MEXICO

London Economics International’s Mexico City office

Client:

N/A

Claremont Role:

From Sept. 2001 – Dec. 2004, Eric Shumway headed London Economics International’s Mexico City office.

Description:

Mr. Shumway led all work in Mexico and Latin America for London Economics International during this time, and subsequently through 2015.

MEXICO

Escobedo and Topolobampo IPP Procurements

Client:

Private Client of London Economics International (LEI)

Claremont Role:

Eric Shumway led a team comprising LEI and Delphos International. Brian Tarmey led the Delphos Team.

Description:

The team advised a large IPP participating in the CFE’s (Comisión Federal de Electricidad) Escobedo and Topolobampo IPP (CCGT) procurements to review the bid rules, produce an LCOE model, produce a “simplified” financial model to evaluate outcomes for multiple technologies with automated sensitivities, and assist the client in improvement of its own full financial model.

MEXICO

250 MW Wind Project

Client:

Private Client of London Economics International (LEI)

Claremont Role:

Eric Shumway led the LEI team.

Description:

LEI was retained by a global investment firm to perform due diligence on a potential investment in a 250 MW wind farm in Mexico. Work was completed in two phases: a Market Overview and a Market Outlook. Phase I included an overview of the Mexican power sector, the overall regulatory framework, details of Mexico’s Self Supply program and other renewable support mechanisms. Phase II included a 20-year forecast of long run energy costs to inform the outlook for the bundled retail tariff in Mexico. Work also included a forecast of the demand charge, pursuant to market rules, formulas and project specifics.

MEXICO

USTDA Bankable Feasibility Study for Baja Wind Project

Client:

US Trade and Development Agency (USTDA)

Claremont Role:

Delphos International led a team including London Economics International (LEI), GL Garrad Hassan, and ERC & Asociados. Eric led LEI’s portion of the work.

Description:

The team produced a bankable feasibility study for the Comisión Estatal de Energía de Baja California for a 50 MW wind power “self-supply” project that would sell to state government office buildings and facilities in the State of Baja California. Work included assessing wind resources, verifying the demand profile of potential offtakers, evaluating the financial value of wind power in comparison to existing power supply arrangements, developing a project structuring and financing strategy, and drafting legal documents and agreements for Project implementation. Brian led the Delphos team and the overall study. Eric led LEI’s portion of the work and was heavily involved in all non-engineering portions of the engagement.

NEPAL

Peace Corps

Client:

Peace Corps

Claremont’s Role:

For the United States Peace Corps, Eric Shumway was a Teacher/Teacher Trainer from (1993 to– 1995).

Description:

Eric taught English in a high school in southern Nepal, led and co-led teacher trainings in three Nepal Districts, and worked at the Ministry of Education in Kathmandu for several months in 1995 editing draft English language textbooks, and performing training program-related work.

GHANA

Power Sector Planning and Procurement Framework

Client:

World Bank

Claremont’s Role:

Subcontractor to Delphos International

Description:

Delphos led a team with Norton Rose Fulbright on a World Bank engagement to recommend a procurement framework and institutional arrangements for the procurement and contracting of IPPs for Ghana. The framework provides a planning, procurement and contracting process for IPPs that involves least-cost planning, a coordination mechanism and policy actions to be taken to achieve the objectives. Eric Shumway led the Delphos team. The main portion of the report is available here.

GHANA

USTDA Eastern Transmission Line Feasibility Study

Client:

US Trade and Development Agency (USTDA)

Claremont’s Role:

London Economics International was part of a consortium with Siemens USA, Delphos International, and Eurasia Environmental Associates, that conducted a feasibility study for the Ghana Grid Company. Eric Shumway was heavily involved in the work.

Description:

The study made recommendations on the economic and technical feasibility of expanding and strengthening Ghana’s northern and eastern transmission network with several hundred miles of new/reconductored transmission lines and other associated infrastructure. Brian Tarmey led the financial scope including financial model and financing plan. Work led by Eric Shumway included a cost-benefit analysis of the project, a regulatory assessment, supporting a financial analysis, and producing a development impact assessment.

MYANMAR

Technical Assistance to the Ministry of Electricity and Energy

Client:

US Trade and Development Agency (USTDA)

Claremont’s Role:

Claremont was subcontracted to Delphos International, which was the prime contractor. Eric Shumway was the Project Manager for the project, based in Yangon for 1.5 years. Brian Tarmey was the Financing Expert for the project.

Description:

The $1.5 million USTDA-funded technical assistance supported Myanmar’s Ministry of Electricity and Energy MOEE. Tasks included identifying and ranking IPP projects under development; bankable feasibility studies on three promising IPP projects; recommendations to streamline the process of evaluation, selection, and development of proposed power projects; developing bankable forms of project agreements; and production of a Renewable Grid Impacts Study for the interconnected system. Public versions of the report are available here.

MYANMAR

Myanmar Renewable Energy Program

Client:

New Zealand Ministry of Foreign Affairs and Trade (MFAT)

Claremont’s Role:

Eric Shumway (provided by Claremont) was subcontracted to Andaman Capital Partners, which was contracted by MFAT.

Description:

Eric was senior advisor on renewable energy for a team managing the Myanmar Renewable Energy Programme for New Zealand’s Ministry of Foreign Affairs and Trade (MFAT). The Programme provides grant funding for rural electrification; technical assistance for distributed renewable energy projects; technical assistance for Bawgata Hydro power project; renewable energy training for MOEE professional staff; and other projects.

MYANMAR

Financial Solutions for Renewable Energy Mini Grids

Client:

Rockefeller Foundation

Claremont’s Role:

Delphos International led the work. Brian Tarmey led the project. Eric Shumway (provided by Claremont) was a senior advisor on the project.

Description:

Delphos assessed options for closing the financing gap for renewable energy mini grids in Myanmar. Work included assessing financing solutions; engaging potential funders, investors and developers; and producing a financing strategy for further engagement by Rockefeller in this space. The final report for the project is available here.

ECUADOR

Project Readiness Assessment for Cardenillo Hydroelectric Project

Client:

Global Infrastructure Facility

Claremont Role:

Eric Shumway (provided by Claremont) led a Delphos International team, including hydro engineer Lionel Ciampi.

Description:

The work supported the Global Infrastructure Facility, in coordination with the Inter-American Development Bank, on behalf of the Government of Ecuador to provide specialist technical advice to evaluate the state of preparation of the 595 MW Cardenillo Hydropower Project, which had been identified as national priority and a potential PPP transaction. The assessment had two main objectives: identify any risks to the overall bankability of the project, and the degree to which these risks can or cannot be mitigated; and, identify further actions by both government and potential further GIF technical assistance necessary to achieve a successful transaction.

SAUDI ARABIA

High Profile Smart City

Client:

London Economics International.

Claremont’s Role:

Eric Shumway (provided by Claremont) supported work led by London Economics International.

Description:

London Economics International advised an energy sector relevant authority for a high-profile smart city being created in the Middle East. Eric Shumway produced a detailed “briefing note” on how to incorporate energy efficiency in the regulatory framework for the smart city and participated in a week-long multi-team meeting with the relevant authority on next steps

SAUDI ARABIA

Electric Power Industry Restructuring

Client:

Ministry of Energy, Industry and Mineral Resources (MEIM)

Claremont’s Role:

London Economics International (LEI) led the engagement. Claremont was a subcontractor to LEI. Eric Shumway was senior advisor for the project, leading the team on the ground in Riyadh for a month and presenting findings to senior KSA stakeholders.

Description:

LEI advised MEIM on options for restructuring the Saudi Arabia electric power industry. Options under consideration ranged from full restructuring/privatization of gencos to embracing a “National Champion” strategy for the national power utility.

SAUDI ARABIA

Renewable Energy Market Design

Client:

a KSA entity focused on nuclear and renewables development.

Claremont’s Role:

The work was led by London Economics International (LEI). Eric Shumway led a portion of LEI’s work.

Description:

LEI was engaged to recommend a design for renewable energy competitive procurements, a feed-in tariff program and a sustainable energy procurement company, together with all relevant related documents and methodologies. Among other tasks, Eric Shumway supervised production of case studies covering renewable policies in Brazil, Morocco and South Africa, a detailed report discussing waste to energy (technological overview, economic and regulatory issues, international case studies, and recommendations for inclusion within Saudi Arabia’s renewable regime), and presenting findings to the client and stakeholders.

UGANDA

Technical Assistance for Electricity Regulatory Authority

Client:

Frankfurt School of Finance

Claremont’s Role:

London Economics International LLC (“LEI”) was part of a consortium led by the Frankfurt School of Finance & Management. Eric Shumway led LEI’s portion of the work.

Description:

The technical assistance, funded by KfW Development Bank and called “Tariff Modeling and Optional Services under the GET FiT TA Facility”, included trainings of Electricity Regulatory Authority staff on hydro power project financial modeling, power project proposal assessment, and levelized cost analysis, as well as creation of various power project proposal evaluation tools.

UGANDA

US Treasury

Client:

US Treasury Department, Office of Technical Assistance (OTA)

Claremont’s Role:

Eric Shumway worked as an Intermittent Advisor for OTA.

Description:

Work included engagement with Government of Uganda officials and US Embassy staff, as well as assistance with a project finance capacity building event.

BOTSWANA

Transaction Advisory to Government of Botswana

Client:

Ministry of Energy, Mining and Mineral Resources (MMEMR)

Claremont’s Role:

Delphos International led a consortium initially including London Economics International (LEI) and Hunton & Williams. Subsequently, LEI’s portion of the work was taken over by Claremont and Hunton & Williams’ portion by Megawatt Law. Eric Shumway led all work performed by LEI and Claremont in the engagement.

Description:

Eric Shumway led economic work for a consortium advising the Government of Botswana regarding regulatory, legal, financial and economic issues in connection with a procurement process for the 300 MW Morupule B Phase II brownfield Independent Power Project. Work involved drafting a PPA, coal supply agreement (and other agreements), bid evaluation criteria and methodology (including an LCOE model), evaluation of proposals, agreements negotiation with preferred bidder (Marubeni/POSCO) and creation of a “reference” bidder financial model. The PPA was signed in early 2017 but the project did not proceed. Other advisory for MMEMR included evaluating three unsolicited project proposals, and several years advising on the Mmamabula Energy Project.

BOTSWANA

Various Projects for Botswana Power Corporation

Client:

Botswana Power Corporation (BPC)

Claremont’s Role:

Delphos International led a consortium initially including London Economics International (LEI) and Hunton & Williams. Subsequently, LEI’s portion of the work was taken over by Claremont and Hunton & Williams’ portion by Megawatt Law. Eric Shumway led all work performed by LEI and Claremont in the engagement.

Description:

The consortium advised BPC on helping lead and evaluate a fast track procurement, resulting in the 90 MW Orapa facility, designing and leading an emergency rentals procurement, resulting in a 70 MW APR project, on issues related to the coal supply agreements for BPC facilities, and on contract issues related to a power plant refurbishment contract.

BOTSWANA

Feasibility Study, Enabling Environment and Transaction Advisory for Mmamabula Energy Project

Client:

US Trade and Development Agency (USTDA)

Claremont’s Role:

Delphos International led a consortium initially including London Economics International (LEI) and Hunton & Williams. Eric Shumway led all work performed by LEI in the engagement.

Description:

The team advised the Government of Botswana regarding regulatory, financial and economic issues in connection with the 1,200 MW Mmamabula minemouth coal-fired power plant and associated mine. Tasks included conducting a cost-benefit analysis of the project, reviewing the existing regulatory structure, and making recommendations to facilitate IPP investment.

COLOMBIA

Bid Support for ISAGEN Privatization

Client:

a large Canadian investment fund

Claremont’s Role:

London Economics International (LEI) led the engagement. Eric Shumway led the team.

Description:

The client was participating in the privatization process of ISAGEN, involving 2,700 MW of hydro and 700 MW of gas-fired assets. Work included producing a detailed report on the structure and design of the Colombia wholesale power and gas markets; spot market (“Bolsa”) and dispatch forecasting; forecasting of firm energy prices; revenue forecasting for the target assets; analysis of market power issues; detailed analysis of market design and process in relation to storage hydro assets; and, walking investors through the market analysis and modeling findings. The client closed on its acquisition of the assets for $2.2 billion in January 2016. Eric Shumway led a subsequent market update in 2018 for LEI for the same project.

COLOMBIA

Valuation of Gas-fired Power Plant

Client:

Enron Caribbean Basin

Claremont’s Role:

London Economics International (LEI) led the engagement. Eric Shumway performed the modeling and much analysis for the team.

Description:

The engagement involved a price and revenue forecasting exercise to aid in the valuation of the TermoFlores gas-fired power plant on the Caribbean coast.

USA

Claremont Energy Fund I, LP

Client:

N/A

Claremont’s Role:

Claremont was the General Partner of the LP.

Description:

Claremont Energy closed its inaugural investment fund in September 2004. Fund I was fully invested in two 10 MW natural gas-fired cogeneration power plants in Idaho. The fund sold its portfolio in December 2005.

USA

Claremont Energy Fund II, LP

Client:

N/A

Claremont’s Role:

Claremont was the General Partner of the LP.

Description:

Claremont Energy closed its second investment fund in May 2005. Claremont Energy Fund II provided venture capital to Tierra Energy, a leading developer of wind and natural gas projects in the United States. Fund II exited the investment when Tierra Energy sold its wind assets to Duke Energy in May 2007.

USA

Claremont Energy Fund III, LP

Client:

N/A

Claremont’s Role:

Claremont was the General Partner of the LP. Eric Shumway was also the COO of the entity owning the projects.

Description:

Claremont Energy established its third investment fund, Claremont Energy Fund III, LP, in January 2007. Fund III provided refurbishment capital for two 12.5 MW wood-fired biomass power plants in California. The developer sold the plants to a private equity firm in December 2010.

USA

London Economics International (LEI) Projects.

Eric Shumway led or was involved in numerous consulting engagements for LEI over 15 years, ranging from dispatch modeling in most US markets to preparation of testimony to FERC on competitive implications of a proposed power utility merger.

CHILE

Bid Support for Coal-fired Power Station

Client:

private client of London Economics International (LEI)

Claremont’s Role:

LEI led the engagement. Eric Shumway led the work.

Description:

LEI was engaged by an investment firm to provide asset valuation, due diligence support and market analysis related to the potential acquisition of a coal-fired power plant in Chile. Work included an overview of the Chilean electric power market, dispatch modeling of the Chilean spot market and plant level operating statistics; review of various PPAs associated with the power plants; and feedback on the client’s gross revenue model associated with the potential acquisition.

CHILE

Peru Chile Interconnection Project

Client:

private client of London Economics International (LEI)

Claremont’s Role:

LEI led the engagement. Eric Shumway led the work.

Description:

LEI assisted an independent energy transmission developer in assessing the economics of a proposed transmission project to interconnect Peru’s power market with the Sistema Interconectado del Norte Grande (“SING”) market in Chile. LEI provided an overview of the electric power markets of Peru and Chile, a 10-year market outlook for Peru and Chile spot electricity prices and an analysis of the project’s economic impact on the two relevant markets.

CHILE

Strategic Considerations under Chilean Market Re-Design

Client:

a major Chilean generating company

Claremont’s Role:

London Economics International (LEI) led the engagement. Eric Shumway was heavily involved in the work.

Description:

The work involved a detailed review of the regulatory regimes of four restructured power markets (California, Colombia, NordPool, and Spain), as well as an analysis of the Chilean regulatory regime and changes to that regime that the regulator had proposed. The engagement also involved developing a set of recommended changes to the proposed new regime, and a strategic plan for the company in light of the likely new structure of the market.

PERU

Bid Support for Solar PV Developer

Client:

a US-based private client of Delphos International

Claremont’s Role:

Delphos led the engagement. Eric Shumway was heavily involved in the work.

Description:

Work included analysis of the RFP rules, commercial arrangements under the draft PPA, and auditing of the financial models underpinning bids.

PERU

Peru - Chile Interconnection Project

Client:

private client of London Economics International (LEI)

Claremont’s Role:

LEI led the engagement. Eric Shumway led the work.

Description:

LEI assisted an independent energy transmission developer in assessing the economics of a proposed transmission project to interconnect Peru’s power market with the Sistema Interconectado del Norte Grande (“SING”) market in Chile. LEI provided an overview of the electric power markets of Peru and Chile, a 10-year market outlook for Peru and Chile spot electricity prices and an analysis of the project’s economic impact on the two relevant markets.

EL SALVADOR

Solar PV Project Development

Client:

N/A

Claremont’s Role:

Claremont’s subsidiary, Claremont Energy Development El Salvador, LLC, led development of a solar PV project in El Salvador.

Description:

The 10 MW project was bid into the 2014 renewable procurement and was technically qualified (that is, it advanced to the opening of economic offers) but lost on price. See more

EL SALVADOR

Various Engagements

Client:

Clients included a leading US-based IPP and a regional industrial conglomerate.

Claremont’s Role:

London Economics International (LEI) was engaged by the clients. Eric Shumway led all work on the engagements.

Description:

Work over approximately four years included advisory in relation to a proposed 500 MW LNG-CCGT power plant and associated infrastructure, focused on potential dispatch complications resulting from the local and regional dispatch procedures; subsequently, Eric supported an IPP’s evaluation of an investment opportunity in a 355 MW LNG-fired diesel motor power project.

EL SALVADOR

Coal Project Development

Client:

AES Fonseca Energía

Claremont’s Role:

London Economics International (LEI) was engaged by the client. Eric Shumway led all work on the engagement.

Description:

Advisory work over five years supported development of the 250 MW Fonseca coal-fired power project, and included extensive market design lobbying with regulators and other government officials as part of a radical re-design of the power market; preparation of bid documents for a pass-through PPA auction; negotiation with distribution companies of a possible bilateral PPA; extensive spot market and dispatch modeling for El Salvador and Central America in general; and a regional market design review focused on “seams issues” with the El Salvadoran market.

KENYA

Strategic and Business Plan Advisory for GDC

Client:

Geothermex; beneficiary: Geothermal Development Company of Kenya (“GDC”)

Claremont’s Role:

Eric Shumway led London Economics International’s work as part of a consortium with GeothermEx and Shaw Consultants supporting GDC’s updating of its business and strategic plans.

Description:

GDC is a state-owned SPV mandated to spur the development of Kenya’s geothermal resources. Work was partially funded through the Agence Française de Développement. LEI’s scope of work included leading workshops with stakeholders, leading technical training seminars with GDC staff, conducting a detailed review of Kenya’s energy sector and its legal and regulatory framework, analysis of green power funding sources, and developing a financing plan and detailed corporate financial model.

KENYA

Siruai Wind and Battery Storage Project

Client:

Meridiam, BTE Renewables, Craftskills Energy & US Trade and Development Agency

Claremont’s Role:

Delphos International led feasibility study. Brian Tarmey served as the Team Leader and lead Finance Expert.

Description:

The project is being developed in conjunction with Meridiam. The project will be sited adjacent to the 100 MW Kipeto project, which was developed by Craftskills and Actis. Brian helped secure a USTDA $1.2 million grant to Kenya’s Craftskills Energy Limited for a feasibility study to develop the 50 MW Siruai wind power plant with integrated battery storage capacity in Kenya. Brian helped the grantee secure additional funding in 2024 to expand the project from 50 to 100 MW. Brian led the team for the study and the financial analysis of the project.

MOROCCO

USTDA Bankable Feasibility Study for Solar PV Project

Client:

US Trade and Development Agency (USTDA).

Claremont’s Role:

London Economics International (LEI) was part of a consortium with Power Engineers and Delphos International. Eric Shumway led LEI’s work.

Description:

The work supported the development of a pilot 5 MW solar PV project in Essaouira, Morocco by the Agence Nationale pour le Développement des Energies Renouvelables et de l’Efficacité Energétique (“ADEREE”). The engagement was essentially a bankable feasibility study for the project. A portion of LEI’s work consisted of drafting an RFP for development of the project, in compliance with Morocco’s power sector regulatory regime and public procurement rules; other work included working closely with Delphos International and the beneficiary to determine an appropriate project ownership and financing structure, estimating potential subsidies to the project with respect to the national utility’s incremental levelized cost of energy, and summarizing siting and permitting requirements.

BRAZIL

Market Study for Hydroelectric Portfolio Transaction

Client:

Canadian Imperial Bank of Commerce

Claremont’s Role:

Eric Shumway led London Economics International’s work on the project, which included a significant role for PSR.

Description:

In relation to the acquisition of a large portfolio of hydroelectric power plants in Brazil, work included a complete regulatory and commercial description of the Brazilian power market, as well as wholesale power price forecasting. LEI’s reports were relied on to establish the value of the hydro portfolio as part of a $13 billion public company transaction.

CANADA

Multiple London Economics International (LEI) Projects.

Client:

various private clients of LEI

Claremont’s Role:

Eric Shumway led or was involved in numerous consulting engagements in or involving Canada for LEI over 15 years. Note that LEI maintains and office in Toronto and is well-established in that market.

Description:

Eric worked on or led electricity dispatch and price forecasting efforts for the following US and Canadian markets: MAPP, Ontario, PJM, Pacific Northwest, NEPOOL, and WECC. Other work involved analysis of nuclear power plant portfolios and coal-fired power project litigation support.

PANAMA

US Treasury Office of Technical Assistance

Client:

US Treasury Department, Office of Technical Assistance (OTA)

Claremont’s Role:

Eric Shumway worked as an Intermittent Advisor for OTA from 2018 through 2024 and worked in Panama over the same period.

Description:

Work involves engaging with counterparts at the Ministerio de Economia y Finanzas (MEF), Empresa de Transmisión Eléctrica S.A. (ETESA), and other Government of Panama officials and US Embassy staff, with a focus on matters of mutual interest to the two governments in the area of energy and infrastructure finance.

PANAMA

Copper Mine and Coal-fired Power Plant

Client:

private client of London Economics International (LEI)

Claremont’s Role:

LEI was engaged by the client. Eric Shumway led all work.

Description:

The engagement was development support (market and regulatory focus) in relation to a 300 MW coal-fired power plant and associated copper mine then under development in Panama.

PANAMA

Hydro Project Financing Support

Client:

HSBC

Claremont’s Role:

London Economics International was engaged by the client. Eric Shumway led all work.

Description:

Market expert to a mandated lender to two hydroelectric projects under construction totaling over 140 MW.

PANAMA

AES Panama – Multiple Projects

Client:

AES Panama / IFC

Claremont’s Role:

London Economics International was engaged by the client. Eric Shumway led all work.

Description:

The work, under which Eric Shumway was initially engaged by AES Panama and subsequent by IFC and other lenders as Market Expert, supported a corporate debt issuance by AES Panama, closed Q4 2006, for $300 million (2006); supported financing for AES Panama’s Changuinola 75 hydro project, closed first quarter 2007 for $366 million; and supported the $336 million financing for the Changuinola 220 hydro project, comprising senior loans from a club of commercial banks led by Banco Continental of Panama, closed in 2008. An earlier engagement supported AES’s securing of long-term financing for over 200 MW of new, and 175 MW of refurbished, hydroelectric capacity. The process involved producing a detailed report on the market design, forecasting wholesale electricity prices using a least-cost dispatch price-forecasting program and Monte Carlo Simulation approaches, developing revenue forecasts for a portfolio of power plants, and walking officers of the IFC and other lenders through the assumptions and procedures used. The long-term limited-recourse loan package, which closed yearend 2003 and totaled approximately $334 million, received an international investment grade rating of "BBB-" (Triple B Minus) from Fitch Ratings. The facilities were provided by IFC under an A/B loan structure, with Credit Suisse First Boston acting as private placement agent for the IFC B loan, and EKN, the Swedish ex-im bank.

PANAMA

Distressed Thermal Asset Advisory

Client:

Interamerican Development Bank (IDB)

Claremont’s Role:

London Economics International was engaged by the client. Eric Shumway led all work.

Description:

The advisory for the IDB and associated lenders was on the outlook for debt servicing by one of the largest thermal power companies in Panama. Work involved extensive spot market and dispatch modeling of the Central American system; revenue forecasting; meetings with regulators; auditing of the company’s financial model; and regulatory reviews. Follow-on work advised the IDB on ways Panamanian regulators had misapplied or ignored market rules in attempting to hold tariffs down. The focus of the work was on quantifying industry damages from improper regulation and on developing a set of key action items for the IDB to emphasize in its dialogue with the Government of Panama.

COSTA RICA

RFP for BOT Hydro

Client:

private client of London Economics International (LEI)

Claremont’s Role:

LEI was engaged by the client. Eric Shumway led all work.

Description:

Market analysis for a private client considering participating in an RFP for a BOT scheme 50 MW hydro project.

ARGENTINA

Distribution Company Tariff Setting

Client:

ENRE (Argentina’s power sector regulator)

Claremont’s Role:

London Economics International (LEI) was part of a consortium for the project. Eric Shumway provided day-to-day management of this engagement for LEI.

Description:

The team was far advanced in the engagement advising ENRE, the Argentine power sector regulator, in setting tariffs for Edenor, a large distribution company in northern portion of Buenos Aires, when the project was suspended as a result of the Argentine financial crisis. Tariffs were to be established using an RPI-X methodology, with Data Envelopment Analysis used to determine the X factor.

NICARAGUA

Bid Support in Hydro Asset Auction

Client:

Multiple private clients of London Economics International (LEI)

Claremont’s Role:

London Economics International (LEI) led the engagement. Eric Shumway led the work.

Description:

The engagement involved a price and revenue forecasting exercise to support bid(s) for several generating companies offered at auction as part of a Nicaraguan privatization program.

ROMANIA

Bid Support for Distribution Company Auction

Client:

a private client of London Economics International (LEI)

Claremont’s Role:

London Economics International (LEI) led the engagement. Eric Shumway led the work.

Description:

Provided analysis regarding the pace and degree of electricity market restructuring in Romania, particularly with regard to the “supply” or marketing function, to inform client’s bidding strategy in the auction for the Muntenia Sud distribution company.

Multiple projects in Myanmar

Multiple projects in Myanmar. Market modeling and analysis included Chinese-backed cross-border hydro projects, as well as cross-border natural gas exports to China and Thailand.

Feasibility Study on Multilateral Power Trade

Client:

International Energy Agency

Claremont Role:

Claremont was subcontracted to Delphos International for this engagement, which Eric Shumway led.

Description:

The work assisted the International Energy Agency on developing a feasibility study on establishing multilateral power trade among the ASEAN Member States (AMS). Work included producing case studies on regions with cross-border, multilateral power trading; identifying best practices and lessons learned that are relevant to the ASEAN context; and presenting case studies to AMS stakeholders. The Case Studies were on New England, South Asia Regional Initiative on Energy Integration (SARI/EI), India, and Central American Electrical Interconnected System (SIEPAC). The public version of a portion of the work is available here.

SIEPAC

Numerous projects

Client:

N/A

Claremont Role:

N/A

Description:

While at London Economics International, Eric Shumway led over 20 spot market and dispatch modeling exercises for the Central American (SIEPAC - MER) power markets for multiple clients in the region over a 15-year period. Each of these exercises modeled SIEPAC as a single, interconnected, region. Many of the studies also involved regulatory and market structure analyses. Eric Shumway also spoke at several industry conferences on market integration (or “seams”) issues in the MER. Countries/topics of focus were Panama and El Salvador, as well as the potential interconnection for Panama and Colombia.

SIEPAC

Central America Market Evaluation Studies

Client:

Private client of London Economics International (LEI).

Claremont Role:

Eric Shumway led the engagement for LEI.

Description:

For a large solar PV manufacturer and IPP developer, Eric led an evaluation of potential utility-scale solar PV power development projects in the SIEPAC markets of Central America. The core tasks are to produce a Screening Report that would reduce to three the number of target countries for further investigation; a Regulatory Report containing brief regulatory/market overviews of the power markets of the three target countries plus the Mercado Eléctrico Regional (the “MER”); and a Market Report summarizing all spot market and dispatch modeling results under a variety of conditions.

SIEPAC

SIEPAC Case Study

Client:

International Energy Agency (IEA)

Claremont Role:

Claremont was subcontracted to Delphos International for this engagement, which Eric Shumway led.

Description:

The work assisted the IEA on developing a feasibility study on establishing multilateral power trade among the ASEAN Member States (AMS). Work included producing case studies on regions with cross-border, multilateral power trading; identifying best practices and lessons learned that are relevant to the ASEAN context; and presenting case studies to AMS stakeholders. The Case Studies were on New England, South Asia Regional Initiative on Energy Integration (SARI/EI), India, and Central American Electrical Interconnected System (SIEPAC). The public version of a portion of the work is available here.

CARIBBEAN

Clean Power Market Screening

Client:

Private client of London Economics International (LEI)

Claremont’s Role:

LEI led the engagement. Eric Shumway led the work.

Description:

Advised large publicly traded clean power developer to identify target countries for clean power (especially solar PV) development in the Caribbean and selected Latin American countries. Core tasks included producing a Screening Report to identify countries for further investigation; various detailed country reports and a Regional Strategy Report to identify and develop opportunities in target markets.

CARIBBEAN

Valuation of Mirant’s Caribbean Generation Assets

Client:

Private client of London Economics International (LEI)

Claremont Role:

LEI led the engagement. Eric Shumway was heavily involved in the work.

Description:

The work supported valuation of Mirant’s Caribbean assets, in Trinidad, Jamaica, Curacao, and the Bahamas.

CARIBBEAN

Caribbean Renewable Energy Advisory

Client:

Carbon War Room / Rocky Mountain Institute

Claremont Role:

Bankability advisor

Description:

Advised the Carbon War Room, an NGO founded by Sir Richard Branson with an aim to reduce carbon emissions, on its effort to develop renewable energy projects as part of its Ten Island Challenge Initiative. Provided recommendations on bankability and financing options for a 12 MW geothermal project in St. Vincent, wind project in San Andres, Colombia, and a PV solar project in St. Lucia.

JAMAICA

Financial Modeling Trainings

Client:

US Treasury Department, Office of Technical Assistance (OTA).

Claremont Role:

Eric Shumway worked as an Intermittent Advisor for OTA from 2018 through 2024 and worked in Jamaica over 2022-2024.

Description:

Eric Shumway, working with another OTA advisor based in Kingston, led a series of virtual financial modeling trainings for the Urban Development Corporation. Subsequently, Eric led two three-day trainings for the Development Bank of Jamaica on advanced financial modeling.

BOTSWANA – SOUTH AFRICA

Mmamabula Energy Project

Client:

US Trade and Development Agency (USTDA) and subsequently, the Government of Botswana.

Claremont’s Role:

Delphos International led a consortium initially including London Economics International (LEI) and Hunton & Williams. Eric Shumway led all work performed by LEI in the engagement.

Description:

The team advised the Government of Botswana regarding regulatory, financial and economic issues in connection with the 1,200 MW Mmamabula minemouth coal-fired power plant and associated mine. Eskom was to offtake 75% of the power, while BPC (Botswana’s national power utility) would offtake the rest. Initial tasks under the USTDA-financed part of the work included conducting a cost-benefit analysis of the project, reviewing the existing regulatory structure, and making recommendations to facilitate IPP investment. In a subsequent transaction advisory phase, the team advised the government in all major negotiations with Eskom and the project’s sponsors.

PERU - CHILE

Peru - Chile Interconnection Project

Client:

private client of London Economics International (LEI)

Claremont’s Role:

LEI led the engagement. Eric Shumway led the work.

Description:

LEI assisted an independent energy transmission developer in assessing the economics of a proposed transmission project to interconnect Peru’s power market with the Sistema Interconectado del Norte Grande (“SING”) market in Chile. LEI provided an overview of the electric power markets of Peru and Chile, a 10-year market outlook for Peru and Chile spot electricity prices and an analysis of the project’s economic impact on the two relevant markets.

PANAMA - COLOMBIA

Panama – Colombia Interconnection Project

Client:

private clients of London Economics International (LEI)

Claremont’s Role:

LEI led the engagements. Eric Shumway led the work.

Description:

In connection with several engagements in Panama, power plant sponsors and lenders were interested in the potential impacts of a planned interconnection between Panama and Colombia. Work included modeling of interconnection of the two power markets, as well as scenarios treating Colombia as import units within the Panamanian market; lobbying with industry thinktanks; and interaction with the press.

INDIA

India – World Bank: Improved Renewable Energy Integration and Electricity Services through Battery Storage in India

Client:

GE Energy Consulting – GE India Industrial Private Ltd

Claremont’s Role:

Eric Shumway (provided by Claremont) led a Delphos International team subcontracted to GE Energy Consulting.

Description:

The assignment examines Battery Energy Storage Systems (BESS) and alternatives to address current and anticipated challenges to India’s power system, including under scenarios involving entry of large amounts of wind and solar generating capacity. The assignment examines whether BESS can provide viable solutions to address these challenges, or whether alternate system solutions are more economical and face lower barriers. Delphos International leads analysis of BESS business and regulatory structures in various international jurisdictions and guidance on production of bankable forms of agreement for BESS projects in India.

INDIA

Solar-Based Energy Solutions for Telecom Towers

Client:

Applied Solar Technologies India:

Claremont’s Role:

Brian Tarmey served as financial advisor to AST on the Delphos led team.

Description:

Engaged by Applied Solar Technologies India (P) Ltd. (“AST”) to secure financing for ~80 MW rollout of turnkey power management solutions, including solar photovoltaic panels, to telecom tower operators in India. Helped secure financial close for a $150 million loan to AST in 2014. Responsible for financial modelling, preparing information memoranda and other disclosure materials, coordinating lender due diligence, supporting negotiation of finance agreements, and ensuring prompt disbursement. The financing required the coordination of several pre-existing lenders via an inter-creditor agreement including IFC, Silicon Valley Bank, and L&T Infrastructure Finance.

INDIA

Mini-Grids Financing in India

Client:

Rockefeller Foundation

Claremont’s Role:

Delphos led the engagement and Brian Tarmey led the team for Delphos.

Description:

Brian advised Rockefeller Foundation and Tata Power on viable financing sources and efficient capital structures for the development and implementation of 50,000 mini electric grids across rural villages in select states of India. Identified and contacted potential financiers, including development finance institutions, donors, private equity fund managers and impact investors, among others. Developed introductory briefing for dissemination among select capital providers and delivered presentation of findings in support of project deliberations.

PAKISTAN

Pakistan – Sustainable Energy for Pakistan (SEP) Project

Client:

TetraTech

Claremont’s Role:

Delphos International served as a subcontractor to Tetra Tech, the SEP Project lead. Eric Shumway (provided by Claremont) led portions of the work. Brian Tarmey served as the contract lead

Description:

The USAID-funded Sustainable Energy for Pakistan (SEP) Project supports the efforts of the Government of Pakistan to increase the supply of clean energy on the national grid. Among initial tasks under this assignment, Delphos has prepared on a memo on risk mitigation measures related to the financing of renewable energy projects in the Pakistani context, evaluated reverse auction tender documents for wind and solar power projects, and produced levelized tariff models and tools to be used for the procurement.

PAPUA NEW GUINEA

Utility Sustainability and National Electrification

Client:

USAID / RTI

Claremont’s Role:

RTI was the lead contractor. Delphos International was a key subcontractor. Claremont Energy was subcontracted to Delphos International for this engagement. Eric Shumway was the Senior Financial Specialist for the project. Brian Tarmey served as the Delphos Team Leader. Vikas Singh served as the financial analyst for the engagement.

Description:

The USAID Papua New Guinea Electrification Partnership (USAID-PEP) was a 5-year USAID-funded project focused on increasing electrification in the country through on grid and off-grid interventions. Work streams include improving financial viability and operational efficiency of the national power utility (PPL), enhancing energy regulation and the regulator, catalyzing private investment for power projects, and developing off-gid electrification models (including the design of a catalytic energy fund). Eric is Senior Finance Specialist for this project.

ASEAN

ASEAN Power Grid Financing initiative

Client:

Asian Development Bank (ADB).

Claremont’s Role:

Initially retained directly as a Resource Person, Eric Shumway subsequently worked through Delphos International (provided by Claremont Energy).

Description:

As a Project Structuring and Infrastructure Finance Specialist, Eric Shumway is supporting the design of the ASEAN Power Grid (APG) Financing initiative (APGF) – a joint ADB and World Bank effort - and related initiatives by: (i) assisting ADB’s engagement with ASEAN stakeholders, including ASEAN institutions, ASEAN Member States, and potential concessional financiers for the APGF; (ii) developing a strategy and business case for mobilizing concessional funds and expertise, and (iii) defining the approach for deploying concessional funds through the APGF, identifying key challenges faced by selected APG interconnector projects, and outlining how the APGF’s flexible deployment of concessional finance and de-risking instruments can address these challenges to enhance project bankability.

ASEAN

AIMS III Phase 3

Client:

DNV, for Energy Transition Partnership and ASEAN Centre for Energy, together with CASE.

Claremont’s Role:

Eric Shumway (provided by Claremont) led Delphos’ portions of the work.

Description:

As a sub-contractor to DNV, Delphos is supporting Energy Transition Partnership’s “AIMS III, Phase 3” work on establishing a framework and approach for carrying out regional integrated resource and resiliency planning (IRRP) and establishing the minimum requirements for operating standards for cross-border interconnectors. Eric is the Southeast Asia Legal, Regulatory, and Policy Expert for the project.

ASEAN

Regional Cross-Border Transmission and Regional Grid Code Assessments

Client:

USAID–Clean Power Asia / Abt Consultants

Claremont’s Role:

Claremont was subcontracted to Delphos International for this engagement, which Eric Shumway led.

Description:

Eric led a team of consultants, under a consortium led by Delphos, advising on transmission planning and grid code issues in Southeast Asia, with a focus on the Lower Mekong region. Work included reviewing studies on regional power market integration involving the Lower Mekong area, developing findings on a common basis, collating and summarizing information about all existing and proposed cross-border transmission projects in the region, and evaluating proposed projects. A separate portion of the work involved assessing national grid codes in the region against a proposed regional grid code. The report is available here

ASEAN

Regional Cross-Border Transmission and Regional Grid Code Assessments

Client:

International Energy Agency

Claremont’s Role:

Claremont Energy was subcontracted to Delphos International for this engagement, which Eric Shumway led.

Description:

The work assisted the International Energy Agency on developing a feasibility study on establishing multilateral power trade among the ASEAN Member States (AMS). Work included producing case studies on regions with cross-border, multilateral power trading; identifying best practices and lessons learned that are relevant to the ASEAN context; and presenting case studies to AMS stakeholders. The Case Studies were on New England, South Asia Regional Initiative on Energy Integration (SARI/EI), India, and Central American Electrical Interconnected System (SIEPAC). The public version of a portion of the work is available here.

PACIFIC ISLAND COUNTRIES

Regional BESS PPP Study

Client:

World Bank

Claremont’s Role:

Delphos was contracted by the World Bank to lead the work, supported by the Hawai'i Natural Energy Institute (HNEI). Eric Shumway, who led the work, was subcontracted to Delphos for the engagement. Vikas Singh provided research support.

Description:

The work involved designing a regional BESS policy framework and guidelines, plus technical and commercial assessments for private sector’s participation in BESS in each of the 11 countries covered. Work included (i) review regional BESS policy framework and technical guidelines; (ii) develop technical and commercial assessments for private sector’s participation in BESS under PPP and auction arrangements; and (iii), design detailed BESS development roadmaps for three specific countries Federated States of Micronesia, Republic of Marshall Islands, and Tuvalu. The report is available here.

ARMENIA

Nuclear Power Plant Feasibility Study

Client:

Government of Armenia

Claremont’s Role:

Delphos served as the financial advisor to PA Consulting on this USAID funded study. Brian Tarmey served as the finance expert.

Description:

The study was an economic and financial analysis for a new nuclear power plant to replace the aging 815 MW Metsamor nuclear power plant in Armenia. Brian assisted in developing a robust financial model that accounted for three technical configurations and three ownership structuring scenarios. Brian assisted in investigating and pre-qualifying financing options for the power plant and calculating a levelized tariff based on the estimated cost of debt and a risk-adjusted return to equity (either the Government of Armenia or private investors).

BELIZE

Utility-Scale Renewable Energy Generation Projects

Client:

Belize Electricity Limited

Claremont’s Role:

Delphos served as a subcontractor to DNV. Brian Tarmey oversaw the Delphos team’s work on this engagement.

Description:

Advised on the economic and financial analysis and assessment for a feasibility study to help expand utility-scale renewable energy generation in Belize. The feasibility study was supported by the U.S. Trade and Development Agency and evaluated seven prospective wind and solar power sites, assessed the resources at the two most promising sites using a meteorological tower, wind sensors and a solar monitoring station, and developed the design, specifications and implementation plans for the two renewable energy plants.

CAMEROON

Cameroon Hydroelectric Power and Transmission

Client:

Ministry of Energy and Water Resources, Cameroon

Claremont’s Role:

Delphos served as the prime contractor for the study and Brian Tarmey led the Delphos team.

Description:

Brian led a consortium of financial, technical, market, legal/regulatory and environmental experts retained by the Government of Cameroon to assess the feasibility of a 75 MW hydropower facility and associated transmission infrastructure in the northeast of the country. Brian examined the potential for cross-border sales to Chad and/or Nigeria and developed the framework for attracting private sector owner-operators under IPP and/or PPP ownership and financing models specifically tailored to the project. Brian also led an investment presentation to potential lenders and investors.

EAST AND CENTRAL AFRICA

Empowering East and Central Africa (EECA) Project

Client:

USAID & RTI

Claremont’s Role:

Delphos served as a subcontractor to RTI on this USAID funded engagement. Brian served as the team leader for Delphos and Vikas Singh served as the financial analyst.

Description:

Delphos served as the dedicated transaction advisor for Power Africa's flagship program for East and Central Africa. In 2023 Power Africa launched a 5-year Empowering East and Central Africa (EECA) program that sought to increase the availability and access of affordable, reliable, sustainable, and clean energy in East and Central Africa (Democratic Republic of Congo, Central African Republic, Republic of Congo, Rwanda, Uganda, Burundi, Tanzania, Kenya, Ethiopia, Somalia, Djibouti, South Sudan, Sudan). The program aimed to mobilize $5.2 billion in new public and private investment to support 1,227 megawatts of clean energy capacity and develop 1,500 km of new transmission lines. Brian led the transaction advisory services with support from Vikas - financial modelling and sensitivity analysis, financial structuring, financing materials preparation (pitchbooks, IMs, teasers, etc.), project commercial risk analysis and mitigation strategies, financing plan preparation, climate finance, coordination with IFIs, multilateral investment communities, host country banking and financial institutions.

ETHIOPIA

Tulu Moye Geothermal Power Project

Client:

Tulu Moye Geothermal Operations (TMGO), Meridiam and USTDA

Claremont’s Role:

Delphos served as the financial advisory to TMGO and its parent company Meridiam as well as the prime contractor to US Trade and Development Agency. Brian Tarmey served as a Senior Finance Expert on the Delphos team.

Description:

Tulu Moye Geothermal,backed by Meridiam Infrastructure Partners and Reykjavik Geothermal, was developing a 150 MW geothermal power generation project in Tulu Moye, Ethiopia. Led the financial aspects of project development including raising debt financing of approximately $190 million for the first phase of the project (50 MW) from a group of multilateral and bilateral DFIs. Brian secured a $1.2 million technical assistance grant from USTDA to assist with financial, technical, legal, and environmental project preparation activities and served as the prime contractor lead for this technical assistance. Furthermore, Brian helped secure a $1.5 technical assistance grant from DFC (the first grant that DFC provided).

ETHIOPIA

Supporting Scaling Solar Program Bid

Client:

Globeleq

Claremont’s Role:

Delphos served as financial advisor for bid development and Brian Tarmey served as a finance expert.

Description:

Brian provided financial advisory services for the submission of a bid under the first round of Scaling Solar program in Ethiopia. Brian also advised on tax and accounting issues relevant to the bid and oversaw the development and review of the financial model for the 2 x 125 MW PV solar project.

GLOBAL

Offshore Wind Financing for Emerging Markets

Client:

International Finance Corporation (IFC)

Claremont’s Role:

Delphos supported a consortium of Ashurst, Mizuho and DNV and served as the emerging market finance lead. Brian Tarmey led the Delphos team. Vikas Singh served a financial analyst supporting the team.

Description:

The team advised IFC on the key differences in financing between offshore wind and onshore wind and other renewables projects from a financial structuring perspective in order to support IFC's efforts to ramp up its lending in the offshore wind sector. The report covered procurement and contracting models, potential project financing structures, as well as technology-specific risks and potential mitigants. The recommendations were derived from international case studies on projects from existing offshore wind markets with analyses on applicability for current approaches used in the IFC’s target countries. Brian led the Delphos team’s work which focused on adapting offshore wind best finance practices to key target markets for IFC.

GUATEMALA

Guatemala: Cluster of Small Hydropower Plants

Client:

America’s Energy Holding (AEH)

Claremont’s Role:

Delphos served as AEH’s financial advisor and Brian supported the Delphos team.

Description:

Brian advised America’s Energy Holding on its efforts to develop four greenfield hydropower plants with a combined capacity of approximately 35 MW in Guatemala. In this regard, Brian developed an integrated financial model and a complete financing package for the full cluster. Received a commitment from a Costa Rica based fund to take a preferred equity position for the first plant in the cluster. AEH is an affiliate of North American Hydro, the leading independent hydropower operator in the Midwestern United States with more than 40 plants and approximately 65 MW in capacity.

INDONESIA

ASEAN: Power Interconnections Feasibility Study

Client:

PLN, TNB, SESB & US Trade and Development Agency

Claremont’s Role:

Delphos served as the Prime Contractor and subcontracted Claremont. Brian Tarmey led the overall study for Delphos and Eric Shumway served as the Senior Financial and Regulatory Expert.

Description:

The team developed and secured a $2 million sole-source grant for PLN to conduct a feasibility study to determine the technical, financial, and economic feasibility of two proposed transmission interconnectors between Indonesia and Malaysia: (i) an HVDC Overhead transmission line and HVDC submarine cable from Sumatra to Peninsular Malaysia with a total approximate length of 234 km and an expected capacity of 1,400 MW, along with the associated substations, and (ii) an HVAC Overhead transmission line from Sabah, Malaysia to Kalimantan, Indonesia with a capacity of 174 MW and approximate length of 140 km, along with the associated substations. Brian served as the overall project lead, liaising with the grantee, TNB, SESB, potential capital providers, as well as subcontractors leading technical evaluations and environmental/social impact assessments. Eric served as a senior financial, economic and regulatory expert and provided subject matter expertise on cross-border power trade.

INDONESIA

Transjakarta EV Buses Financing

Client:

Millenium Challenge Account (MCA) & Transjakarta

Claremont’s Role:

Delphos served as a subcontractor to Crisil on this MCA-funded work. Brian Tarmey oversaw the Delphos team.

Description:

The team supported Transjakarta’s transition to 10,000 electric buses by 2030, aligning with Jakarta’s sustainability goals and enhancing urban mobility. Brian explored financing strategies that balance risk and return, leverage concessional financing, and integrate private sector participation in line with the MCC’s Blended Finance Delivery Mechanism (BFDM). MCA-Indonesia oversees the implementation of MCC-funded programs aimed at economic growth and sustainability. The goal was to identify viable financing models to support Transjakarta’s electric vehicle transition while optimizing resource allocation and ensuring long-term environmental and operational sustainability. Brian provided guidance on the recommended financing structure, drawing from international best practices, and oversaw the project management of the project contract and timeline.

INDONESIA

Indonesia: Energy Storage Solutions

Client:

Fluidic Energy

Claremont’s Role:

Delphos served as financial advisor to Fluidic Energy and Brian Tarmey served as the financial analyst on the team.

Description:

Brian advised Fluidic on debt financing options to support the expansion of its managed energy storage business for telecom towers and other applications in Indonesia. Fluidic has raised more than $125 million in equity and grants from leading investors including Caterpillar, IFC, TN2 Partners, and Madrone Partners.

NIGERIA

Eko and Ikeja DISCO Modernization Study

Client:

USTDA & Eko and Ikeja Discos

Claremont’s Role:

Delphos served as the prime contractor, and Brian Tarmey served as the Delphos team lead and financial lead for the study.

Description:

Brian led the prime contractor team conducting a feasibility study for implementing modern distribution technologies in the Eko and Ikeja electricity distribution networks in Nigeria. The study assessed the financial, technical, economic, and regulatory aspects of an estimated $800 million investment program for each DISCO. The study was TDA's first award under its energy sector Indefinite Delivery, Indefinite Quantity ("IDIQ") program. In addition to leading the team, Brian led the financial, economic, and regulatory portions of the scope.

SOUTH AFRICA

LNG Importation and Gas-to-Power Project

Client:

Green Cape Sector Development Agency & USTDA

Claremont’s Role:

Delphos served as the prime contractor, and Brian Tarmey served as the Delphos team lead and financial lead for the study.

Description:

The $1.5 billion LNG Importation and Gas-to Power Project includes the importation of LNG at Saldanha Bay, the development of gas storage, transmission and distribution infrastructure in the Western Cape, and the utilization of LNG to generate electricity, as well as for industrial, transportation, and commercial purposes. The $800,000 study was funded by USTDA. Brian analyzed and provided recommendations to the Green Cape Sector Development Agency and the Western Cape Government on market demand, economic, financial, and other critical elements of developing a robust business case for the project.

ST KITTS & NEVIS

Geothermal Power Project

Client:

U.S. Export-Import Bank

Claremont’s Role:

Delphos advised U.S. Ex-Im Bank as lender’s financial advisor and Brian Tarmey served as the financial analyst.

Description:

The team advised the structured finance division of the U.S. Export-Import Bank on the financing of a 10 MW geothermal power plant on the island of Nevis in the Federation of St. Kitts & Nevis. Brian developed a summary report including due diligence, prepared an issues list of outstanding items to be resolved and key risks to the project, performed financial analysis including an audit of the sponsor model, and provided negotiation assistance. The Sponsor was seeking a loan of approximately $30 million.

VIETNAM

Tan Thuan Nearshore Wind Power Project

Client:

PECC2 & USTDA

Claremont’s Role:

Delphos served as a subcontractor on the study. Brian Tarmey served as the lead Finance Expert of the study.

Description:

The 100 MW Tan Thuan near offshore wind farm is located in the Mekong Delta, Ca Mau Province in Vietnam. The project is being developed by Power Engineering Consulting Joint Stock Company 2 (“PECC2”), a local state-owned company. Brian led the financial team as part of a multidisciplinary team of experts led by DNV conducting a bankable feasibility study for the planned 100 MW Tan Thuan near offshore wind farm located in the Mekong Delta, Ca Mau Province in Vietnam. He oversaw the financial model development for the project and designed a financing plan based on market soundings with DFIs, ECAs, and commercial banks.

THAILAND

Vajiralongkorn Dam Pumped Storage Hydropower Plant

Client:

Electricity Generating Authority of Thailand (“EGAT”) and USTDA

Claremont’s Role:

Delphos served as the prime contractor on the study. Brian Tarmey served as the Project Manager of the study and the finance lead.

Description:

Delphos won a competitive tender to lead the feasibility study for the 900 MW Vajiralongkorn Dam Pumped Storage Hydropower (PSH) Plant. In order for Thailand to meet its ambitious carbon commitments, EGAT has estimated that approximately 5,600 MWh energy storage will be required by 2035 and 28,000 MWh by 2040 and is investigating energy storage options to meet these forecasts. The Vajiralongkorn Dam PSH plant is one of the most advanced options to help meet this target. Therefore, the objective of this Study is to evaluate the Vajiralongkorn Dam PSH, considering the hydraulic, geotechnical, and geological conditions, and economies of scale, while identifying value engineering (optimization) opportunities to better meet future capacity requirements at a feasible investment (i.e., cost-benefit assessment against current and future needs, size, and functionality). Brian served as the overall project lead, liaising with the grantee as well as subcontractors leading technical evaluations and environmental/social impact assessments.

THAILAND

Advanced Plastic Waste Recycling Plant

Client:

VAO & USTDA

Claremont’s Role:

Delphos served as the prime contractor on the study. Brian Tarmey served as the Project Manager of the study and the finance lead.

Description:

Delphos was slected by VAO to undertake a USTDA-funded feasibility study of a 150 MTPD pyrolysis plant in Thailand. The plant will convert post-consumer plastic waste to a green chemical feedstock for industries providing a sustainable circular economy solution to plastic waste. Brian served as the overall project lead, liaising with the grantee, potential investors, offtakers, as well as subcontractors leading technical evaluations and environmental/social impact assessments. Brian also led discussions with potential sources of equity, debt, and grant funding including development finance institutions, foundations, impact investment funds, and regional institutional investors.

THAILAND

Blue Solar PV + BESS Feasibility Study

Client:

Blue Solar & USTDA

Claremont’s Role:

Delphos served as a subcontractor on the study. Brian Tarmey served as the lead Finance Expert of the study.

Description:

Blue Solar is developing a 42 MW solar PV power plant and an integrated 12 MW (54 MWh) energy storage system located in Suphan Buri Province, Thailand for Blue Solar. This study was part of the larger USG-backed Asia EDGE (Enhancing Development and Growth Through Energy) initiative. Brian led the economic and financial analysis that covered lifecycle cost analysis, financial model, financing plan, and a development impact assessment.

SUB-SAHARAN AFRICA

Millennium Impact Infrastructure Accelerator (MIIA)

Client:

Millenium Challenge Corporation (MCC) & Green Powered Technology

Claremont’s Role:

Delphos served as a subcontractor to Green Powered Technology on this MCC-funded contract. Brian Tarmey led the Delphos team and the financial scope. Vikas Singh served as the Financial Analyst on the team.

Description:

The Millennium Challenge Corporation (“MCC”) and Africa50 (“A50”) launched the Millennium Impact Infrastructure Accelerator (“MIIA”), which is designed to spur and attract investments in Africa for infrastructure deals with project costs up to $100M. Brian supported project preparation, tackling major constraints to unlocking available pools of capital for infrastructure development in Africa, including:

Built a pipeline of high-impact infrastructure projects, assessed at $250 million, in the power, sanitation, transport, affordable housing, ICT, health, water, and education sectors.

Screened the pipeline of projects to identify highest-potential projects for the pre-feasibility assessment phase.

Brian conducted pre-feasibility assessments of shortlisted projects, including:

Zambia: Portfolio of 35 renewable energy mini-grids by a leading African mini-grid developer

Lesotho: Greenfield private hospital

Gambia: River transport and inland port project (Also advised under a separate follow-on contract for this same project to assess various financing options and sensitivity analyses for the project)

Malawi: Portfolio grid-connected hydropower mini-grid project

Zambia: Portfolio of mini-hydropower projects

Brian advised MCC and A50 on concessionary finance it could provide to shortlisted projects and on the wider range of financing solutions including climate finance.

SUB-SAHARAN AFRICA

Sub-Saharan Africa and South Asia: Energy Fund Advisory

Client:

American Capital and Energy Infrastructure (“ACEI”)

Claremont’s Role:

Delphos served as financial advisor to ACEI. Brian Tarmey supported the Delphos team as a financial analyst.

Description:

Brian advised ACEI on prospective investments in the energy sector in Sub-Saharan Africa and South Asia. Brian led the valuation analysis for ACEI and its portfolio company, Azura Power Holdings, of an integrated electricity generation and distribution company. Brian also analyzed the potential acquisition of an energy for service company in India.