2011 – 2012

Client: Cabeólica S.A.

Cabeólica S.A. is a special purpose company established in Cape Verde in order to develop, own and operate four Wind Farms with a total capacity of 25.5 MW, in the islands of Santiago, São Vicente, Sal and Boa Vista.

The company is based on a Public-Private-Partnership between the Government of Cape Verde and international private sector investors, and with EIB and AfDB as lenders. The Company’s shareholders are Africa Finance Corporation, Finnish Fund for Industrial Cooperation Ltd, InfraCo Limited, Electra SARL and the Government of Cape Verde. The total investment of the project was at the level of €55 million.

Cabeólica S.A. signed a turnkey fixed-price Engineering, Procurement and Construction (EPC) Contract with Vestas Portugal in October 2010 for the delivery of the Wind Farms.  Vestas supplied 30 V52-850 kW wind turbines for Cabeólica; the first wind farm was commissioned in September 2011 and the fourth one in May 2012.

Greenfield Consulting contribution to the project

Greenfield’s contribution to the Project was the overall start-up management of the wind power company Cabeólica S.A. This included launching the technical, financial and administrative operation of the company within an assignment of about 2 years. During this time, Mr. Herkko Lehdonvirta acted as the resident CEO of Cabeólica SA in Praia with the duties and responsibilities to organize and supervise all the business functions of the start-up company. This included i.a. establishing the company organization and recruiting the personnel, assigning the outside services (Owner’s Engineer, Lenders’ Engineer, O&M, legal etc), supervising the construction, commissioning and O&M, capacity building and training, supervising the financial management, ensuring environmental and other permits compliance.

By the end of assignment all four wind farms were in full commercial operation, fulfilling the Government’s Renewable Energy strategy producing 25% of total electricity in Cape Verde. The company is continuing a successful business under the management of the excellent local team.

www.tbec.co.th

TBEC was founded in 2003 to develop, design, finance, construct and operate biogas projects for heat and electricity generation, using waste water discharged from agricultural industries as raw material.

PEMF was the leading sponsor and holds the majority in the start-up company TBEC. As the Managing Director of PEMF, Mr. Lehdonvirta was responsible to develop and implement the business concept and the company structure. Later, as a Board Member and Chairman of TBEC, Mr. Lehdonvirta had a key role in hiring TBEC’s key personnel and in establishing the key commercial contracts.

www.newheat.lt

Newheat Ltd is an energy asset finance and contracting company (ESCO) providing investment services mainly to the municipal energy companies in Lithuania.

Newheat was established in 2001 by PEMF (majority shareholder) and JSC Silumos Ukio Servisas. As the Managing Director of PEMF, Mr. Lehdonvirta was responsible to assess, develop and implement the business concept and company structure of Newheat. This included assessing the technical, financial and environmental feasibility, financial modeling and the founding documentation e.g. the shareholders’ agreement and financing agreements. Later, as a Board Member and Chairman of Newheat, Mr. Lehdonvirta participated in hiring the key personnel and in establishing the key business procedures, such as project structuring, client credit analysis and commercial contracts for project delivery. PEMF exit in 2013.

Inesco Oy was established in 2001 by PEMF and Electrowatt-Ekono Ltd (50/50). The business concept of Inesco was to identify, design, implement and finance energy efficiency and saving investments, targeted especially to industrial clients, e.g. pulp and paper, chemical and steel industry.

As the Managing Director of PEMF, Mr. Lehdonvirta was responsible to develop and implement the business concept and company structure of Inesco. This included technical, financial and environmental feasibility, financial modeling and the founding documentation. After the company establishment, Mr. Lehdonvirta participated as a Board Member in hiring the key personnel and in establishing the key business procedures based on ESCO principle, including the structuring of project identification, sales, technical design processes, due diligence and commercial contracts for project delivery. PEMF exit in 2007.

www.pemfund.com

Mr. Lehdonvirta managed the initial strategy development, fund raising and establishment of Private Energy Market Fund L.P. (PEMF), a EUR 26 million private equity fund. He acted as the Managing Director of the Fund Management Company Emerging Power Partners Ltd (EPP) until 2006 when PEMF became fully invested, and again since Nov. 2012 for the final exit phase. PEMF’s equity and quasi-equity investments included biomass, biogas, wind power, ESCO companies (energy efficiency) and combined heat and power, in Asia and in Europe. Responsibilities included:

• Management and business administration of the Fund Management Company EPP and the Fund Company PEMF
• Development, structuring, due diligence and closing of PEMF’s investments
• Hands-on establishment of management and corporate governance practices in portfolio companies
• Strategic development, supervision and board level management of portfolio companies
• Negotiating and implementing the exits