LATTER - AKER BRYGGE, OSLO, NORWAY8TH OF APRIL 2015

NORWAY-AFRICA ENERGY SUMMIT 2015

2 NORWAY-AFRICA ENERGY SUMMIT 2015

DEAR PARTICIPANTA warm welcome to the Norway–Africa Energy Summit, and a special welcome to the Ministerial delegations and speakers who have travelled far to be here today.

This summit is being hosted by Norfund and the Norwegian African Business Association (NABA), in support of the vision that partnerships enable growth.

Today’s event will examine Africa’s energy prospects and address how Norway can be a partner in developing the social, economic, and environmental benefi ts from energy resources throughout the African continent.

Africa is home to 15% of the world’s population, but accounts for just 3% of its energy use. Sub-Saharan Africa is currently stifl ed by a big energy defi cit. This is holding back both social and economic development. Most companies rely on back-up generators, and the vast majority of the population cannot access electricity.

It is estimated that the energy sector needs more than $800 billion over the next decades to facilitate sustainable social and economic growth. By 2040 it is predicted that energy demand

in Africa will quadruple. A variety of energy sources will be required to meet Africa’s growing business and residential energy needs, with renewable solutions having an increasing role. Norway is forming a strong and respected cluster of entities focused on fi nancing, building, and operating energy projects. The Norwegian energy sector is ideally positioned to assist with sustainably harnessing Africa’s various home-grown energy resources.

So today, let’s open up this interesting topic for discussion and understand what the real issues are. Thank you for coming. We at Norfund and NABA are honoured to present today’s speakers. We hope today can shine some light on the opportunities ahead for building an energy secure continent together.

On behalf of Norfund and NABA,

Kjell RolandManaging Director, Norfund

Eivind FjeldstadManaging Director,NABA

3

PROGRAMMETIME TOPIC SPEAKER

11:30 Registration and networking lunch

12:00 SESSION I

Welcome Kristin Clemet, Chair, Norfund

Energy greeting from Africa Børge Brende, Minister of Foreign Aff airs, Norway

The growth potential of the sub-Saharan electricity sector

Adam Kendall, Principal; Leader, Electric Power & Natural Gas, Africa, McKinsey&Co.

Keynote conversationEnergy ministers in conversation with Zeinab Badawi, International broadcaster and Chair, Royal Africa Society

Including: • Hon. Dr. Kwabena Donkor, Minister of Power, Government of Ghana• Hon. Christopher B Yaluma, Minister of Mines, Energy and Water

Development, Government of Zambia

Energy and development: nothing is more important

Prof. Hans Rosling, Chairman, Gapminder Foundation

SESSION II

Norfund’s energy investments going forward Mr. Kjell Roland, Managing Director, Norfund and Mr. Mark Davis, Investment Director, Clean Energy

Action on the ground – presenting current and future energy projects

Mr. Mugo Kibati, Chairman, Lake Turkana Wind Project Mr. Elgee Perera, Director, EcoPowerMr. Henry Aszklar, CEO, Africa Power InternationalMr. Torger Lien, CEO, Agua Imara ASMr. Raymond Carlsen, CEO, Scatec Solar ASA

Financing clean energy projects – A panel debate focusing on case studies, challenges and key advice, moderated by Zeinab Badawi

Mr. Aage Elmenhorst Schaaning, Chief Financial Offi cer, KLPMr. Jarle Roth, CEO, Eksportkreditt NorgeMr. Per Aage Jacobsen, Senior Vice President Energy Department, DNBMs. Wenche Nistad, CEO, GIEK

Refl ections from our international partners Mr. Akobundu Ejiasa, Managing Director of Investment funds, and lead member of Power Africa Initiative (US) from the Overseas Private Investment Corporation (OPIC)

16:30 Reception

CONTACT INFO: Mr. Thomas Norman, Advisor, NABA(+47) 97982151 // tn@norwegianafrican.no

#NAES15LIVE-TWEET:

4 NORWAY-AFRICA ENERGY SUMMIT 2015

SPEAKERSBørge Brende Minister of Foreign Aff airs, NorwayMr. Børge Brende was appointed Minister of Foreign Aff airs in October 2013 and represents the Conservative Party. He has served as Managing Director, and Member of the

Managing Board, in the World Economic Forum, Secretary General of the Norwegian Red Cross and Chair of the UN Commission on Sustainable Development. Mr. Brende holds a BA in Economics, law and history from the from the Norwegian University of Science and Technology.

Kristin Clemet Managing Director, Civita, and Chair, NorfundMs. Kristin Clemet is the Managing Director of the think tank Civita. Ms. Clemet has extensive political experience and was Minister of

Education and Research from 2001 - 2005, deputy director of the Confederation of Norwegian Enterprise (NHO) from 1998 - 2001, Minister of Labour and Administration from 1989 - 1990 and a member of the Stortinget (parliament) from 1989 - 1993. She is the chair of Norfund’s board of directors.

Zeinab Badawi International Broadcaster and Chair, Royal Africa SocietyMs. Zeinab Badawi is Chair of the Royal Africa Society and a widely recognised and highly respected international broadcaster. She has

broad experience in television and radio, having worked with production, studio presenting and fi eld reporting across a range of areas. She was awarded ‘International TV Personality of The Year’ by the Association for International Broadcasting in 2009.

Adam Kendall Principal; Leader, Electric Power & Natural Gas, Africa, McKinsey&CoMr. Adam Kendall is a Partner in McKinsey’s offi ce in Casablanca, Morocco. He leads McKinsey’s Electric Power and Natural Gas Practice work in

Africa, and also does a signifi cant amount of work in the mining and oil & gas sectors. Prior to joining McKinsey, Mr. Kendall worked as a short-term consultant in the Social Protection Sector of the World Bank. He brings extensive experience working directly with private sector and government leaders across Africa and is one of the principle authors of Brighter Africa: the growth potential of the sub-Saharan electricity sector. He has a BA. in History and Political Science from the University of North Carolina, US, and a Masters in International Relations with focus in International Economics and African Politics from the School of Advanced International Studies of the Johns Hopkins University.

Hon. Dr. Kwabena Donkor Minister of Power, Government of GhanaBefore becoming Minister of Power, Dr. Kwabena Donkor was the Chairman of the Parliamentary Select Committee on Mines and Energy. He is an

MP for the Pru East Constituency. Prior to this he was Chief Executive of BOST, the state owned oil logistics company, and Chief Executive of the Petroleum Commission. Dr. Donkor has lectured at several universities and holds an MSc. and PhD degree from the University of Bristol, UK, and an MBA from the University of Lancaster, UK. He is also a Fellow of the Chartered Management Institute, UK, a Fellow of the Royal Society of Arts, UK, and a Member of the Chartered Institute of Energy, UK.

5

Hon. Christopher B Yaluma Minister of Mines, Energy and Water Development, Government of ZambiaHon. Christopher Yaluma is MP for the Malole Constituency and Minister of Mines, Energy and Water Development for the Republic of Zambia.

Prior to this Mr. Yaluma has had extensive experience within the energy sector in various regional management and senior engineering roles; working for 19 years with ESKOM and 12 years with the Zambia Electricity Supply Corporation ZESCO. Mr. Yaluma has also utilised his knowledge of power system management for coaching and mentoring up and coming engineers in the energy sector. He holds a BSc in Electrical Engineering from University of Idaho, USA.

Prof. Hans Rosling Chairman, Gapminder FoundationProf. Hans Rosling is the co-founder of Gapminder, making statistics on sustainable global development more accessible with pioneering approaches. He is also an award

winning lecturer and professor of International Health at the Karolinska Institutet, the medical university in Stockholm, Sweden. He has been an adviser regarding vaccination and essential drugs to WHO, UNICEF and Sida, co-founded Médecines sans Frontiers in Sweden, and is a member of the International Group of the Swedish Academy of Science. Prof. Rosling has also pioneered global health teaching and worked as a doctor on the ground in Africa for many years.

Kjell Roland Managing Director, NorfundMr. Kjell Roland is Managing Director of Norfund. Before joining Norfund in 2006, Mr. Roland spent two decades working as partner and CEO of the consultancy fi rm ECON Management AS

and ECON Analysis, having co-founded ECON in 1986. As a consultant he specialised in macroeconomics, development economics and energy and environmental issues, working for private companies, governments and international organisations. Mr. Roland has edited and published extensively.

Mark Davis Investment Director and Head of Dep., Clean EnergyMr. Mark Davis is Investment Director in Norfund, and is responsible for Norfund’s energy portfolio. Prior to joining Norfund in

2007, he worked for eight years for Econ Analysis, a Norwegian economics consulting fi rm. He has worked with energy policy, regulation and investments in developing countries throughout his career. He has experience from several directorships in power companies, including SN Power. He graduated from the University of Cape Town with a Master’s degree in Applied Science in 1990; and subsequently completed a D.Phil in Energy Economics at the University of Sussex.

6 NORWAY-AFRICA ENERGY SUMMIT 2015

Mugo Kibati Chairman, Lake Turkana Wind Power ProjectMr. Mugo Kibati is Chairman of the Lake Turkana Wind Power Project, the largest renewable energy project in Africa’s history. He

is also Group CEO of Pan Africa Insurance Holdings, and was previously Director General of the Kenya Vision 2030 Delivery Secretariat and CEO of East African Cables. He has worked with Lucent Technologies in the US, Bamburi Cement (Lafarge Coppee), and Kenya Petroleum Refi neries (Shell Petroleum) in Kenya. Mr. Kibati sits on several corporate boards and has held top positions in the Federation of Kenya Employers, the Kenya Association of Manufacturers and the Kenya Private Sector Alliance. He has an undergraduate degree in Electrical Engineering from Moi University, a Master’s in Technology Management from MIT, and an MBA in Business Finance from the George Washington University.

L. G. Perera Director, Eco Power GroupMr. L. G. (Elgee) Perera has been a Director of the Eco Power Group from its inception. It is now the industry leader for small scale hydro power generation in Sri Lanka, with many projects

underway in East Africa and Asia. Mr. Perera has over 40 years’ experience from the banking sector, including as CEO of DFCC Vardhana Bank and as a consultant to the Asian Development Bank. He has also served as board member for a large number of private and public entities. Mr. Perera is an Affi liate of the Chartered Institute of Management Accountants, London and has an Under Graduate degree in Economics, an MBA, and Post Graduate qualifi cations in Statistics from Sri Lankan Universities.

Henry Aszklar CEO, Africa Power InternationalMr. Henry Aszklar has more than 30 years’ experience in the energy sector, including extensive experience with power plants in emerging markets. He consults for major

corporations and private equity funds, and was previously President of AES Africa Power Company. Prior to working on expanding AES in Africa, Mr. Aszklar led AES’ expansion in Brazil, where he served on several large utilities boards of directors. He holds a BSc. in Aerospace Engineering from the United States Naval Academy, and a MSc. in Management from the MIT.

Torger Lien CEO, Agua ImaraMr. Torger Lien is the current CEO of Agua Imara AS, and CEO of SN Power Invest AS. He has a long history of experience from the energy sector and held several positions in Norwegian Hydro

- within Oil & Gas, Aluminium, and Hydro Energy. Mr. Lien has been the CEO of Norwegian Oil Trading AS and Pemco AS, and was President and CEO of Nord Pool ASA before joining Fred.Olsen in 2009. Torger holds an MSc. in mechanical engineering from the Norwegian Institute of Technology in Trondheim (NTNU).

Jarle Roth CEO, Eksportkreditt NorwayMr. Jarle Roth is the CEO of Eksportkreditt Norway. He was previously the Deputy CEO of Umoe, and prior to this was CEO of Unitor ASA and Umoe Schat-Hhasarding Group. Mr. Roth

is Chairman of Norwegian Skog ASA and Deputy Chairman of Ekornes ASA, and previously held a number of directorships related to maritime companies.

7

Raymond Carlsen CEO, Scatec SolarMr. Raymond  Carlsen  joined Scatec Solar in 2009 and is the current CEO. Before this Mr.  Carlsen was a Partner at Aker ASA where held various other management positions within

the Aker Group and former Kvaerner ASA, including member of the Aker Solutions ASA Executive Management Team, and head of Aker Solutions’ Subsea division. 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. He has an MSc. from the Florida Institute of Technology, USA.

Aage Elmenhorst Schaanning Chief Financial Offi cer, KLPMr. Aage Elmenhorst Schaanning is currently Chief Financial Offi cer with KLP, and was previously Investment Director at KLP Asset Management. Prior to joining KLP in 2001 he

worked with borrowing, balance sheet management and administration in BN Bank and Kredittkassen. Mr. Schaanning has an MBA from the University of Colorado, USA and is an authorised fi nancial analyst.

Per Aage Jacobsen Senior Vice President, DNB BankMr. Per Aage Jacobsen is the Senior Vice President of DNB Bank ASA. He has more than 30 years commercial bank experience from cross border project fi nancing, and is a specialist

in oil & gas, renewable energy, ports, shipping, and structuring and arranging of project debt. He has a wealth of experience working with ECAs, multilaterals and other non-commercial sources, and spent fi ve years working in various African countries with UNDP and Norad.

Wenche Nistad CEO, GIEKMs. Wenche Nistad has been CEO of GIEK since 2005, and Chairman of the Board of GIEK Kredittforsikring since 2011. She was formerly the CEO of Hadeland Glassverk AS, President

and CEO of Luxo ASA. Ms. Nistad has also been Director of the Bergen DNB Bank, and a member of the DNV GL Council, including the Nomination Committee since 2012. She has an MA in Business Administration from NHH in Bergen, and an MBA in Energy Market Challenges.

Akobundu Ejiasa Lead member of US’ Power Africa Initiative, and Managing Director of Investment funds, Overseas Private Investment Corporation (OPIC)Mr. Akobundu (Chinesom) Ejiasa is Managing

Director of Investment funds at OPIC and lead member of US’ Power Africa Initiative. Before this he was an Investment Funds Offi cer, and prior to joining OPIC worked in asset and mortgage backed securities. In addition to his position at OPIC, he is currently an Executive Member of the Washington Latin Public Charter School Board. Mr. Ejiasa graduated from The Colorado College with a degree in economics. He also holds an MBA from The Darden School of Business.

8 NORWAY-AFRICA ENERGY SUMMIT 2015

FINANCING THE NORWEGIAN EXPORT INDUSTRY

• Stable source of funding• Long-term financing• Export financing expertise

Please get in touch to discuss how we

might support your project.

www.eksportkreditt.no

NORWAY-AFRICA ENERGY SUMMIT 2015

Phot

o: W

ayne

Con

radi

e/ P

ictu

ring

Afr

ica.

9

Empowering Africa with solar energy

Scatec Solar, the independent solar power producer, has pioneered solar energy in Africa. Being among the first to rece ive preferred bidder status in 2011, the company developed and built the first utility scale solar power plant to be connected to the grid under South Africa’s Renewable Energy Program. Norway based Scatec Solar has since completed and is operating 200 MW of solar power on the continent. Currently we are producing electricity to cover the demand of almost 100 000 households.

Partnering with Norfund, the Norwegian Investment Fund for Developing Countries, and the International Finance Corporation our company is actively developing solar projects across the African continent. Our aim is to provide affordable renewable energy to meet the increasing demand.

By contributing with much needed new electricity generation capacity, Scatec Solar spurs local value creation through hiring and training of local work force, subcontracting and utilizing local content.

For more information about us, see scatecsolar.com

GIEK offers guarantees for Norwegian export financing of:

• large and small contracts

• private and public projects

Get in touch to discuss opportunities – we can find a way to make it happen!

www.giek.no

10 NORWAY-AFRICA ENERGY SUMMIT 2015

www.norwegianafrican.no

ESTABLISHED IN 2012 BY OUR FOUNDING MEMBERS: Confederation of Norwegian Enterprise (NHO), The Enterprise Federation of Norway (Virke), Norfund, Statoil, Yara International, Nortura, DLA Piper, Norwegian Shipowners’ Association, Jotun AS, Astrium Services, Innovation Norway,

Aqua Unique, Belief AS, Green Energy Group, Marine Research Institute & Oslo Chamber of Commerce.

JOIN NABAWe serve as a bridge between Norwegian and African business communities, promoting business opportunities on the African continent in Norway and advocating for more, better and safer business collaboration. NABA is the only Norwegian-African chamber of commerce.

NABA SERVICES• Network & Facilitation • Information & Analysis • Advisory • Advocacy

89 MEMBER COMPANIESOPERATING IN 44 AFRICAN

COUNTRIES

SECTORS: Oil & Gas, Shipping, Renewable Energy, ICT, Agribusiness, Industries, Fisheries & Finance

BE A PART OF NABAJOIN US TODAY!

The Norwegian Investment Fund for Developing Countries

Norfund was established by the Norwegian Parliament in 1997. The organisa on is the government’s main instrument for comba ng poverty through private sector development. Norfund’s objec ve is to contribute to sustainable commercial businesses in developing countries.

Norfund provides equity, other risk capital, and loans to companies in selected countries and sectors where businesses lack access to suffi cient capital to develop and grow. Norfund always invests jointly with partners, both Norwegian and non-Norwegian. By co-inves ng with others, we leverage addi onal capital and can ensure the industrial and local knowledge needed for each investment.

Our main investment regions are Southern and Eastern Africa, and we have offi ces in Nairobi, Johannesburg and Maputo. Norfund also invests in selected countries in South-East Asia and Central America via our regional offi ces in Bangkok and San José.

Norfund’s investments are concentrated in three sectors: clean energy, fi nancial services, and agribusiness. Investments in clean energy account for more than half of Norfund’s por olio of USD 1.7 billion. Together, the energy companies in Norfund por olio have a total power capacity – either installed or under development – of 6,000MW.

www.norfund.no

Africa has 15% of the world’s population, but only 3% of its energy.

Nearly 600 million people without electricity.

ELECTRICITY WAS VOTED THE #1 CHALLENGE FOR BUSINESSES OPERATING IN AFRICA.

30 countries grid-connected power systems are smaller than 500MW.

12 countries account for 90% of sub-Saharan African energy production.

PREDICTIONS FOR 2040:

WORLDPOPULATION

7 BILLION

2.5 millionnew jobs in the power sector.

More than$800 billion in capital needed.

Fourfold increasein total demand.

More than 70% of population grid connected.

More than 25% of electricity to come from renewable sources.

3 %OF THE WORLD’S

ENERGY

AFRICANPOPULATION

1,1BILLION

LIVE-TWEET DURING SUMMIT: #NAES15

Source: McKinsey&Co. / Prof. Anton Eberhard, University of Cape Town