Ministry of Economy and Finance, Republic of Uzbekistan

Rewrote the Law on Public Private Partnership No. LUR-537 dated May 3, 2019 (PPP Law) after an earlier draft prepared by a third party was voted down by the parliament (Oliy Majlis). My responsibilities vary by project but include: (i) reviewing feasibility studies; (ii) formulating the government’s negotiating position; (iii) marking-up project contracts; (iv) financial modeling public sector liabilities; and (v) supporting the Ministry in negotiations with the private sponsors and their lenders seeking sovereign guarantees, a condition precedent to financial close. Energy/Electricity sector: • [2020] 230 MW CCGT power plant (Kuyumezar). • [2020] 1,500 MW CCGT power plant (Syr Darya). • [2020] 100 MW solar photovoltaic project (IFC Scaling Solar). • [2020] 100 MW solar PV project (Uchzikil). • [2022] 1,560 MW CCGT (Surkhadarya I). • [2022] 1,500 MW CCGT (Surkhadarya II). • [2022] cogeneration (district heating) project in Tashkent (population: 4 million). • [2023] 63 MW solar PV and 126 MWh Battery Energy Storage System (Bukhara). • [2023] 100 MW solar project (Khorezm). • [2023] 2x 200 MW solar PV projects (Jizzakh, Samarkand). • [2023] 100 MW wind project (Nukus). • [2023] 200 MW wind and 100 MW/100 MWh Battery Energy Storage System (Qoraozak). • [2023] 457 MW solar PV project (Sherabad). • [2023] 100 MW solar PV project (Navoi). • [2023] 300 MW solar PV and 75 MW/75 MWh Battery Energy Storage System (Guzar II). • [2024] 5x mini-hydropower plants with a total installed capacity of 40 MW. • [2024] 200 MW Khodjikent and 170 MW Mullalak hydropower projects. Water sector: • [2019] 25-year water and wastewater concession for Tashkent (population: 4 million). • [2023] 25-year wastewater treatment plan (Namangan). • [2024] 25-year concession for 28 pumping stations (US$117 million). • [2024] 25-year water distribution concession in the province of Surkhandarya. Transport sector: • [2020] proposed concession for Tashkent Airport. • [2023] Tashkent-Andijan Highway (A-373) is a 314 km expressway. Social sector: • [2020] proposed dialysis clinic for the treatment of diabetes. • [2024] proposed 800-bed hospital in the Fergana Valley.

Asian Development Bank

The Asian Development Bank (www.adb.org) is a regional development bank with 68 member countries headquartered in Manila, The Philippines. The ADB lends to sovereigns, to private sector borrowers, and provides policy advice. As part of ADB’s lending operations, I conduct due diligence and prepare models: • [Pakistan] $270m loan to National Transmission & Despatch Company (NTDC). • [Pakistan] $320m loan to Sindh Provincial Road Improvement Project (Phase II). • [Pakistan] $674m loan for the Punjab Arterial Road Investment Program. • [Pakistan] $370m loan for the Khyber-Pakhtunkhwa Rural Road Development Project. • [Uzbekistan] Financial due diligence on electrical utility JSC UzbekHydro. • [Uzbekistan] Financial due diligence on water utility JSC Suvtaminot. • [Uzbekistan] Wrote a restructuring plan for electrical utility, JSC Uzbekenergo. Funded by the ADB, I also provide policy advice to governments: • [China] Advised the Ministry of Finance on public budgeting for PPPs. • [Georgia] Advised the Ministry of Economy on the possibility of attracting private investment to the electricity grid. • [Kyrgyz Rep] Modeled physical and financial flows throughout electricity sector. • [Pakistan] Advised the Sindh’s Department of Finance on its pipeline of PPP projects. • [Regional] Wrote a handbook on hydrogen projects for ADB’s internal consumption. • [Regional] Wrote a paper documenting impediments to private climate finance. • [Uzbekistan] Prepared a sector strategy for the Committee on Automobile Roads. ADB conducts postmortems of its lending operations to assess whether projects have delivered on its development mandate and to identify lessons learned. To keep the evaluation independent, the work is outsourced to consultants like me. • [Afghanistan] $700m Afghanistan Infrastructure Trust Fund during 2011-2015. • [Bangladesh] $30m loan to BRAC Bank. • [Georgia] $100m policy-based loan with covenants for electricity sector reform. • [India] $150m investment in RBL Bank. • [Myanmar] $150m loan to Ooredoo for the creation of a 2G/3G telecom network. • [Pakistan] $40m for an energy efficiency project, replacing incandescent bulbs. • [Regional] ADB’s investments as an LP in six private equity funds. • [Tajikistan] irrigation, flood control and potable water project in Pyanj River Basin. • [Tajikistan] vocational education and training project. • [Tajikistan] Corridor 3 highway from Dushanbe to Dusti. I also build financial-economic models for engineering firms working for ADB: • [Azerbaijan] $355m to help JSC Azersu upgrade electricity distribution infrastructure. • [Azerbaijan] university dormitory PPP. • [Georgia] $50m loan to United Water Supply Company of Georgia.

The World Bank

The World Bank (www.worldbank.org) is a multilateral development bank owned by 189 member countries, headquartered in Washington, DC, USA. It provides loans and grants to governments in developing countries. • [Azerbaijan] Due diligence for $150m loan to water utility JSC Azersu. • [Tajikistan] Sanity check of feasibility study and contracts for a 220 kV transmission line and two substations. • [Uzbekistan] Developed a strategy to attract private investment to roads, airports and rail infrastructure. • [Uzbekistan] Stock-taking of 450 irrigation pumping stations transferred to private operators using PPPs.

GOPA-Intec

GOPA-Intec (www.gopa-intec.de) is an engineering consulting firm specializing in energy infrastructure. The company employs about 190 staff and is headquartered in Bad Homburg, Germany (near Frankfurt). • [Uzbekistan] Reviewed and corrected the tender documentation for an EBRD-financed modernization of the 500/220 kV Muruntau Substation and Construction of a 500 kV Transmission Line from Navoi TPP to the 200 kV Besopan switchyard. • [Libya] Stocktaking of the existing state of the Libyan transmission network and its capacity to evacuate solar energy on behalf of Germany’s Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ). • [Egypt, Tunisia, Algeria, Morocco] Designed a guarantee mechanism to backstop the obligation of public off-takers to Independent Power Producers (IPPs). • [Niger] Deal screening for the European Investment Bank, mainly solar, hydro, and grid strengthening. The project was cancelled after a coup d’etat. • [Ethiopia] For Agence Française de Développement, prepared financial model, project contracts, and workshop for two propose wind farm PPPs.

Decon international GmbH

Decon International GmbH (www.decon.de) is an engineering consulting firm specializing in energy and water infrastructure. The company employs about 100 staff and is headquartered in Frankfurt, Germany. • [Algeria] Conducted a French-language workshop on Power Purchase Agreements (PPAs) for the national gas company, Sonelgas, and national oil company, Sontatrach. • [Algeria] Drafted a French-language PPA and template financial model for Sonalgaz’s 1,000 MW solar power project. • [Germany] Audited financial model for a family office, which is developing 13.8 MW wind project in Westphalia. • [Mozambique] Scored the bids in a $150m tender for transmission lines, substations and SCADA, financed by the World Bank. • [North Macedonia] Scored bids in a €49m tender for a transmission line connecting Macedonia to Albania, financed by EBRD. • [Pakistan] Scored bids in a $455m tender for transmission lines and substations, financed by the World Bank. • [Serbia] Financial model for the district heating network, funded by KfW. • [Tunisia] Legal due diligence for waste-to-energy project, funded by KfW. • [Tunisia] Scored the bids in a €15m procurement of rooftop solar, funded by KfW. • [Ukraine] Assessing war damage to water infrastructure, funded by the World Bank.

Various clients around the world

• [Ghana] Valuation of 2x thermal power plants owned by CENIT Energy and Volta River Authority. • [Ghana] Financial analysis for various investments in the national industrial strategy. • [India] Independent evaluation of EIB’s support to a portfolio of renewables projects. • [Jordan] Legal due diligence for 3x pumped storage hydropower projects, funded by the EU. • [Oman] Prepared valuations of illiquid investments owned by Oman’s Sovereign Wealth Fund. • [Oman] Purchase price allocation for two acquisitions made by Oman’s Sovereign Wealth Fund. • [Turkmenistan] Financial model for a proposed 500 kV transmission line connecting Mary, Turkmenistan to Herat, Afghanistan. • [UK] Valuation for sale of 10% equity stake in small business active in greywater recycling, to angel investors. • [USA] Valuation for Cell Care Therapeutics, a biotech, seeking to raise venture capital to fund its drug discovery pipeline.

International Renewable Energy Agency (IRENA)

The International Renewable Energy Agency (www.irena.org) is an international organization with 168 member countries dedicated to promoting renewable energy. IRENA has established a Project Facilitation and Support Division, whose objective is to facilitate funding and investment for promising renewable energy projects. My role is to give IRENA an independent opinion of the bankability of these projects. • [Albania] 20 MW solar PV project. • [Indonesia] 4.5 MW mini-hydropower plant. • [Nigeria] 6.6 MW solar PV, Battery Energy Storage System (BESS), and mini-grid in Imo State. • [South Africa] 37 MW waste-to-energy plant.

United States Agency for International Development (USAID)

Advised the President and Cabinet of Ministers of Moldova on pathways to attracting private investment in a Combined Heat and Power (CHP) plant, which would help reduce the capital city's dependence upon Russian energy.

Global Energy Alliance for People and Planet (GEAPP)

Valuation model for a proposed partial credit guarantee equivalent to $13.5m to the Uganda Development Bank (UGB). UDB is providing a loan to the country’s largest electricity distribution company, Umeme, which is expanding access to electricity to a further 500,000 households.

International Finance Corporation (IFC)

The International Finance Corporation (IFC) is a multilateral development bank that offers investment, advisory, and asset-management services to encourage private-sector development in developing countries. The IFC is a member of the World Bank Group and is headquartered in Washington, D.C. I began as a Short-Term Consultant (2010-2011) and then took on a employment contract (2011-2015). • [Afghanistan] 1,000 km, 500 kV HVDC transmission line connecting the Kyrgyz Rep, Tajikistan, Afghanistan and Pakistan. • [Kazakhstan] Almaty Ring Road PPP (BAKAD), a 68km, 4/6 lane orbital motorway with an estimated cost of $680 million. • [Kosovo] Organized roadshow for privatization of Kosovo Energy Distribution System (KEDS). • [Kyrgyz Rep] Privatization of OJSC Zalkar Bank to Russian bank ITB Holding. • [Pakistan] Advised Al Jomaih Group on the sale of a stake in the 870 MW Suki Kinari hydropower plant to China Gezouba. • [Tajikistan] Feasibility work for a proposed refrigerated warehouse project for agriculture sector. • [Turkmenistan] Advised the Ministry of Economy settlement and clearance of securities for a proposed stock exchange.

Macquarie Group Ltd.

Macquarie is a global investment bank with manages infrastructure funds on behalf of retail and institutional investors, headquartered in Sydney, Australia. I joined the London office as an associate (2005-2007) straight out of my MBA program and was subsequently promoted to manager (2007-2008), equivalent to VP at other investment banks. Mergers & acquisitions: • [Australia] Leverage buyout of gaming company Talarius plc. • [France] Acquisition of a sub-metering business. • [Germany] Leverage buyout of metering company Techem AG. • [Germany] Acquisition of oil storage business. • [Spain] Acquisition of Spanish solar farms. • [U.K.] Acquisition of motorway service stations. • [U.K.] Sale of a minority stake in Birmingham Airport. • [U.K.] Purchase of satellite transmission assets from BT Group plc. • [U.K.] Acquisition of a portfolio of landfill gas sites. • [U.K.] Restructuring of a landfill gas and wind farm business. Refinancings: • [Belgium] Brussels Airport • [Sweden] light rail company Arlanda Express • [U.K.] subtitling business Red Bee Media • [U.K.] Wightlink Ferries Bond listings: Arqiva plc, Bristol Airport, M6 Toll Road, and Thames Water plc [U.K.] Capital raising on behalf of a private equity fund [Luxembourg]

KPMG / Moskowitz + Meredith LLP

Tax Court of Canada

MBT Architecture

University of Oxford

McGill University

University of California

New York State Unified Court System