BE THE PREMIER BOUTIQUE GREEN ENERGY FINANCE ADVISORY
SERVING EMERGING MARKETS
PERFORMANCE TRACK RECORD IN FINANCE
Corporate Finance:
M&A experience
Project Finance
experience
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6. OUR SERVICE OFFERINGS
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7. Project Equity-Working relationships with investment funds and
strategic investors targeting RE and EE projects around the globe.
Project Debt-Strong relationships with multilateral development
banks, commercial lenders, export credit agencies
Extensive network of contacts with investment funds, strategic
investors, project developers, technology companies and energy
services providers
Project Finance
Corporate- M&A
CORPORATE AND PROJECT FINANCE
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8. Entry to CEE
Solar Market
Acquisition
of Greek
solar parks
Sale of Italy
solar parks
Acquire Italy
solar parks
Acquire
Romania
solar parks
Acquire
Romania
solar parks
Acquisition
of USA solar
parks
Acquire Italy
solar parks
Acquisition
of Bulgaria
solar parks
Acquire Italy
solar parks
Acquisition
of Italy
solar parks
Acquire
Bulgaria solar
parks
Acquire
Bulgaria solar
parks
Acquisition
of Bulgaria
solar parks
Acquisition
of Italy
solar parks
Acquire
Bulgaria solar
parks
Acquire Italy
solar parks Acquire USA
solar parks
SOLAR ENERGY
PARTNERS Limited
Solar Infrastructure
Investment Specialists
CORPORATE FINANCE-M&A
European &
American
Projects
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9. Identify Wind
projects in CZ
+ SK
CEE Wind
energy
investments
Acquisition
of Hungary
wind project
Renewable
energy sector
investments
Entry to
Polish wind
market
Acquire
Polish wind
projects
CEE landfill
gas projects
carbon trades
Acquisition
of Polish
CHP
Acquire
Bulgaria
Wind Projects
Acquisition
of Polish
CHP
Acquire
Turkish wind
projects
Acquire
Polish wind
projects
Entry to
Baltic region
wind market
Polish
BioPellet
Plant
Sale of
Romanian
wind project
Grant Funding
for RDF Pellet
Facility
Sumy, Ukraine
Electricom
Sale of
Romanian
wind farms
Acquire
Bosnian
Small Hydro
CORPORATE FINANCE-M&A
European
Projects
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10. PROJECT FINANCE-DEBT & EQUITY
6 MW
SVEP wind
farm
in CZ
FITMIN
Company
Biomass
Boilers in CZ
2 MW
Libocany
Weir, CZ
Small Hydro
Snina,
SK
District
Heating
BOT
Poland
Power
Company
Devinska
Nova Ves, SK
District
Heating
Forfaiting of
ESCO
receivables
in CZ
BOSS Company
wood
gasification
boilers in CZ
Trade Credit
Financing for
90 MW SOMA
wind farm
SVIT-M Ltd
USTDA Project
Development
Grant for RDF
pellet facility
Sumy, Ukraine
European
Projects
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11. Financial structuring of energy sector transactions
Financing facilities design
Design and launch of EE and RE financial products:
• Credit enhancement and loan guarantee programs
• Vendor financing programs and multi-project
framework facilities
• Mezzanine, subordination and quasi equity
instruments
FINANCIAL ADVISORY
Cross-Border, International finance support
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12. Government of Ukraine
$500M U.S. EXIM
financing + export
management of medical
equipment
Current
Double W Group
$12 Million U.S. EXIM
financing of equipment
for the Radisson Hotel
Kiev, Ukraine
Current
PA Yuzhmash
$80 Million U.S.EXIM
financing for a wind
tower production facility
2008
UkrGasProduction
$150 million US EXIM
Financing for pipeline
equipment
2006
UkrKosmos
$125 million US EXIM
export financing of
telecom equipment
2009
Sea Launch
$107 million US EXIM
Financing for satellite
equipment
2004
FINANCIAL ADVISORY: CROSS-BORDER, INTERNATIONAL FINANCE SUPPORT
US EXIMBANK
FINANCING
Partnership
with
Broad Street
Capital Group
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13. Train Hungary
Credit Dept for
RES
Launched EE
Guarantee
Fund
Design RES
credit line for
SMEs in CZ
Launched
Estonia Block
House EE
Financing
Facility
Launched
Hungary Block
House EE
Financing
Facility
Launched
Montenegro EE
Credit Line at
Opportunity
Bank
Credit Facility
for Municipal
Building EE
Launched
Block
House
EE
credit lines
FINANCIAL ADVISORY: FINANCING FACILITY DESIGN, FINANCIAL PRODUCT LAUNCHES
European
Projects
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14. Low Income
Multifamily EE
Financing
Mechanisms
Poland
Design for
Building EE
Financing
Mechanisms in
Kosovo
Design for
Municipal EE
Financing
Mechanisms in
Ukraine
Best Practices
for Multifamily
EE Finance in
Eastern Europe
Countries
Design for EE
Loan Facility
with Partner
MFI in Bosnia
+ Herzegovina
Advisor for
launch of
Multifamily EE
Loan Fund,
Northeast USA
Design for
Multifamily EE
Financing
Mechanisms in
Armenia
Lessons
learned from
EE Finance
programs in
Europe
FINANCIAL ADVISORY: FINANCING FACILITY DESIGN
European
Projects
USA
Projects
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15. Design of the
GeoFund
Investment
Window for
Eastern Europe
and Caucasus
Block House EE
Finance
Facilities in
Romania,
Hungary,
Ukraine
Market Study
Business Plan
and Design of
the SEE Green
for Growth
Fund
Design + TA
for Poland EE
Loan Guarantee
Fund
Design of a
pilot project
Hospital EE
Financing
Facility in
Poland
Quasi Equity
Facility for SME
Renewable
Energy in
Eastern Europe
Design + TA for
Central
European EE
Loan Guarantee
Fund
ESCO financing
analysis for
Warsaw
Technical
University
FINANCIAL ADVISORY: FINANCING FACILITY DESIGN AND FINANCIAL PRODUCTS LAUNCH
European
Projects
Blockhouse EE
Financing
Mechanisms for
Russia
Municipal ESCO
projects
pipeline for
Croatia
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16. Entry to New Country Markets
Review of Regulatory Frameworks
Risk Assessments
Selection of Optimal RES Sub-Sectors
Identification of Acquisition Targets
STRATEGIC ADVISORY
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17. •When Neo Energia, the RES subsidiary of Electricite de Portugal
wanted to enter the Polish market in 2006 they turned to
GreenMax.
•We prepared a comprehensive review of the regulatory framework
and permitting process, reviewed main local and international
players already on the market, projected an achievable market
share for Neo Energia and developed a market entry strategy.
•As a result, in Q1 2007, EdP acquired Relax Energy, with a portfolio
of more than 1,700MW under development.
Supported initial entry of
NEO Energia,
to Polish wind market resulting
in acquisition of Relax Energy
EXAMPLE- STRATEGIC ADVISORY AND M&A
European
Projects
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18. •The publicly traded Spanish renewable energy company FERSA asked
GreenMax to support them to expand to Eastern Europe in 2008.
•With FERSA seeking a strong position in new country markets,
GreenMax recommended Estonia where we demonstrated an approach
for FERSA to achieve a one third market share.
•As a result in Q2 2008, FERSA acquired EastWind, the most advanced
wind developer in Estonia. GreenMax continued to provide support,
arranging project financing from IFC and Hansa Bank for EastWind's
first 57MW wind farm project.
Led
FERSA Renovables
team to acquire EastWind,
Estonia
EXAMPLE- STRATEGIC ADVISORY AND M&A
European
Projects
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19. •The largest Private Equity Fund dedicated solely to Eastern Europe, with
over Euro 3 billion in assets under management, MEP called on
GreenMax in 2009 to develop an investment strategy focused on
renewable energy projects.
•We analyzed regulatory frameworks and market potential for wind and
solar PV in Poland, Romania, Bulgaria, Turkey, Ukraine and the West
Balkans to arrive at a focus for MEP.
•In April 2010 MEP acquired a controlling interest in Energy 21, the
largest Czech solar PV developer with over 20MW in operating capacity
and a regional portfolio of more than 100MW under development.
Advised
Mid Europa Partners
on investment to an Eastern
European RE venture
EXAMPLE- STRATEGIC ADVISORY AND M&A
European
Projects
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20. EPC and O&M
contracts,
Equipment
Procurement
Tariff
Applications,
Permitting and
Environmental
Review
Energy Off-
take
Agreements
Emissions
Trading and RE
Certificates
Project
Business
Plans
Feasibility
Analyses +
Economic
Modeling
Detailed Due
Diligence
Market
analysis and
Regulatory
review
PROJECT DEVELOPMENT SERVICE
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21. EXTENSIVE EXPERIENCE IN LATIN AMERICA AND AFRICA
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22. Financial Advisory
Corporate and Project
Finance
Strategic Advisory
Project Development
Services
GREENMAX IN LATIN AMERICA + AFRICA
Due to complexity of
these markets, GreenMax
offers turn key Concept to
Commissioning support
for projects in Africa and
Latin America.
Turnkey, project specific service offerings
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23. • GreenMax, in partnership with Geologica, Sichangi Partners Advocates and True
North Kenya, is providing an interdisciplinary team of financial, legal and
technical specialists to prepare the Menengai project for investment and
implementation.
• GDC is the state owned company charged with managing development of
Kenya’s geothermal resources. GDC undertakes exploration and plans to
manage the steam field exploitation, selling steam to private IPPs.
• As part of the first phase at Menengai, GDC is targeting 300MW to be
operational in 2017.
• GreenMax will confirm the resource and environmental management plans,
design viable steam sales and electricity sales tariffs, advise on a workable
organizational and financing structure and promote the opportunity to private
IPP investors.
Lead Transaction Advisor to Kenya’s
Geothermal Development Company (“GDC”)
for the 300MW Menengai Geothermal Power Project
(2013-Ongoing Assignment)
GEOTHERMAL FINANCIAL ADVISORY & PROJECT DEVELOPMENT SERVICES
GDC MENENGAI GEOTHERMAL POWER PROJECT
African
Projects
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24. GEOTHERMAL FINANCIAL ADVISORY & PROJECT DEVELOPMENT SERVICES
AKIIRA ONE LTD. GEOTHERMAL POWER PROJECT
Akiira One Ltd. (“AOL”), a company solely dedicated to the development
of the geothermal project at Akiira, was first established by a Kenyan
clean energy development company as a joint venture with the US
geothermal developer Ram Energy Inc. AOL is one of the first clean
energy project developers in Kenya to obtain a concession for the
preparation of a geothermal energy project without government financial
support in early stage exploration.
GreenMax, procured a $950,000 services package provided at no cost
from the US Overseas Private Investment Corporation (“US OPIC”) Africa
Clean Energy Facility (“ACEF”), one of the Power Africa programs
sponsored by the US Government, for AOL to support the final stages of
project preparation for a 40MW geothermal energy project in Kenya.
The planned project will be:
• Constructed on land concessioned to AOL adjacent to the Olkaria
geothermal fields, less than 100km outside of Nairobi. A first phase of
40MW will be followed by additional generation capacity totaling
140MW; and
• Facilitated by the OPIC funding to pay for a highly qualified set of
international and Kenyan consultants to perform the final technical and
legal work necessary to commence drilling for the geothermal resource
early next year.
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25. GEOTHERMAL FINANCIAL ADVISORY & PROJECT DEVELOPMENT SERVICES
PRESS COVERAGE
Robert Bunyi CEO of AOL, stated: “This grant is a major step in the
implementation of the first fully commercially developed geothermal project in
Kenya.
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26. SB SPUMANTI
Hanel Power LTD
NIGERIA:
Development
funding for 2
MW rooftop
solar plant
Lagos
KENYA:
Development
funding for 25
MW Ngong
Hills Wind
Farm
KENYA:
Development
funding for 10
MW Ngong
Hills Solar Park
M
Madhvani International
UGANDA:
Development
Funding for
23MW Bagasse
Cogen at
Kakira Sugar
Madhvani International
UGANDA:
Development
Advisory for
30MW Peat
Fired power
plant in Kabale
H
NIGERIA:
Development
funding for 60
MW WTE Plant
in Lagos
Solar Energy
Uganda Ltd
UGANDA:
Working
capital for PV
installation
company
PROJECT FINANCE & PROJECT DEVELOPMENT SERVICES
African
Projects
KENYA:
40 MW
Geothermal
project
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27. NIGERIA:
6 MW Hybrid CSP–
Biomass power
plant and 45 MW
CCGT project
H
GHANA:
Development +
implementation
funding for a
100MW solar PV
plant
Nigeria:
60 MW WTE
Project
SBS-Hanel Power
Limited (SBSHPL)
NIGERIA:
Development +
implementation
funding for LUTH
6MW gas power
plant
PROJECT FINANCE & PROJECT DEVELOPMENT SERVICES
African
Projects NIGERIA:
Development +
Funding of a 50
MW Solar PV
Project
KENYA:
40 MW Solar PV
plant
OSD Projects
Limited
NIGERIA:
Development +
Funding of a 12
MW Natural Gas
Power project
BENIN:
Project
Development
support for 100 MW
Solar PV Project
TFI POWER
LTD
GHANA:
Financing and
development of
a 60 MW Solar
PV Project
RUCO Energy
RWANDA:
Financing for a
10 - 12 MW Small
Hydro Project
SB SPUMONTI
2-3 MW Solar PV
Rooftop project,
Nigeria
25 MW Wind
energy project,
Kenya
Kenya:
300 MW phase of
Menengai
Geothermal project
10 MW Solar PV
plant in Ngong
Hills, Kenya
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28. PROJECT FINANCE & PROJECT DEVELOPMENT SERVICES
Design of
RESSEE
Financing
Facility, Chile
RE & EE Training
Seminar &
Technical
Support, Chile
Geothermal
Market &
Financial
Advisory,
Chile and Peru
Geothermal
Market
Assessment,
Caribbean
WTE Market
Assessment for
Chile and
Colombia
Latin-
American
Projects
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29. TANZANIA:
Grant funding
for TA at
EWURA on
PPAs + tariffs
for IPPs
TANZANIA:
Market
Intelligence
Report for
Lighting Africa
launch in TZ
KENYA:
Review of
small hydro
project
development
portfolio
UGANDA:
Grant funding
for TA at
Ministry of
Energy on
Biofuels Plan
UGANDA:
Review of
Rural
Electrification
Cooperatives
Strategy
H
KENYA:
Grant funding
for TA at KTDA
on small hydro
development
RWANDA:
Development
funding 10MW
Rukarara+27MW
Nyaborongo
Hydro Plants
EAST AFRICA
Geothermal
Market +
Finance
Assessment
FINANCIAL ADVISORY: FINANCING FACILITY DESIGN AND GRANT FUNDING SUPPORT
African
Projects
H
RWANDA:
2.4 MW Small
Hydro power
plant
MACHINOFABRIK
NIGERIA:
1000 MW Clean
Coal power plant
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30. CHILE + PERU:
Geothermal
Market Risk +
Financing
Analysis
ARGENTINA:
Design of the
National
Energy
Efficiency Fund
COLOMBIA +
CHILE : Waste
to Energy
Market Review
+ Project DD
PANAMA +
DOM. REP.
Assessment of
Wind Project
Investment
Opportunities
CHILE:
Codelco
Copper
Industrial Heat
Recovery
Project DD
CHILE +
ECUADOR
Assessment of
Solar PV
Investment
Opportunities
CHILE:
Sustainable
Energy Finance
Training
Workshops
DOM. REP
Wind Energy
Market
Assessment +
Project DD
FINANCIAL & STRATEGIC ADVISORY
Latin
American
Projects
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31. Clifford J. Aron, Founder & President
 30+ years’ experience in sustainable energy; 18+ in
emerging markets
 Advisor to IFC, the WB, EIB, KfW, EBRD, USTDA, US OPIC
 Advisor to private investors + commercial banks
 Pioneer of ESCO industry in USA
 Founding President NY Energy Efficiency Council
 Director of Energy + Economic Development NYC
 Environmental lobbyist
 Congressional aide on EE policy
Jacek Kostrzewa, Co-Founder
 25 + years EE + RES experience
 Specialist in project finance, biofuels technology, wind energy,
solar PV, CHP + EE policy and analysis
 Assignments for EFSE, IFC, World Bank
 President of largest biofuels trader in Poland
 Manager, EC PHARE Multi-country Energy Program Unit in
13 East European countries
 Business Development Director, National Power in Poland
 Founder of the Polish Foundation for Energy Efficiency
THE TEAM: FOUNDING PRINCIPALS
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32. Cemal Parlak
Manager, Turkey and the Caucasus
 Worked in development and financing of energy projects in
Turkey for over eight years.
 Worked across range of Clean Energy technologies
 Expertise in strategic advisory for Energy Efficiency(EE)
upgrades particularly in large industrial facilities
 Has developed bankable reports for financing of
Sustainable Energy investments in the industrial sector
Dr. Albert Butare
Manager East Africa
 20+ years’ experience in energy, technology and RE
 Former Minister of State,Infrastructure:Republic of
Rwanda.
 CEO of Africa Energy Services Group Ltd.
 Vice Chancellor of the Academic Deputy of the Kigali
Institute Science and Technology (KIST);
 Expertise in high-level public sector policy, project
development and implementation including engineering
Dr. Vedran Uran
Manager, West Balkans
Prepared and updated country energy profiles of various eastern europe countries.
Managed the first comprehensive ESCO project in Eastern Europe.
Published over 40 scientific,professional articles in the fields of EE, RE,Energy policy & economics
8+ years’ of experience in the RE and EE with functional finance and engineering experience.
Andres Roi Riedel
Manager LATAM
Served as president of WBCO S.A; Former Chairman of the ULI Chile Country Council.
Chairman of the ULI South America Council
Former General director of the development of Parque Bicentenario in Vitacura-Santiag
Directed several urban and real estate studies; currently director of ROI&ASOC;
Expert in advisory on RE projects and investments, architecture, landscaping, urban design,
urban & regional planning and real estate analysis
Dr. Akinpelu Cornelius Shogunle
Manager West Africa
+30 years’ experience in development and imlementation of energy integration strategies
Experience in system planning and engineering design for generation, transmission & distribution
Engineering designs and technical specifications for geothermal, fossil, solar, and waste-to-
energy projects
THE TEAM: SENIOR MANAGEMENT (REGIONAL MANAGERS)
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33. Mr Milan Rusnak
Manager: Energy Efficiency Finance Practice
 Milan manages several of our sustainable energy finance
advisory assignments around the globe.
 Milan recently completed a ten year tenure at the International
Finance Corporation where he implemented various clean
energy programs globally both for investment, working in the
Financial Markets Group and as an advisor working in the
Advisory Services (A2F and SBA units).
Dr. William Kwasi Gboney
Manager, Energy Economics and Tariffs Practice
 +25 years’ experience in the economic regulation of utilities companies
and in power plant operations; expert in econometric, financial and tariff
modelling, application of empirical techniques for utility performance
benchmarking.
 Served as CEO of the International Institute of Infrastructural Economics
& Management (I3EM) and as technical coordinator for the African
Forum for Utility Regulators (AFUR);
Hiwote Teshome
Manager, Energy Access Practice
 20+ years’ experience in East Africa energy options; experience in
managing “bottom of the pyramid” marketing analyses for rural cooking
technologies in the region.
 Worked for the Ethiopian Ministry of Infrastructure (MININFRA); served
as Head of Mission of the PAC EA Improved Cook Stove (ICS)
dissemination project targeting urban areas in Rwanda;
THE TEAM: SENIOR MANAGEMENT (SECTOR EXPERTS)
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34. Advantages DifferentiatorsClient Segment
• Clean Energy Specialists
• Regional Experience +
Presence
• Track Record of Success
• Results Oriented
• Focus on Research
• Strong Origination
Network
• Established Relationships
with Investors
• Innovative Structures
• Strategic Investors
• Project Developers
• Private Equity Funds
• Infrastructure Funds
• Multilateral Financial Institutions
• Commercial Banks
Design of
Financing
Facilities
M&A
Project Finance
Project
Development
Services
Launch Financial
Products
Strategic Advisory
GREENMAX ADVANTAGES
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35. Thank you!
www.greenmaxcap.com
Europe Headquarters
Dobra 54/41
00-312 Warszawa
Phone: +48 22 892-0050
jkostrzewa@greenmaxcap.com
USA Headquarters
540 President St. 3rd Floor
Brooklyn, NY 11215
Phone: +1 646-564-3500
cja@greenmaxcap.com
Africa Headquarters
CK Gardens Annex,
1st Ngong Avenue
33223 –00600
Nairobi, Kenya
Phone: +254 724 255 537
abutare@greenmaxcap.com
Latin America Headquarters
Merced 22 Oficina 1101
Santiago, Chile
Tel: +56 2 2639 3225
aroi@greenmaxcap.com
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