Financial & Infrastructure Advisory Boutique

Established in 2008

Johannesburg

South Africa

Contents

• Introduction

• Services

• Sectors

• IPP & Project Development

• Selected IPP experience

• Selected Clients

• Selected Transactions

• Founder

• Contact Details

Tynagh Energy (Ireland)

380MW CCGT Plant

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Introduction

PhD Capital is a independent financial and infrastructure advisory boutique with

significant power project development and fund raising experience. PhD Capital’s

principal has worked on a number of landmark transactions in emerging and developed

markets including but not limited to transactions in –

• Italy, Ireland, UK, Qatar, South Africa, Zambia and Turkey

Our History

PhD Capital was established in October 2008, by its founder after years in power project

financing and development with Edison Mission Energy (London) and Investment

Banking with Abbey National Treasury Services plc (London) and Investec Bank Limited

(Johannesburg)

Our Clients

We focus our services on Independent Power Producers, Developers, Utilities and

regulatory bodies.

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Introduction

Our Value

We provide expert advice the following areas bid preparation, project development,

contract negotiations support, financial modelling and financing of small to large scale

infrastructure projects

We are able to deliver trusted bankable advice due to -

• Our ability to engage with key stakeholders including sponsors, investors,

lenders, contractors, advisors, regulatory bodies and government entities.

• Ability to take projects to financial closure on time and within budget

• Knowledge of the markets and sectors we operate in

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Services Advisory services include –

• Project development &

supervisory services

• Tender & bid support

• Feasibility studies

• Project & capital structuring

• Financial modelling

• Due diligence

• Research (country/sector)

• Re-financings

• Contract negotiations support

• Construction loan administration

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Fund raising services include -

• Senior debt

• Mezzanine & sub-debt

• Equity financing

• Development funding

• Strategic equity partners (BEE)

Sectors

• Energy

• Generation

• Transmission

• Distribution

• Water

• Desalination

• Water Treatment

Kelvin Power 600MW

Coal-fired Plant (SA)

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Sectors (cont)

Energy generation -

• Coal-fired

• Gas-fired

• Hydro

• Solar

• Wind

• Biomass

• Waste to Energy

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IPP & project development

We have significant experience in all facets in the development, financing, construction, and

operating and maintaining power projects from a management and financing perspective in the

following key areas –

- Leading transaction teams

- Preparing development budgets

- Selection and appointment of appropriate advisors

- Financial modelling

- Preparation and structuring of computer models

- Review of all input assumptions

- Preparing assumptions data book for model reviews

- Completing and arranging model audits

- Maintenance of financial models for borrowers or lenders

- Preparation of Project Information Memorandums for lenders or investors

- Supporting contract negotiations

- Drafting of Term Sheets (PPA, EPC, O&M, Shareholders and Finance etc.)

- Managing lenders due diligence process and steps to Financial Close

- Loan administration during construction and operations

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Selected IPP experience

Tynagh Energy 380 MW CCGT (Ireland) - development & financing phases

ISAB Energy 512MW IGCC (Italy) – development & financing phases

Kelvin Power Coal-fired 600MW (RSA) – operations, financing and workout phases

Doga Enerji CCGT180MW (Turkey) – financing, construction, commercial ops phases

Lakeland Power 220 MW gas-fired (UK) – commercial operations phase

Spalding 860 MW CCGT (UK) - financing phase

AES Barry 230 MW CCGT (UK) – operations and workout phase

Killingholme Power Plant 680 MW gas fired (UK) – operations and workout phase

Thupela Solar PV Plant (RSA) – development & financing phases

Aeolus Windfarm 44MW (Namibia) – development & financing phases

ITPP Hydro 120MW (Zambia) – development & financing phases

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Selected Clients

ESPConsultingGroup

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Selected Transactions Project/Client Sector Value/Size Country Role

Namibian Regulator

(“ECB”) Wind & Solar N/A Namibia

Completed the design and development of a generic financial model to evaluate renewable energy projects economic viability and bankability submitted for regulatory approval to ECB. Successfully completed in 2015

ZIZABONA Project Transmission 400Kv Zambia, Zimbabwe, Namibia, Botswana

Project Coordinator and Supervisor , role included reviewing and monitoring work streams of the Transaction (Fitchner of Germany) and Environmental (SWECO of Sweden) advisors .

Genesis Eco-Energy Wind and Solar

Portfolio Various South Africa BEE equity sale advisor (2013)

ZIZIBONA – SAPP CC Transmission 400Kv Zambia, Zimbabwe, Namibia, Botswana

Sole financial advisor, led equity sale negotiations and completed Market Study (2013)

ITezhi Tezhi Power Co (IPP)

Hydro 120MW Zambia

Led transaction advisory team , role included selection and appointment of advisors and selection of contractors.

Norconsult Africa Transmission 400Kv Zambia, Zimbabwe, Namibia, Botswana

Investment banking advisor for feasibility Study, role included project capital structuring & framework, preparation of bankable financial model Completed in 2012. Prepared Financial Model

Kariba North Bank

Extension (KNBE) Hydro 360MW Zambia Led transaction advisory team , supported EPC contractor negotiations

Aeolus Wind Project Wind 44MW Namibia Joint transaction advisor (Debt & equity) – led PPA negotiations, prepared bankable financial model and PIM preparation.

Thupela Energy Solar PV 5MW South Africa Appointed sole financial advisor for bid submission, prepared bid financial model and PIM, Round 1 REIPPP – successfully secured all debt & equity funding required for bid submission

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Peter Hunt-Davis

Introduction

Peter founded PhD Capital advisory business in October

2008, after spending over five years in the Project &

Infrastructure team at Investec Bank in Johannesburg.

Peter has accumulated over eighteen years’ experience

in banking and Infrastructure related projects since he

joined Edison Mission Energy an Global Power Project

developer in their London office as a senior financial

analyst in 1997 after joining from Dresdner Kleinwort

Benson Investment Bank (London). Peter was involved in

almost all their power projects in the UK, Turkey, Italy and

Spain.

Prior to joining Investec in April 2003, he worked at

Abbey National Treasury Services in the UK in the

Project Finance team, concluding a number of landmark

energy related deals and also was appointed onto a

number of lender steering committees on various power

projects in the UK that were facing potential liquidation

and defaulting on their loan obligations.

Peter holds a Bachelors Degree in Commerce and

completed his accounting articles with accounting firm

KPMG in 1992.

Previous experience

IST/Xstrata Co-generation Project (R500 million) – Secured and led Investec mandated advisory

team

Tynagh Energy (Ireland) 380 MW gas-fired plant – Investec Development team, financial modelling

and funding (Investec held a 40% equity stake) - Financial close completed August 2004

Kelvin Power Plant (600MW coal-fired) debt restructuring – led lenders and Plant stabilisation team

Kelvin Power Plant (600MW coal-fired) equity sale – led sales process – completed August 2007

Ferrybridge & Fiddlers Ferry 4000 MW Coal fired plants (UK) 1999 – Member of EME bid team,

prepared bid financial model and supported final negotiations. Successfully completed 1999

Doga Enerji (Turkey) 180 MW CCGT – Construction loan facility management & financial modelling

First Hydro pump storage facility (UK) - 600MW - Financial modelling

Lakeland (UK) - 220 MW Gas-fired plant equity acquisition – Financial modelling

Spalding CCGT (UK) 860 MW – Abbey MLA team, credit application, loan documentation etc.

Qatar GTL Project US$ 750million – Abbey MLA team, credit application & loan documentation etc.

AES Barry (UK) 230 MW CCGT – Appointed to lenders Steering Committee

Killingholme (UK) 680 MW gas fired power plant – Appointed to lenders Steering Committee

Edipower (Italy) Acquisition facility US$3,6 bn – Abbey Lead Arranging team, credit app and docs

Kelvin Power Station – supported existing shareholder in PPA re-negotiations with City power

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Contact Details

Peter Hunt-Davis

Mobile:

+ 27 76 911 9185

Email:

phd.capitalgroup@gmail.com

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