DIRECTORS

The Managing Directors of e3V are Ayesha Grewal and John E.H. Ryan.

Ms. Ayesha Grewal is a co-founder and Managing Director of e3V, runs the firm's operations in India, and provides strategic and finance-related guidance in Brazil and China.

Prior to setting-up e3V Ms. Grewal served as the Program Officer for Finance for Winrock International India's Energy and Environment Group in New Delhi, India where she managed an investment facility that provided long-term, low-cost loans for enterprises harnessing renewable energy for productive use applications. She worked to structure viable business plans for additional funding and provide the requisite incubation services for the development of renewable energy enterprises and projects. Ms. Grewal also managed a project aimed at building the capacity of banks and microfinance institutions to include loans for solar lighting products into their existing portfolios. She trained over 1,000 bankers in rural areas of southern India.

Prior to joining Winrock India, Ms. Grewal co-founded a company to assist international financiers to invest capital in start-up ventures in India. She has worked in litigation-related consulting in the US securities industry with National Economic Research Associates in New York, where she evaluated the impact of positive and negative earnings announcements upon stock prices, and segregated this impact from other potential factors such as general market movements, competitors' announcements, and other company announcements. Ms. Grewal holds a MA in Global Finance, Trade, and Economic Integration, and a BA in Economics and Government.

Mr. John E.H. Ryan is a co-founder and Managing Director of e3V, directs e3V's operations in Brazil and China, provides strategic guidance for the firm’s work in India, and is responsible for the development of the firm’s products and services and strategy on a global basis. Mr. Ryan also serves as a Director for the Energy and Security Group (ESG) based in Oak Hill, VA, USA. Mr. Ryan has lead responsibility for ESG in the finance arena where he works on structured financing, guarantees, seed capital financing, carbon emission-related financing, derivates and other financial products as well as incubation assistance and business plan development services for agriculture linked small-scale renewable energy markets in Asia and the Caribbean.

Prior to joining ESG and setting-up e3V, Mr. Ryan served as the Program Officer for Policy and Finance with Winrock International's (WI) Clean Energy Group in Arlington, VA, USA. Mr. Ryan's responsibilities with WI included technical and managerial lead on private equity/seed capital investment facilities and enterprise development programs to support the growth of small-scale renewable energy enterprises/projects; and policy and regulatory mechanisms to encourage private investment in small-scale renewable energy generation options in rural areas. Mr. Ryan also managed the Group's operations in Central America and India and served as technical advisor on finance-related work in Nepal.

Mr. Ryan's experience in South Asia includes serving as the lead manager on the Solar Finance Capacity Building Initiative in India; structuring the architecture for the India Renewable Energy Enterprise Development Private Equity Fund and assisting on the architecture for the Nepal Clean Energy and Infrastructure Development Bank; developing, and managing the start-up of, the Commercializing Renewable Energy in India program for the United Nations Foundation; designing Winrock International India's long-term debt facility; and serving as lead manager for the India biomass-to-ethanol program.

Prior to joining WI, Mr. Ryan was the Deputy Project Manager on the Energy Technology Innovation Project in Brazil for PA Consulting and served as an advisor to PA Consulting's India operation on structuring and financing renewable energy projects. Prior to joining PA Consulting, Mr. Ryan co-managed a multi-million dollar trust facility that made investments in the early stages of small-scale renewable energy projects in the developing world. Mr. Ryan holds an undergraduate degree in biology and political science, a MA in economics and finance, and is currently pursuing a PhD in business in the UK on finance for micro-scale agriculture/renewable energy ventures in rural areas.