IMEPOWER Investment Group Was Established by INEKO-Management and Energy Consulting Group
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April 2012 IMEPOWER ABOUT US IMEPOWER is Ukraine’s leading advisory group specialized on energy sector since 1995. Our main areas of expertise are electricity generation (renewable, thermal, cogeneration, large hydro), transmission, distribution and supply, while we also have in-depth knowledge of gas, coal and heating sectors. IMEPOWER’s services include strategy, investment advisory, due diligence, market reform and regulation, sector studies and forecasts, development of energy and infrastructure projects, corporate finance, transaction support, legal advice, financial restructuring and engineering. Legal advice and assistance to clients is channeled via law firm Ukrainian Legal Partnership being IMEPOWER’s subsidiary. Technical advice and engineering services to our clients are provided by Energy Consulting Group (EnCoG). CLIENTS Investors We provide comprehensive advice and support to international investors: . preparation of market entry and investment strategy . asset due diligence and valuation . structuring and implementation of investment projects . preparation of market/sector studies and forecasts . legal and regulatory advice . development of risk mitigation schemes . acquisition and transaction support. The following companies have been our clients: AES Corporation, CEZ, Contour Global, DTEK, Electricite de France, ENEL, Fortum, GS Holding, Inter RAO UES, Mitsubishi Heavy Industries, Sumitomo Corporation, Tractebel, Union Fenosa, Wildhorse Energy. Project Developers We provide extensive support to the companies developing projects in energy sector: . origination of project opportunities . due diligence of existing projects . preparation of business plans and feasibility studies . negotiations with the state agencies and local authorities . drafting contracts, getting necessary permits and licenses . supervision of project development and implementation . procurement support. We assisted the following companies with the development of “green field” and “brown field” projects in Ukraine: ADP (Korea), Compagnie du Vent (France), EMFESZ (Hungary), En.Green (Cyprus), Eunergo (Belgium), Greenworx (Belgium), Independent Power Corporation (UK), S4E (Germany), Terna Energy (Greece), WKN (Germany). We were involved in analysis, planning and/or implementation of the largest investment projects in the Ukrainian energy sector: construction of Dniester Hydro Pumped Storage Station, construction of the back-to-back station at the connection with the ENTSO-E system, construction of Dobrotvir Thermal Power Plant-2, reconstruction of 750 kV line from Moldova TPP to Isaccea, reconstruction of Kharkiv CHP-5, construction of CCGT plant in Crimea. Lenders We work as independent experts for international banks lending money to the energy sector companies and projects and assist them with: 2 IMEPOWER . independent project assessment and due diligence (legal, regulatory, commercial, financial, technical aspects) . preparation of feasibility studies . review of legal, regulatory and market framework . forecast of energy sector development, including prices and tariffs . identifying major risks and defining strategies for their mitigation. We worked with the following lenders in Ukraine, Moldova and Kazakhstan in the course of our operations: Asian Development Bank, European Bank for Reconstruction and Development, International Financial Corporation, Korean Export Import Bank, Raiffeisen, UniCredit, World Bank. Public Authorities We have significant track record of advising the Ukrainian state agencies and public authorities on a wide range of issues, including: . energy sector restructuring . reform and liberalization of electricity, gas, coal and hearing markets . development of regulatory framework, drafting laws and normative documents . harmonization of the Ukrainian legislation with the EU Directives and legislation . privatization and public private partnerships . institutional support and development . financial restructuring. The following state authorities have been our clients and partners: Ministry of Energy and Coal, National Electricity Regulatory Commission, Parliament Fuel and Energy Sector Committee, State Nuclear Regulatory Committee, State Property Fund, Wholesale Electricity Market Operator. Energy Companies We have great track record of advising the Ukrainian energy companies from electricity, gas, coal, heating and waste treatment sectors on: . corporate governance and reorganization . financial recovery, debt restructuring, bankruptcy . structuring investment projects and attraction of investments . advice on operational and commercial aspects, tariff setting and licensing . improvement of contractual and regulatory framework, drafting laws and regulations . energy audit, advice on technical issues. We advised more than 30 Ukrainian energy companies, including: Centrenergo, Crimean Generating Systems, Dniester Hydro Pumped Storage Plant, Dniproenergo, Donbasenergo, Donetskoblenergo, Energoatom, Kharkiv CHP-5, Severodonetsk CHP, Krymenergo, Kyivenergo, AES-Kyivoblenergo, Naftogas of Ukraine, NEC Ukrenergo, Vostokenergo, Ukrecocomresources, Ukrhydroenergo, Ukrnafta, Zakhidenergo, Zhytomyroblenergo. International Financial Institutions We have significant experience of technical assistance projects financed by the following international financial institutions: . European Bank for Reconstruction and Development . European Commission . USAID . World Bank. Our partners in most of these projects were distinguished international advisory and engineering companies such as: AF Consult, AF Mercados EMI, AMEC NNC, EGIS BCEOM, Deloitte Touche Tohmatsu, EDF Hydro Engineering Center, Fichtner, KPMG Energy & Utilities, Sargent Lundy. 3 IMEPOWER Energy Traders We have in-depth understanding of electricity export, import and transit operations providing the following advice to electricity traders: . preparation of market entry strategy and introductions . drafting electricity purchase-sale and transit contracts . negotiations with the Ukrainian authorities, including TSO and Market Operator . licensing support. Our clients in this area include: EDF Trading, EMFESZ, JP Morgan Energy Europe, RBS Sempra Energy, European Federation of Energy Traders (EFET). PARTNERS Dr. Valeria Kulagina Valeria graduated from Kyiv National Economic University where she also received PhD degree and spent many years as senior lecturer specialized on information technologies. Her carrier in consulting and investment business started in 1994 when she established together with partners INEKO, one of the first Ukrainian investment companies being the most active trader with stocks of energy companies. In 1998, Valeria started consulting company INEKO-Management (current name – IMEPOWER Management) that became a basis for IMEPOWER. Dr. Kulagina specializes on economic, legal and regulatory aspects of energy sector’s functioning, market design and liberalization, pricing and tariff issues, privatization and restructuring, corporate governance, strategy development. During many years Valeria was a member of the Advisory Council of the Ministry of Fuel and Energy. She was involved as Project Director or Senior Advisor in practically all projects presented in IMEPOWER track record taking a lead primarily on the projects performed for public authorities, international financial institutions and Ukrainian energy companies. Dr. Kulagina participated in drafting various legal and normative documents regulating the functioning of the Wholesale Electricity Market, restructuring of power sector and privatization of power companies. She was a member of the Interagency Working Group chaired by the NERC and responsible for preparation of the Wholesale Electricity Market Development and Reform Concept in 2002. Valeria is the co-author of the Law “On Arrangements Aimed at Stable Operation of Enterprises in the Fuel and Energy Sector” (also known as Debt Restructuring Law) approved by the Parliament in 2005. Dr. Yuri Kubrushko Yuri graduated from Kyiv National Economic University where he also received PhD degree. He started his carrier in 1996 working for investment company INEKO as equity analyst. In 1999-2002, he was Deputy Project Director for Ukraine Energy Privatization Support Program managed by Deloitte that provided advice to the Government on privatization of power distribution and generating companies, debt restructuring and preparation of new tariff methodology. Since 2003, Yuri has led strategy and investment advisory practice of IMEPOWER working mainly for international strategic and financial investors, project developers and lenders. Yuri was involved in developing and structuring large infrastructure projects in the area of electricity generation and transmission, led numerous due diligence assignments and assisted in establishing public private partnerships between investors and the state. Yuri’s areas of expertise include regulatory framework of electricity, gas and heat markets, electricity export, import and transit, structuring and financing of investment projects, development of risk mitigation schemes, privatization, elaboration of market entry strategies, etc. During recent years he led over 50 complex advisory assignments in the energy sector of Ukraine, including the work performed for such clients as AES, CEZ, DTEK, EBRD, EDF, ENEL, Inter RAO UES, JP Morgan, Sumitomo, World Bank and many others. Since late 2008, Yuri has been actively involved in development of renewable energy projects in Ukraine providing advice to developers, investors