summary report ft-ifc energy infrastructure series · infrastructure series solar power in a...

1 March 2017The MaslowJohannesburg

A partnership of

FT-IFC ENERGY INFRASTRUCTURE SERIESSolar Power in a Fast-Changing African Energy Market

SUMMARY REPORT

AGENDA

12:30 Registration, Light Refreshments

13:30 Opening Remarks from the FT Chair

Pilita Clark, Environment Correspondent, Financial Times

13:40 Welcome from IFC

Bernard Sheahan, Global Director for Infrastructure and Natural Resources, IFC

IN CONVERSATION WITHPilita Clark, Environment Correspondent, Financial Times

13:50 Scene-Setter: Drivers of Change in Africa’s Energy Market

Paolo Frankl, Head of the Renewable Energy Division, International Energy Agency (IEA)

14:30 Panel 1: Utility-Sized Solar: How to Scale Up for Impact

Costs of photovoltaic and concentrated solar power continue to fall and large developments are under construction and in operation in various African countries, but remain insufficient in scale to meet the continent’s energy needs. New streamlined contracting methods and financing trends may open doors to greater scale.

For discussion:• Best practices in private sector-financed utility-scale solar project development. Are negotiated contracts a thing of the past?• What are the challenges and barriers preventing a utility-sized expansion at large scale?

PANELLISTSRaymond Carlsen, CEO, Scatec SolarChris Ehlers, CEO – Renewables, ACWA PowerConstantin Hatzliambros, Director, Mulilo EnergyAlastair Jessop, SVP Development, Solar Reserve Rafael Mateo, CEO, Acciona Energy

MODERATORBertrand Heysch de la Borde, Regional Industry Head, Africa Infrastructure, IFC

15:30 Networking Coffee Break

FT-IFC ENERGY INFRASTRUCTURE SERIES

15:50 Panel 2: Off-Grid Solutions: Ready for the Big Time?

Off-grid and micro-grid solar solutions offer promise to electrify parts of Africa where transmission and distribution networks are lacking. Governments are increasingly looking at these products as areas for large-scale roll-out, as an alternative to investments in national grids. For discussion:

• Is today’s off-grid technology adequate to make a dent in Africa’s electricity needs? • How are major energy players regarding this sector? • What investments are needed to ensure adequate scale?

PANELLISTSMohamed Hoosen, CEO, ENGIE Southern AfricaKobi Sam, Investment Executive, Africa Private Equity, Investec Asset Management Mamadou Toure, Chairman and CEO, Ubuntu Capital Group Rik Wuts, Co-Founder and Vice President, Business Development, Powerhive

MODERATORYasser Charafi, Principal Investment Officer and New Business Lead, Africa Infrastructure, IFC

16:50 Country Focus: South Africa

• What can other African countries learn from South Africa’s auctions process?

Brenda Martin, Chair, South African Renewable Energy Council (SAREC)

IN CONVERSATION WITHPilita Clark, Environment Correspondent, Financial Times

17:20 Closing Remarks from the FT Chair

Pilita Clark, Environment Correspondent, Financial Times

17:30 Close of Forum, Drinks Reception

This event was held under Chatham House rule.

SUMMARY REPORT

The FT-IFC Forum on Solar Power in a Fast-Changing African Energy Market took place on 1 March 2017 in Johannesburg. The event was held under Chatham House rule, and examined the market dynamics, investment opportunities and methods of supporting expansion at scale across Africa’s solar sector, with insight from top industry leaders, project developers, regulators, and investors.

A New HopeBernard Sheahan, IFC Global Director of Infrastructure and Natural Resources opened the discussion with an insight on the rapid advances and potential inhibitors for the renewable energy sector in developing economies. He started by pointing out that the two biggest factors that have held solar power back from growing faster have been cost and complexity. Yet this dynamic is changing, with technology investment generating an 80% reduction in the cost of solar panels since 2008, and new procurement mechanisms (such as auctions) catalysing

market competition. Although solar technologies currently exist in relatively few countries, the world is “at the cusp of a revolution in terms of the adoption of solar”. This revolution may be even further affected by the potential for game-changing levels of solar technology exports by China. Indeed, industry leaders remain hopeful that the technology is the biggest driver rather than the politics and as such “the economics of renewables are going to continue to dominate going forward”.

The Big PictureAs seen in figures by the International Energy Agency, by 2040 global energy demand is expected to increase by 40%, with electricity demand growing at 1.9% per annum. Generation of electricity from renewables is also expected to grow by 40% from 2015 to 2021, with hydro-electricity responsible for 60% of this production. If correct, this growth would result in the generation of renewables of 7600 terawatt hours by 2021, equivalent to the whole electricity generation of the


United States and the European Union. Indeed, in Europe, Japan and the US the growth of renewables will actually overpass the growth of total demand.Of the 1.2 billion people without access to electricity globally, however, around 635 million are in Africa. Despite this, the continent is likely to see electricity demand grow at around 4% per annum. Considering that almost 30% of global oil discoveries in the last 5 years were in sub-Saharan Africa, continued reliance on bioenergy is to be expected. Yet, in the next 5 years around 70% of electricity generation growth in Africa is predicted to come from renewables. As noted by one speaker, this will create a dynamic in emerging economies where renewables have the largest growth in absolute amount, but still they only arrive to 50% of demand.

Championing solar power in Africa, therefore, will require a combination of several factors, including ongoing reductions in the cost of technology

and better visibility on profit margins; affordable financing; policy frameworks which are predictable, consistent and holistic; collaboration and system oriented thinking across the financial system, technology providers and governments from the very start of a project; and the combination of multiple solutions including large scale power plants and off-grid systems.

Bottlenecks and Game-changers in Utility-Scale SolarAlmost 40% of the people with energy access problems in Africa live in cities, with a number of cities in Africa that are beyond 2 million occupants that have zero power. On paper, the continent is a prime location for utility-scale solar power. Yet, in the last year almost none of the key industry players were able to close projects in Central Africa. So what bottlenecks are preventing this and what are the potential game-changers?

SUMMARY REPORT

As noted by one speaker payment is the number one issue. Although investment grants exist for renewables production in Africa, it is commonly acknowledged that increased investment by banks remains a major requirement. Yet, despite the fact that default rates are very low for power purchase agreements (PPAs), banks have maintained an average 4-5% margin on loans for such projects. This means that many developers are only able to meet the bare minimum margins for bankability. Most point to rapid cost reductions in solar technology and the ability to construct almost 100 megawatts in one month as major game-changers for this scenario. Yet utility-scale solar projects still face large transmission and infrastructure overheads in comparison to off-grid solutions. As noted by one attendee, one potential solution for the current funding impasse is to use investment grants as risk funds for PPAs in case of default, lowering the perceived risk of the investment and thus providing banks with more reason to reduce their margins.

In addition to increased investment, many in the industry are asking for governments to integrate their energy policies with their wider long-term economic strategy, both in terms of internal supply and potential export markets. As noted by one participant, a long-term vision with a clear policy framework and a well-structured procurement programme gives developers the necessary confidence that they can recoup their initial investment over the course of 10-20 years. This vision, however, requires the combination of several factors, including a stable government ideally with a large majority; a solid grid infrastructure that allows for scaling; and transparent development and procurement programmes which are led by trusted experts in the field and which are open to input from all stakeholders in the renewable energy sector. Attendees noted that the Morocco Agency for Sustainable Energy (MASEN) provides a key example of how this can be achieved.Even with these support mechanisms in


place, utility scale developers face a wide range of uncertainties. For example, they must be aware of the tipping point at which off-grid solutions become more desirable than the utility-scale model. Moreover, although the use of auction-based procurement is increasing competition and reducing cost, some worry that it is reducing the ability of governments to properly evaluate bidders and increasing the number of bids from companies who cannot fulfil long-term contracts. In Mexico and Chile, for example, many projects sold in auctions are still not under construction. In addition to this some worry that the auction model may result in developers simply reacting to RFPs rather than actively challenging fossil fuel contract bids with renewable options, and seeking to expand from solar to hybrid contracts.

Off-Grid SolutionsMost commentators agree that decentralised and off-grid applications can provide support to the grid and can increase the reliability of supply in urban

or peripheral urban parts. As noted by one speaker, however, they can also play a major role in rural sector, support to agriculture, creation of small business and industrial processes. Unfortunately, the current distribution of on-grid capacity within mainly urban areas means that rural electrification is practically non-existent. For off-grid providers this means a significant consumer market at a time when political priorities, technology costs and regulations are becoming more conducive to investment. Providing sustainable power to rural and semi-urban areas would also result in job creation and local economies which could stimulate wider upselling of electrical goods and services.

As argued by one participant, however, at the heart of this potential market is one key question: how can companies thrive with a customer base that typically cannot pay for the product up front? Fortunately, the potential for disruptive funding models such as pay-as-you-go

SUMMARY REPORT

and leasing of solar assets have been enabled by the recent historical shift in the renewable energy sector from a supply-driven to a demand driven-model. These funding models allow individuals and small businesses to circumvent the initial (and often insurmountable) cost burden of buying solar panels. Indeed, although they are at pains to point out the difference between the two sectors, many industry leaders are inclined to draw parallels between this state of affairs and the telecommunications boom in Africa.

These significant advances, however, raise many questions for regulation and investment. As confirmed by one commentator, we are entering a space where technology moves faster than the law in which off-grid providers can outpace regulation and create dependencies which could force governments into post hoc licensing. For others, however, such regulation is a key requirement for de-risking the off-grid business model and catalysing greater buy-in from commercial

investors. While financing from venture capitalists, micro-lenders, development finance institutions (DFIs) and semi-commercial capital have helped with investment (especially in the upgrade pay-as-you-go space), companies will need to show proven commercial returns to bring further commercial capital to the sector. This necessity is forcing major off-grid companies to focus on more granular and data-driven analyses of their business models, which account for logistics and maintenance costs, customer demographics, energy usage, pricing, payment schedules, and rates for capital returns to investors. As noted by one speaker, the sector still needs to show investors that investing in a project that serves energy to 20 thousand or 100 thousand individual poor families is actually a much better risk than selling a PPA with one customer who has a discreet chance of going bankrupt. Indeed, as such off-grid investments are generally made up of many small contracts versus one large utility-scale contract, companies


are able to continually learn and improve, and every investment is going to look slightly better than the previous one.In addition to de-risking investment and creating the KPIs required to achieve scale, this data-mining process has two key benefits. Firstly, it allows energy providers to consider alternative revenue streams, because we have so much payment data about these people and we have so much demographic data that we can basically run automated credit worthiness. Secondly, it can help to rectify the bias of current equity models used by banks for investing in pre-paid energy models, due to their inability to run credit checks on tens of thousands of customers in highly distributed rural populations with informal economies.

Not Waiting for GodotWith almost as many solutions as there are obstacles facing the solar energy sector, the industry sees itself at the tipping point of a revolution. Although many governments and

investors are becoming increasingly aware of the economic and developmental benefits of solar and wider renewables, the creation of long-term policies and investment will not be a simple process. As concluded by Bernard Sheahan, even with coordinated planning and action from leaders in industry, government and financing: “there is no Godot, revolutions are messy, and there’s no real clear path when you start one about exactly where you’re going to wind up”.

Pilita ClarkEnvironment CorrespondentFinancial Times

Pilita Clark was appointed Environment Correspondent in May 2011, having previously been the Aerospace Correspondent and Deputy News Editor on the main news desk at the Financial Times, and then Deputy Editor of the FT Magazine. In her current role Ms Clark covers all environmental issues, from climate change to wildlife and renewable energy, but has a particular focus on the

impact of low-carbon policies on businesses and investors. Before joining the FT in 2003 as a Commissioning Editor on the FT Magazine, Ms Clark was a Senior Writer for the Sydney Morning Herald, where she was a Political Reporter in Washington DC and Canberra. She was also Managing Editor of The Eye news magazine in Sydney, and a Nieman Fellow at Harvard University.

Bernard SheahanGlobal Director for Infrastructure and Natural ResourcesIFC

Bernard Sheahan is Global Director of Infrastructure and Natural Resources at IFC, the largest global development institution focused exclusively on the private sector. He is responsible for IFC’s investments in power, transport, utilities, and extractive industries. Mr Sheahan joined IFC in 1986, and has previously served as Director of IFC’s Infrastructure Advisory Department and IFC’s

Director of Strategy. He holds a Bachelor’s degree from Dartmouth College and an MBA from Harvard University.

HOSTS

BIOGRAPHIES


SPEAKERS

Raymond CarlsenCEO Scatec Solar

Raymond Carlsen is the CEO of Scatec Solar, an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable source of clean energy worldwide. A long term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants, and already has an installation track record of more than 600 MW and a project backlog and

pipeline of 1.8 GW. Mr Carlsen joined Scatec Solar in October 2009. Prior to this, Mr Carlsen was Partner and responsible for developing Aker ASA’s portfolio of Energy related businesses. He was also responsible for Aker Solutions’ Subsea, a $2bn revenue business with 5000 employees and operations in more than 15 countries.Mr Carlsen has extensive international experience through assignments in USA, Singapore, Indonesia, Malaysia and South Africa and is a Director on a number of Boards. Mr Carlsen earned his MSc at Florida Institute of Technology, USA in 1981.

Yasser Charafi Principal Investment Officer and New Business Lead, Africa InfrastructureIFC

Yasser Charafi is Principal Investment Officer and New Business Lead for Africa Infrastructure, IFC. Based in Dakar, Senegal, he is responsible for all new investments in power and transport infrastructure in the region. His particular expertise is in thermal and renewable energy generation, transmission and distribution in the power sector. Mr Charafi heads IFC’s business development

activities in Sub-Saharan Africa, and co-leads on major new initiatives such as Scaling Solar. Throughout his tenure with IFC, he has worked in multiple countries throughout the Africa and MENA regions. Prior to joining IFC, Mr Charafi worked as a finance professional and management consultant in London and Paris, advising and mobilising financing for a variety of global clients. He holds a Masters’ degree in Business and Development Economics from Harvard University.

BIOGRAPHIES

Bertrand Heysch de la Borde Regional Industry Head, Africa Infrastructure IFC

Bertrand Heysch de la Borde is Regional Industry Head, Africa Infrastructure, IFC. Mr de la Borde has more than 20 years’ experience in infrastructure finance and has acquired a thorough understanding of financial and contractual schemes used for private power projects in emerging as well as Western countries. As a Senior Manager since September 2010 he has been heading the IFC

Africa Infrastructure team (around 54 Investment Officers) which has grown to a business of around US$1bn p.a. under his leadership. Mr de la Borde joined IFC in January 2007, following four years with the French Development Agency / Proparco and 11 years with Société Générale in Paris (where he was a Managing Director, Head of Infrastructure Project Finance). During his career, Mr de la Borde has closed as financial adviser or lead arranger a number of landmark deals (on all five continents), such as the Azito power project in Côte d’Ivoire (first privately financed IPP in Africa, in 1998, and expansion closed in fall 2012). In Sub-Saharan Africa, deals he and his team have closed include the Takoradi gas-fired IPP (Ghana), Gulf and Thika HFO IPPs (Kenya), a Capex facility for KPLC (Kenya), KaXu and Khi concentrated solar power IPPs (South Africa), multiple investments in the Umeme utility (Uganda), CIPREL IPP in Côte d’Ivoire, SENAC (a toll road in Dakar, and a follow-on extension), the Azura IPP (Nigeria), the Tobene IPP (Senegal) and most recently the CEC Africa IPP in Sierra Leone (closed late 2016). Mr de la Borde graduated from École Centrale de Paris, one of the top French engineering schools.

SPEAKERS


Chris EhlersCEO – RenewablesACWA Power

Chris Ehlers has more than 20 years of track record within the renewable and conventional power generation industry. Mr Ehlers joined ACWA Power in 2012 as MD for Southern Africa region. Since one year he is also the CEO for ACWA Power’s global Renewables Business.

From 2007 Mr Ehlers was Managing Director for Siemens Renewable Energy in the UK. Under his watch the team installed and maintained more than 2500MW of on- & offshore wind turbines, which created more than 1000 sustainable jobs in Chris’ Division. In the UK, he served the Board of RenewableUK, the UK’s largest Renewable Energy Association.

Previously, Mr Ehlers held various Director Roles in blue chip EPC Companies such as Siemens Energy, Hitachi and Babcock Borsig (now Mitsubishi Hitachi Power Systems) spanning from Sales to Procurement & Logistics. He was part of several conventional turnkey power plant project deliveries in Europe, Middle East and China, where he lived for two years.

Mr Ehlers holds a degree in Mechanical Engineering from the University of Applied Sciences Lübeck, Germany and a MBA from Instituto de Empresa (IE) Business School, Madrid, Spain. During his studies he worked on renewable energy projects in South Africa and Brazil.

BIOGRAPHIES

SPEAKERS

Paolo Frankl Head of the Renewable Energy DivisionInternational Energy Agency (IEA)

Paolo Frankl is Head of the Renewable Energy Division at the International Energy Agency (IEA), which he joined in 2007. Dr Frankl leads the IEA’s work on renewable energy, providing policy advice in the areas of technology, markets and systems integration. He is a member of several international advisory committees, including the EU PVSEC International Scientific Advisory Board and

the Helmholtz Association of German Research Centres. Dr Frankl has over twenty years of experience working on renewable energy systems and markets, life cycle assessment and eco-labeling. Prior to joining the IEA, he worked as Senior Researcher for the Italian Research Institute, Ambiente Italia, and was Scientific Head of the Italian environmental research and consulting firm, Ecobilancio. From 2000 to 2002 he served as Advisor to the Director-General of the Italian Ministry for the Environment. Dr Frankl also spent many years in Assistant Professor positions in environmental technologies at the University of Rome, University of Florence, and l’Ecole des Mines de Paris. A physicist by training, Dr Frankl holds a PhD in Energy and Environmental Technologies from the University of Rome. He was also a Marie Curie post-doc research fellow at INSEAD in Fontainebleau, France.


Constantin Hatzliambros DirectorMulilo Energy

Constantin Hatzilambros is a Director at Mulilo Energy. The parent company of Mulilo Energy, Mulilo Group Holdings is a South African owned IPP with solar energy facilities already in operation, and wind energy facilities on track to reach commercial operation in October 2017. In his current capacity at Mulio, Mr Hatzilambros plays a key role in bringing together financial institutions, engineering

companies, equipment suppliers and governments on energy and infrastructure developments in Africa. He has successfully developed energy projects, worth over ZAR10bn in Sub-Saharan Africa. Mr Hatzilambros has over eight years of experience in African infrastructure project development, with his experience including all aspects of project development, to include: engineering, project scheduling, environmental impact assessments, government offtake agreements, arranging long-term lease agreements with local land-owners, arranging project debt and equity finance, construction agreements and negotiations and operational aspects. Mr Hatzilambros completed his Masters in Finance degree at the University of Cape Town (UCT) with his dissertation identifying The cost determinants of non-recourse project financing in Africa. Prior to completing his Master’s degree, Mr Hatzilambros completed his Bachelor of Science degree in Mechanical Engineering from UCT.

BIOGRAPHIES

SPEAKERS

Mohamed Hoosen CEOENGIE Southern Africa

Mohamed Hoosen is the CEO of ENGIE Southern Africa. After a period in the Petrochemical sector Mr Hoosen moved into Business Development and then into Project Finance. The last ten years of his career were spent at Nedbank and Investec before he became the head of the ENGIE Southern African office in January 2016. Mr Hoosen graduated with a degree in Engineering from the

University of Natal (RSA).

Alistair JessopSenior Vice President, DevelopmentSolarReserve

Alistair Jessop is Senior Vice President, Development of SolarReserve. In this post he is responsible for driving SolarReserve’s continued growth through initiating anddeveloping projects and business opportunities across Europe, Africa, the Middle East and India. While at SolarReserve, Mr Jessop’s efforts have resulted in the development of a portfolio of 7000

megawatts (MW) across the EMEA region ranging from utility-scale solar to smaller scale urban solar farm power projects. Mr Jessop has 20 years of international power industry experience in business development, construction and project financing. His extensive expertise spans projects covering multiple technologies including natural gas, oil-fired, wind energy, biomass and solar energy projects. Mr Jessop joined SolarReserve from Invenergy, one of the largest privately owned renewable energy businesses in the world, where he was Vice President for Europe.


Brenda Martin Chair South African Renewable Energy Council (SAREC)

Brenda Martin is the CEO of the South African Wind Energy Association (SAWEA) and Chair of the South African Renewable Energy Council (SAREC). Ms Martin has worked at senior level in the Southern African development, education and energy policy sectors for over 15 years. In 2007 she initiated a national programme focused on climate-related behavioural change. Her work there

included the implementation of small-scale renewable energy projects and lobbying for energy policy change. Since 2014 she has also worked part-time at the Energy Research Centre (UCT), University of Cape Town. There, and in her personal capacity, she has conducted research on energy policy generally and renewable energy and nuclear power, in particular. She has served on the Ministerial Advisory Council on Energy (MACE) since its inception in February 2015. Ms Martin has an MPhil in Energy & Development from the Energy Research Centre (UCT), University of Cape Town.

BIOGRAPHIES

SPEAKERS

Rafael MateoCEOAcciona Energy

Rafael Mateo is the CEO of Acciona Energy and member of the Executive Committee of Acciona, a position he has held since January 2010. With more than 30 years of experience in the power sector, Mr Mateo has an extensive background in Latin American markets having previously served as an Executive Director in Endesa Chile from 1999 to 2009 and leading the generation activities of

Endesa in Latin America. Mr Mateo joined Endesa in 1982 serving in a variety of different positions in the company’s Thermal Power Plants division, including as Director of Thermal Production in Endesa Generación SA from 1997 and as Chairman of the UNIPEDE Thermal Production Group in Brussels. Mr Mateo graduated as an Industrial Engineer from the University of Zaragoza and was awarded the Extraordinary Final Year prize of the University. He has a Programa de Dirección General (PDG) from the IESE Business School and a Senior Management Program (PADE) from INSEAD.


Kobi Sam Investment Executive, Africa Private Equity Investec Asset Management

Kobi Sam is an Investment Executive of the Investec Africa Frontier Private Equity Fund. He joined Investec Asset Management in 2013 from Evercore Partners, an independent investment bank, where he spent six years focused on mergers and acquisitions and advised on over US$50bn of completed M&A transactions. Prior to joining Evercore, Mr Sam was a management consultant with McKinsey &

Company and also worked in Investment Banking at JPMorgan. Mr Sam has an MBA from the Wharton School of the University of Pennsylvania, where he was also a Joseph Wharton Scholar, and a BE in Electrical Engineering from the State University of New York, where he graduated summa cum laude and was elected to the Tau Beta Pi and Eta Kappa Nu Engineering Honor Societies. He has also been involved with TechnoServe, a non-profit that promotes business solutions to poverty in the developing world, and volunteered with them in Ghana and Senegal.

BIOGRAPHIES

SPEAKERS

Mamadou Toure Chairman and CEO Ubuntu Capital Group

Mamadou Toure is Chairman and CEO of Ubuntu Capital Group, a leading Investment and Advisory firm focused on designing and implementing integrated, innovative investment solutions to strengthen project ecosystems. Prior to his current position Mr Toure served as Managing Director with GE Africa. In this role, Mr Toure led a regional Capital Markets (Sales and Project Finance)

team across Sub-Saharan Africa supporting GE’s industrial business growth with sales funding and investment solutions. Before joining GE, Mr Toure worked in the Infrastructure Department of IFC, the private sector arm of the World Bank Group, principally in charge of private sector investments in the Telecommunications, Media and Technologies sectors of Sub-Saharan Africa. In 2016, he was declared Pan African Leader of the Year, an award issued by the board of African Democratic Institute. In 2015 in Davos, he received a distinction as a Young Global Leader by the World Economic Forum. In 2014, Mr Toure was considered by Forbes Magazine as one of the Top 10 Most Powerful Men in Africa and in 2013, BRICS Business Magazine identified him among the 25 Faces of the New Africa. Mr Toure is also Founder and Chairman of Africa 2.0 Foundation, an initiative-driven advocacy group that brings together emerging leaders representing African countries and the Diaspora, who share a common vision of the continent’s future.


Rik WutsCo-Founder and Vice President, Business DevelopmentPowerhive

Rik Wuts is Co-Founder and Vice President, Business Development of Powerhive, a company focused on unlocking productive, clean electricity for millions of people in emerging markets. The company’s innovative technology platform enables financing and monetisation of distributed micro-grids by reducing costs and stabilising investment risk. Mr Wuts has been at the

helm of Powerhive for over a decade and is leading the company’s international expansion. Before co-founding Powerhive, Mr Wuts was the Marketing Director at Intivation, where he helped introduce solar powered devices in more than 30 countries. He has also consulted several large companies and SMEs on product innovation and business strategy. Mr Wuts earned a BSc in Applied Physics and an MSc in Product Design from Delft University of Technology.

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IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19bn, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity.

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