2. 1. How we got started.
2. The need for Solar lights - sustainability.
3. The Product
4. Impact investing
5. Exit Strategies
6. Corporate strategy
7. Team
8. Q&A
2
Agenda
PRIVATE AND CONFIDENTIAL
Source: http://www.crossed-flag-pins.com
3. 3
World Bank
PRIVATE AND CONFIDENTIAL
10 December 2012
Appointed distribution
Partner in Ghana by
IFC/World Bank
4. “To be the leading solar light
distribution company in
Africa.”
4
Aim of GCP Solar
PRIVATE AND CONFIDENTIAL
5. “The Dark Continent” – The Economist, 2007
5
Source: NASA satellite photo of Earth at night. Note the difference between Africa and South America, India or USA.
http://www.ecopowerafrica.com/Electricity%20in%20Africa.html
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8. Phase 1 - Ghana
Total Population:
Off-grid:
Estimated Market Size:
8PRIVATE AND CONFIDENTIAL
25 million
5,750,000
2,500,000
9. Phase 2 – other markets
Nigeria
Senegal
Togo
Benin
9PRIVATE AND CONFIDENTIAL
Estimated market size for
solar lights –
80 million
Sierra Leone
Kenya
Ivory Coast
Burkina Faso
Population
280 million
10. Market size - GHANA
Current market
penetration of solar lights
0.1%
10PRIVATE AND CONFIDENTIAL
11. Running costs - GHANA
Kerosene
Home:
Business:
11PRIVATE AND CONFIDENTIAL
Cost per mth
US$ 6.18
US$ 8.92
Source: IFC Lighting Africa Ghana Quantitative Report, 2008, page 105
13. The Product – Didier Drogba
13PRIVATE AND CONFIDENTIAL
14. The Product – Linkin Park
14PRIVATE AND CONFIDENTIAL
15. GCP Solar’s business objectives
• GCP Solar will focus on:
• Cashflow positive.
• Ethical, loyal and professional staff.
• Long term competitive advantages.
• Prospect for profitable exit after 6-8 years.
• Expansion - ECOWAS.
• Obtain Carbon Credits.
15PRIVATE AND CONFIDENTIAL
17. Exit Strategies
GCP Solar will evaluate all potential avenues with a view to
a successful exit within 6-8 years. The market conditions,
pricing, costs and stage of company in the growth cycle will
all be taken into account. GCP Solar will consider the
following exit strategies:
• Public offering, both domestic and international,
• Sale or merger,
• Management buy out by senior management, or
• Splitting the company up to realize more value in the sum of the
parts.
17PRIVATE AND CONFIDENTIAL
18. Exit Strategies
1. Traditional e.g. Trade sale or listing;
2. Social Stock Exchanges.
18PRIVATE AND CONFIDENTIAL
London
Singapore
Canada
Mauritius
19. Exit - liquidity
“…….J.P. Morgan estimates that the impact
investment market has the potential to
absorb between US$400 billion and US$ 1
trillion over the next decade……”
19PRIVATE AND CONFIDENTIAL
Source: ”Impact Investments: An Emerging Asset Class.”, JP Morgan, 29 November 2010;
“Impact Investors in Asia”, ADB, 2011
20. Risk mitigation
• Size and scale are the dominant factors.
• GCP Solar will minimise risk by ensuring that:
• There are off-take agreements – e.g. DFID, MTN,
• GCP Solar is insured against the credit risk of non-payment,
• GCP Solar’s market is strongly supported by both the domestic
Government and fundamental supply and demand economics.
20PRIVATE AND CONFIDENTIAL
21. GCP Solar’s competitive edge
GCP believes that it enjoys a substantial competitive
advantage due to its:
21PRIVATE AND CONFIDENTIAL
• first class access to
distribution expertise from
the IFC team,
• first class products, and
• international expertise of
senior management and
advisory board.
22. GCP Solar financial analysis
GCP Solar will have detailed KPIs and ensure that they can
deliver the following set against their industry benchmark:
• EBITDA growth,
• Strong revenue and earnings growth,
• Strong and steady cash flow,
• Higher profit margins than competitors,
• Improving margins,
• Strong balance sheet,
• Attractive valuation, and
• Suitable for public market, trade sale or other exit strategy.
22PRIVATE AND CONFIDENTIAL
23. Analysis of Products, Services,
Technologies, and Operations
GCP Solar will continually review the following:
• Quality, unique, differentiated or distinct products, services and/or
technologies that GCP Solar believes can provide a long term
competitive advantage,
• Strong and clear demand for such products and/or technologies,
• Strong brands and marketability,
• Access to requisite distribution channels,
• First class operating procedures and processes,
• Scalability of operations, and
• Ability to expand to other international and regional (ECOWAS)
markets.
23PRIVATE AND CONFIDENTIAL
24. Good Governance policies
GCP Solar will enforce good governance policies –
especially anti-corruption and anti-bribery.
GCP Solar also supports the UN Millennium Development
Goals and will utilise accepted international guidance from
the likes of:
• OECD
• IFC
• World Bank
• UN Development
24PRIVATE AND CONFIDENTIAL
25. GCP Solar’s team
GCP Solar will always seek to attract and retain first class
employees and enhance exiting management by using external
consultants as and when required.
• Excellent track record, distribution experience and the ability to take
the company forward;
• Clear and compelling vision, goals and strategies;
• Strong problem solving, and decision making abilities;
• Trustworthy team who work in an open, consultative and transparent
manner;
• Solid financial management and a trustworthy and technically sound
CFO; and
• Ability to identify challenges and deal with adversity.
25PRIVATE AND CONFIDENTIAL
26. GCP Solar’s team
• Dual citizenship – UK and Ghana.
• Founded GCP July 2012.
• 2.5 months in Ghana in 2012
• HKTDC Trade Mission to Ghana – Nov. 2012.
• Banking - 16 years; Barrister in Hong Kong.
• In Ghana - contacts in Government, World Bank and
distribution partners.
• Visited 6 African countries and has personal contacts living
in all Phase 2 countries.
• BSc Physics - University of Durham.
• LLB(Hons) Law – University of London.
• LLM Law – Boston University School of law.
• PCLL – University of Hong Kong.
• Permanent resident of Hong Kong SAR (9.5 years).
26PRIVATE AND CONFIDENTIAL
Sidney Yankson
http://works.bepress.com/sidney_yankson/
27. GCP Solar’s team
• Worked for World Bank in Ghana.
• Dede has a diverse background and has worked for the
Ministry of Defense, Ghana Ports and & Harbour Authority.
• Dede has a BA from University of Ghana in Sociology and
English and a diploma in human resource management.
27PRIVATE AND CONFIDENTIAL
Jennifer Dede Afagbedzi• Worked for the World Bank in Ghana.
• Seyram has worked in a number of places including in sales
for the Accra Brewery, and for the national pension company
in Ghana – Social Security & National Insurance Trust
(SNNIT).
• Seyram has a BSc in business administration (marketing
option).
Seyram Kutu-Adu
28. GCP Solar’s team
• Courtney O’Neill will focus on providing timely information to
investors, working with the PR/marketing company and any
other tasks for the management including conducting focus
groups, consumer demonstration days and so forth.
• Courtney will also be responsible for running all of GCPs
external events.
• Courtney spent Summer 2012 working on a pre-launch market
research project in Ghana identifying large distribution
partners and conducting a field market analysis with
consumers for solar light products.
• Courtney has a BA from Concordia University(Canada).
28PRIVATE AND CONFIDENTIAL
Courtney O’Neill
Investor Relations
29. GCP Solar’s Advisory Board
• Albert Eliason – IFC
• Carson Wen
• Brian Asparro
• David Bartlett
• John Wallington
• Prof. Adams Bodomo
• Jason Rickert
29PRIVATE AND CONFIDENTIAL
30. GCP Solar’s Advisory Board
• Albert Eliason is the Country manager for IFC Lighting Africa in Ghana. He has sole responsibility for
providing distribution partners, such as GCP Solar with high level information and assistance to facilitate
commercial success.
• Albert Eliason worked as a member of a project team set up by Unilever Ghana to radically transform its
distribution strategy with the objective of achieving phenomenal growth in sales volume. Albert was later
appointed Central Regional Manager of Unilever; an appointment that gave him extensive field sales
experience. He was promoted to Area Sales Manager for North-Ghana and had sales and general managerial
responsibility for Unilever operations in the three Regions of Northern Ghana. In September 1999, Albert was
appointed the Sales & Customer Service Manager of the Unilever Popular Foods Business, responsible for
setting up operations in Ghana, Nigeria and Cote d’Ivoire.
• In 2004, Albert moved to Mozambique to serve as Business Development Manager with the mandate to
develop the Unilever sales operations in Northern Mozambique.
• In 2007, Albert was appointed to the British Council Ghana as Head of Marketing & Business Development,
with line management responsibility for 4 departments. Here, he led the implementation of a major change
programme at the Council with the aim of re-aligning the Ghana operations to British Council’s global strategy.
After successful implementation of a robust change programme, he was promoted to the position of Business
Director.
• Albert leads a World Bank/IFC funded project designed to develop a commercially viable market in off-grid
lighting in Ghana. This project supports commercial operations, such as GCP Solar, to sell solar lighting
products to off-grid communities across Ghana. He also managed a 4-year comprehensive consumer
awareness and education campaign designed to catalyse the off-grid lighting market.
• Albert has also served as business development consultant for a multinational organisation listed in the US
Fortune 500 and operating in approximately 90 countries.
• Albert has facilitated numerous business development, entrepreneurship, marketing and sales workshops for
Tullow Ghana, KNUST Business School, ESLA Group and the British Council. He holds a Bachelors Degree
in Sociology & an MBA (Marketing) from University of Ghana and Associate Certificate in Project
Management from University of Washington. He serves intermittently as a resource person on Citi FM's
Business Show.
30PRIVATE AND CONFIDENTIAL
Albert Eliason
IFC
31. GCP Solar’s Advisory Board
• Carson Wen has more than 30 years of experience in business,
corporate, and securities law. He also advises Chinese corporations
and other entities on their investments and listings abroad. In
addition, he provides advice on regulatory and strategic issues.
• Carson is a third-term Deputy of the National People's Congress,
the PRC's national parliament and constitutionally its highest organ
of state power, having represented Hong Kong since the Handover
in 1997. He is also Senior Adviser and former Vice-Chairman of the
Democratic Alliance for the Betterment and Progress of Hong Kong
(DAB), Hong Kong's largest political party. He is as such well-versed
in policy issues in Mainland China as well as in Hong Kong.
• Carson is a Justice of the Peace of Hong Kong and was awarded
the Bronze Bauhinia Star (BBS) by the Hong Kong Government for
his contribution to economic ties between Hong Kong, Mainland
China, and the rest of the world. Carson holds leadership roles in
various public organizations in Hong Kong and Mainland China.
• Carson is also a committee member of China Africa Business
Council of Hong Kong.
31PRIVATE AND CONFIDENTIAL
Carson Wen
32. GCP Solar’s Advisory Board
• Brian Asparro has been CFO and a member of the management team of Green
Charge Networks since 2009.
• Green Charge Networks is a leader in smart grid development through its focus on
power efficiency. The company specializes in building software for utilities to
identify optimal ways of distributing energy while building energy storage systems
(solar, batteries, electric vehicle chargers) to reduce high energy costs for retailers
such as 7-Eleven and Avis.
• Brian manages the overall day-to-day financial aspects of the company in addition
to leading the company through its US$17 million smart grid project with Con
Edison and the US Department of Energy. He has successfully led the company
from a small group of 5 employees to 40 employees in 2 offices by identifying
funding resources and implementing systems to effectively manage cash flow.
• Previously, Brian worked for Moody Analytics (a subsidiary of Moody Corporation)
for seven years. After roles in strategy, research and product development, Brian
moved to Hong Kong in 2005 to build a consulting practice for the Asia region. He
secured several multi-million dollar engagements, grew the practice to a $10
million business employing 20 professionals in four countries. Prior to Moody's,
Brian held positions in the investment banking and financial consulting industries.
• Brian received his MBA from Northwestern University (Kellogg) and completed his
undergraduate degree in Finance and Marketing at Fairfield University.
32PRIVATE AND CONFIDENTIAL
Brian Asparro
33. GCP Solar’s Advisory Board
• David Bartlett is the Director of the Investment Manager and the Managing
Director and Office Head of Pacific Harbor Advisors (HK) Limited, an affiliate
of the Investment Manager.
• Mr. Bartlett has over 20 years of experience in handling financial
transactions in global markets.
• Prior to joining Pacific Harbor Advisors (HK) Limited, Mr. Bartlett was the
Executive Director in Amroc Asia's Hong Kong office from 2002 until 2006,
generating transactions in China, Thailand and the Philippines.
• From 2000 to 2001, Mr. Bartlett was the COO of HNH Group Limited. From
1998 to 2000, he was Project Manager of Corporate Banking & Investment
Research of Asia Market Intelligence Group.
• In 1997, Mr. Bartlett served for a year as Manager of Indonesian Equity
Research at PT Samuel Sekuritas Indonesia in Jakarta, and from 1991 to
1994, he was the Program Manager of Africare based in Burkina Faso
working with World Bank grantees and Project Manager at Associates in
Rural Development in Burlington, Vermont implementing USAID financings.
• Mr. Bartlett was awarded a B.A. from the University of Vermont in 1990 and
an M.B.A. from the Amos Tuck School of Business at Dartmouth College in
1997.
33PRIVATE AND CONFIDENTIAL
Dave Bartlett
34. GCP Solar’s Advisory Board
• John is a qualified accountant with over 16 years experience in senior
management positions in large global manufacturing and service
based industries. John trained as an accountant with Unilever PLC and
worked across the UK and Europe.
• In 2000, John joined Clifford Chance LLP as the Global Head of Financial
Planning and Business Analysis.
• In 2005, John was appointed the CFO of a technology startup. In
November 2006, John was appointed Group Corporate Controller of the
UPC group of companies, managing the finances and accounting for an
international business portfolio of Renewable Energy related companies in
the Wind and Solar sectors, Property, Mining, Oil & Gas and Energy and
Technology investments.
• John currently heads up the UPC Management, LLC Miami office and
oversees all UPC interests in North America as well as the international
consolidation for UPC interests in the US, Canada, Europe, North Africa,
China, The Philippines and Indonesia.
• John is the Vice President & Treasurer of the British American Business
Council in Miami, serves on the Eleventh Judicial Circuit Grievance
Committee of the Florida Bar and is an Executive and Non-Executive
Director of several privately held US and UK companies.
• John received his BA (Hons) degree in Geography from Exeter University
(U.K.).
34PRIVATE AND CONFIDENTIAL
John Wallington
35. GCP Solar’s Advisory Board
• Dr. Bodomo is Associate Professor in the Department of Linguistics at the
School of Humanities, University of Hong Kong and Director of the
University's African Studies Programme.
• His current projects include research:
• into Africa-China relations: from cross-cultural communication to
comparative linguistics;
• into the African diaspora in Asia, particularly China, and
• on the syntactic and semantic structures of a wide range of languages,
including Dagaare, Twi, Chinese, Dong, and Zhuang.
• Professor Bodomo is author of Africans in China: A Sociocultural Study and
Its Implications on China Africa Relations.
• Professor Bodomo arrived in China in 1997 and spent ten years
researching the story of Africans in China for his book.
• Beyond Linguistics & African Studies, he likes working out in the gym,
hiking, distance running, and watching soccer. He also finds time to write
and recite poetry, and participates in lively debates about African and world
affairs.
35PRIVATE AND CONFIDENTIAL
Prof. Adams
Bodomo
36. • Jason Rickert has over 18 years of experience in Corporate Finance and M&A Advisory
having advised on transactions totalling over US$30 billion for clients in North America
and Europe.
• Jason’s experience encompasses transactions ranging from small private equity
fundraisings to large public market M&A transactions for clients in a variety of industry
sectors including mining, oil and gas, utilities, telecommunications and technology, clean
technology, food and beverages and travel and leisure.
• Jason is a co-founder of Acsel Advisors Limited, a boutique corporate finance advisory
firm established to provide high growth companies with a “big bank,” full service advice
on raising financing or executing M&A transactions. Acsel has helped companies across
a number of sectors raise private equity and VC funding, advised VCs on acquiring and
selling stakes in portfolio companies, advised both public and private companies on
acquisitions and private companies on divestitures.
• Jason started his investment banking career at Wood Gundy (subsequently CIBC World
Markets) Canada’s largest investment bank, advising on a number of multibillion dollar
public takeovers. In addition to a number of other public and private takeovers, Jason
also worked on a number of public listings of companies across a variety of sectors.
• Jason moved to London in 1996 with CIBC and helped secure CIBC’s role in the global
public offerings of a number major European privatisations. During his time at CIBC in
London, Jason also gained substantial emerging markets expertise having advised
clients in Latvia, Lithuania, Belarus, Czech Republic, Romania, Macedonia and Mauritius
• Jason holds an Honours Bachelor of Business Administration from Wilfrid Laurier
University in Canada
•
36PRIVATE AND CONFIDENTIAL
Jason Rickert
GCP Solar’s Advisory Board
37. Service Providers
Lawyers - Ghana
AB & David
37
Bankers
Standard Bank
PRIVATE AND CONFIDENTIAL
Auditors
PriceWaterhouseCoopers
38. Summary
1. Appointed by IFC/World Bank
2. Approved products
3. First class team and advisory board
4. Sustainable and Save the Planet!!
38PRIVATE AND CONFIDENTIAL
