We deliver high quality value accretive solutions to countries, companies and investors interested in developing nuclear, conventional or renewable energy and infrastructure utilities, such as water desalination or energy storage.

We deliver high quality value accretive solutions to countries, companies and investors interested in developing nuclear, conventional or renewable energy and infrastructure utilities, such as water desalination or energy storage
Services
We provide development and project implementation expertise within our competences and based on our extensive experience and network.
We offer strategic guidance on a variety of issues including engineering and design decisions, mitigation of development and construction risks, procurement, operations, processes optimization.
We work with a wide range of clients — governments, corporates, sovereign welfare funds, financial institutions, strategic investors, pension funds, individuals.
Project Development,
Design and Engineering
In our portfolio we have dozens of various optimization decisions that allow us improve business feasibility of projects
Project Development,
Design and Engineering
In our portfolio we have dozens of various optimization decisions that allow us improve business feasibility of projects
Project Development, Design and Engineering
  • Assisting design and engineering of multiple business value optimization decisions
  • Expert evaluation and acceptance of the project designs, drawings and multiple detailed designs documentation
  • Engineering and economic assessment of decisions on various phases of the project implementation
  • Monitoring of engineering surveying activity, environmental impact assessment
  • Expertise of preliminary safety analysis reports (PSAR), probabilistic and deterministic risk models & analysis (PRA and DRA models), final safety report (FSAR)
  • Creation and implementation of the Owner's quality management system, collision and claims management
  • Commissioning and beginning of commercial operations: optimization of operating schedules, maintenance periods, fuel campaign, etc.
  • Project value management, evaluation of economic decisions, financial modeling
  • Banking feasibility studies, documentation for financial institutions
Project Management,
Engineering Procurement
and Construction

Our team has extensive experience in the preparation and implementation of EPC contracts in various projects and countries. It helps our clients quickly come up the learning curve and save money and time
Project Management, Engineering Procurement and Construction
  • Development of business model and corporate strategy
  • Multi-lot and open book principles translation into EPC implementation
  • Tendering documentation, procurement policy and evaluation specifications
  • Development of the Owner's requirements to the EPC execution and various inherent technical requirements and terms of reference
  • Organization of works and activities within the Owner's scope, works progress monitoring and risk management system
  • Supply chain management and suppliers' audit
  • Supervision of Logistical, delivery and storage procedures, works acceptance, commissioning
  • Configurations and changes management
  • HSE policies, compliance monitoring at the site
  • Site management, extraordinary situations and incidents resolution
  • Supervision of accounting and registration system for deliveries of equipment, materials, pipe, cables, etc
  • Acceptance, commissioning and beginning of commercial operations: optimization of operations and maintenance schedules, fuel campaigns, etc.
Promotion of Sustainable
Business & Safety Culture

Safety of operation and business responsibility for environment and promotion of responsible operation culture are among our top priorities. We are open for new ideas and are in constant search for creativity in new business ideas.
Promotion of Sustainable
Business & Safety Culture

Safety of operation and business responsibility for environment and promotion of responsible operation culture are among our top priorities. We are open for new ideas and are in constant search for creativity in new business ideas.
Promotion of Sustainable Business & Safety Culture
  • Organization of work with regulatory authorities over preparation of smart regulation
  • Best industry practices promotion and adaptation
  • Renewable energy generation and storage solutions design and integration
  • Assistance in liaising with authorities, cooperation with international agencies
  • Assisting our clients in the establishment of specialized entities responsible for cooperation with suppliers of equipment, materials and services
  • Support in public awareness and project acceptance matters
  • Recruitment, staffing, training and certification of personnel
  • Developing efficient site restoration and waste management solutions, funding these activities
  • Qualified expert support in international professional organizations and communities
  • Research and development monitoring and support
Financial Engineering,
Economic Evaluations, Fundraising, Transaction Advisory

Our team has successfully concluded dozens of asset, debt and equity transactions valued in many billion dollars. In various countries, highly regulated environment, different economic conditions. In our recent experience, we managed to deliver superior quality debt and equity financing for large scale new nuclear projects.
Financial Engineering, Economic Evaluations, Fundraising, Transaction Advisory
  • Economic modeling of various industries and projects
  • Fundraising, organizing vendor, government, bank credit, export credit agencies
  • Managing the debt procurement and syndications
  • Transaction support advisory services, transaction documentation, due diligence, data management
  • Negotiations: economic decision support, assistance in preparation of legal documents
  • Guarantees, sureties and various form performance bonds management
  • Fairness opinions and independent evaluations
  • Multinational support and international support in cross-boarder transactions
Experience
Independent Energy Fund was created in 2016. Our mission has brought together great minds with diverse backgrounds and a common goal to assist our clients building their projects value.
Nuclear Power Plants Construction
Akkuyu, Turkey
Bushehr, Iran
Fennovoima, Finland
Paks, Hungary
Tianwan, China
Akkuyu, Turkey
  • First international nuclear BOO project in the world
  • Delivering vendor and intergovernment financing under BOO model, $20 billion
  • Obtaining comprehensive construction licensing solution in a newcomer state
  • Localization, EPC scope lotting procurement
  • Newcomer regulation, construction and education management
Bushehr, Iran
  • Redesign, different vendor integration
  • Successful crisis recovery up to turnkey
  • Operating personnel training and certification
Fennovoima, Finland
  • Harmonization of over 50 industrial shareholders with diverse expectations
  • Zero-profit Mankala-type BOO model, electricity offtake through equity
  • Negotiating and signing EPC contract, service, fuel supply contracts
  • Multi-country procurement and project management
  • Complicated political environment
  • Committing equity, €2.4 billion Russian National Welfare Fund financing, ECA facilities
  • Procurement lotting, supplier alliancing, risk allocation
  • Cost efficiency and owner's scope management
Paks, Hungary
  • €12.5 billion EPC contract negotiations and signing
  • Arranging intergovernment financing
    for €10 billion
  • Resolving European commission regulatory clearance
  • Grid integration and, extensive localization
  • Cross culture regulation under international authorities
  • Comprehensive front and back end fuel contracting
Tianwan, China
  • Design collision management
  • Construction and commissioning management
Conventional Energy
Privatization of RAO Unified Energy System of Russia, restructuring of multiple large scale power generation businesses, advisory work for several wholesale and territorial Russian generation utilities TGK-1, TGK-4, TGK-5, OGK-1, others.

Management accounting, budgeting and staff training advisory assignments.
Engineering
Construction and operation of nuclear and conventional power plants and other industrial facilities at all phases from surveying works, sites selections, licensing, obtaining construction and operation permits, construction and erection works, works, commissioning and commercial operations.

Design, planning, quality and risk management, managing configuration and changes in accordance with national and international requirements, best industry practices and stakeholders' requirements.
Construction and operation of nuclear and conventional power plants and other industrial facilities at all phases from surveying works, sites selections, licensing, obtaining construction and operation permits, construction and erection works, works, commissioning and commercial operations.

Design, planning, quality and risk management, managing configuration and changes in accordance with national and international requirements, best industry practices and stakeholders' requirements.
Upstream Oil & Gas
Development of exploration and production projects in remote locations in Far North, West and East Siberia, sophisticated mobilization campaigns, pipeline construction, oil treatment facilities, roads, living camps, operation in extreme weather conditions in permafrost and island operations.

Multiple international projects in the Middle East: Iran, Iraq, Libya, West Africa offshore. Negotiations of several international service contracts, buybacks and production sharing agreements, joint operating agreements.
Refining & marketing of oil products
Management of refining operations in Eastern Europe, Russia, construction of petrochemical facilities, refinery upgrade projects, acquisitions and management of petroleum marketing facilities.
Management of refining operations in Eastern Europe, Russia, construction of petrochemical facilities, refinery upgrade projects, acquisitions and management of petroleum marketing facilities.
Banking, Investments & Finance
Management of large commercial banking operations in Russia, building of a top-5 country bank, national retail expansion, corporate lending. Acquisition and management of top-5 insurance business in Russia. Syndication of debt facilities for clients and on own accounts, international project and export finance syndications, worth billions of dollars. Managing investment programs for several top Russian oil companies, developing investment decisions for Rosatom international projects worth $60+ billion.

Investments in real estate development in the Moscow region, structuring of development projects joint ventures.
People
Fuad Akhundov
Mr. Akhunov is a Chairman and the founder of Independent Energy Fund. Prior to that Mr. Akhundov served as CEO and Deputy Chairman of the Board of Akkuyu Nuclear. Earlier at Uralsib, one of the largest Russian banking groups, he worked in various capacities, including the bank's CEO, first Deputy Chairman, Board Member, Chairman of Uralsib Asset Management and CEO of ZNAK -land developer. Founded United Capital Investment Group, also was a member of the Supervisory Board of Silkroutefinancial, London where he led a number of large M&A transactions. From 1993 to 2001, Mr. Akhundov worked in the banking system of Azerbaijan, where he served as the Deputy Board Chairman of the National Bank of Azerbaijan. He led negotiations with the IMF and the World Bank and structured first IMF loans received by the country. Was one of the founders of the Currency Control Law of the Republic of Azerbaijan. From 1995 he served as Board Chairman of the International Bank of Azerbaijan. Held various positions with the State Committee for Economy and Planning and Azerbaijan President's Administration. Earlier he worked at the Ministry of Defense of the USSR in various capacities, including Head of Research Sector in Special Construction Directorate.

Mr. Akhundov is a graduate of the Azerbaijan State Oil Academy and the Business School at the University of Texas, he also holds degrees of the Japan Center for International Finance and the Joint Vienna Institute of the IMF.
Fuad Akhundov
Mr. Akhunov is a Chairman and the founder of Independent Energy Fund. Prior to that Mr. Akhundov served as CEO and Deputy Chairman of the Board of Akkuyu Nuclear. Earlier at Uralsib, one of the largest Russian banking groups, he worked in various capacities, including the bank's CEO, first Deputy Chairman, Board Member, Chairman of Uralsib Asset Management and CEO of ZNAK -land developer. Founded United Capital Investment Group, also was a member of the Supervisory Board of Silkroutefinancial, London where he led a number of large M&A transactions. From 1993 to 2001, Mr. Akhundov worked in the banking system of Azerbaijan, where he served as the Deputy Board Chairman of the National Bank of Azerbaijan. He led negotiations with the IMF and the World Bank and structured first IMF loans received by the country. Was one of the founders of the Currency Control Law of the Republic of Azerbaijan. From 1995 he served as Board Chairman of the International Bank of Azerbaijan. Held various positions with the State Committee for Economy and Planning and Azerbaijan President's Administration. Earlier he worked at the Ministry of Defense of the USSR in various capacities, including Head of Research Sector in Special Construction Directorate.

Mr. Akhundov is a graduate of the Azerbaijan State Oil Academy and the Business School at the University of Texas, he also holds degrees of the Japan Center for International Finance and the Joint Vienna Institute of the IMF.
Dzhomart Aliev
Mr. Aliev is a Vice-Chairman of Independent Energy Fund, served as a CEO of Rusatom Overseas between 2012 and 2015, where he was responsible for the development of Rosatom's international nuclear projects portfolio. Team led by Mr. Aliev launched NPP construction projects in Turkey, Finland, Jordan, Hungary and Egypt with a total value of $62 billion. Mr. Aliev was awarded the Order of the State Corporation Rosatom "For Contribution to the Development of the Nuclear Industry" of 1st degree. Earlier he was with Uralsib Bank as first deputy chairman. From 1996 to 2001 held positions of a CEO of Lukoil Romania and a First Vice President of Lukoil Europe responsible for development of oil trading activities.

Mr. Aliev is a graduate of Bauman Moscow State Technical University with a degree in Economics, graduate of Gubkin Russian State University of Oil and Gas with a degree in Engineering and Technology, graduate of Plekhanov Russian University of Economics with a degree in Finance and Credit. He also holds a DBA degree from Kennedy Western University, USA. Mr. Aliev is also engaged in scientific and innovative activities and holds patents in business management automation systems in the banking and nuclear energy sectors and is the author of books on modern production systems. Mr. Aliev served as Director of Moscow International Higher Business School MIRBIS.


Alexander Afrov
Mr. Afrov is a Board Member of Independent Energy Fund. Prior to joining the firm Mr. Afrov served a Technical Director, Deputy CEO for Construction at Akkuyu Nuclear between 2011 and 2018. From 2009 to 2011, Mr. Afrov served as Deputy CEO of JSC NIISA, was also a head of Novovoronezh NPP-2 Construction Project at Atomenrgoprom. Previously Mr. Afrov served as CEO at one of the leading O&G engineering and design companies, VNIIST-Neftegazproekt (2006-2008) and Giprotruboprovod, of Transneft (2005-2006). From 1999 to 2005, Mr. Afrov was with major Russian construction company in the nuclear industry, JSC Atomstroyexport, where he served as Chief Engineer, Head of Bushehr NPP construction and a vice president. From 1971 to 1999 Mr. Afrov was with OKB Gidropress, main engineering and design institution of Rosatom, where he served in various capacities in engineering, including that of the chief designer. Mr. Afrov is one of the experienced and most respected professionals in the Russian nuclear energy community.

Mr. Afrov is a graduate of the Moscow Power Engineering Institute with a degree in power engineering. Mr. Afrov was awarded the medal "In Memory of the 850 Anniversary of Moscow" and holds title of "Veteran of nuclear energy and industry".


Alexander Afrov
Mr. Afrov is a Board Member of Independent Energy Fund. Prior to joining the firm Mr. Afrov served a Technical Director, Deputy CEO for Construction at Akkuyu Nuclear between 2011 and 2018. From 2009 to 2011, Mr. Afrov served as Deputy CEO of JSC NIISA, was also a head of Novovoronezh NPP-2 Construction Project at Atomenrgoprom. Mr. Previously Mr. Afrov served as CEO at one of the leading O&G engineering and design companies, VNIIST-Neftegazproekt (2006-2008) and Giprotruboprovod, of Transneft (2005-2006). From 1999 to 2005, Mr. Afrov was with major Russian construction company in the nuclear industry, JSC Atomstroyexport, where he served as Chief Engineer, Head of Bushehr NPP construction and a vice president. From 1971 to 1999 Mr. Afrov was with OKB Gidropress, main engineering and design institution of Rosatom, where he served in various capacities in engineering, including that of the chief designer. Mr. Afrov is one of the experienced and most respected professionals in the Russian nuclear energy community.

Mr. Afrov is a graduate of the Moscow Power Engineering Institute with a degree in power engineering. Mr. Afrov was awarded the medal "In Memory of the 850 Anniversary of Moscow" and holds title of "Veteran of nuclear energy and industry".


Grigory Kazakov
Mr. Kazakov is a Managing Director and Board Member of Independent Energy Fund. He worked as a CFO of Akkuyu Nuclear from 2014 to 2017. Mr. Kazakov earlier worked at Urals Energy, independent Oil Company, where he served in capacities of the CFO, Vice-president of finance and accounting, and participated in the IPO and SPO of Company' shares at the London Stock Exchange. He was also responsible for the financial management of the Company and provided debt and equity fundraising, as well as investor relations. From 2003 to 2005, Mr. Kazakov was with YUKOS Oil Company, where he served at the Company's Project Office, he was responsible for the engineering of financial reporting business processes. From 1997 to 2003, Mr. Kazakov worked at PricewaterhouseCoopers, where he served at the Energy Industry Audit Department and later at Transaction Services Department. He was responsible for preparation of companies for IPO and assisted clients during M&A deals.

Mr. Kazakov is a US CPA and holds a Russian Federation Auditor Certificate. Mr. Kazakov is a graduate of Gubkin Russian State University of Oil and Gas with a degree in Economics and Company Management in Oil and Gas Industry.


Vyacheslav Ivanov
Mr. Ivanov is a Director of Independent Energy Fund, earlier has held positions of a CFO and a senior advisor of Rusatom Overseas, part of Rosatom State Corporation evaluating and developing projects 2013-2017, delivering competitive financing to multiple large-scale international nuclear projects. Managed financing arrangements for Fennovoima in Finland, Akkuyu in Turkey, Paks in Hungary for billions of dollars, large procurements with committed financing. Previously worked as a head of strategy and investments within the Uralsib Group, served at the boards of directors. Was involved in development, evaluation and negotiation of upstream projects in MENA countries as a head of the international business at Gazprom Neft; worked a CEO, board member, earlier a vp of Urals Energy, a Russian independent E&P oil company, worked on several private initiatives managing investments in the energy sector. Worked at Troika Dialog advisory, was one of the co-founders of Uralsib.

Vyacheslav Ivanov holds an MBA degree from William E. Simon Business School, University of Rochester, a BA degree from the University of Toronto, studied computer engineering at the Moscow Institute of Radioelectronics and Petroleum Engineering at the Imperial College, London. Mr. Ivanov is teaching a course Valuation Cases in M&A at the Masters of Science program at ICEF, Higher School of Economics in Moscow.
Vyacheslav Ivanov
Mr. Ivanov is a Director of Independent Energy Fund, earlier has held positions of a CFO and a senior advisor of Rusatom Overseas, part of Rosatom State Corporation evaluating and developing projects 2013-2017, delivering competitive financing to multiple large-scale international nuclear projects. Managed financing arrangements for Fennovoima in Finland, Akkuyu in Turkey, Paks in Hungary for billions of dollars, large procurements with committed financing. Previously worked as a head of strategy and investments within the Uralsib Group, served at the boards of directors. Was involved in development, evaluation and negotiation of upstream projects in MENA countries as a head of the international business at Gazprom Neft; worked a CEO, board member, earlier a vp of Urals Energy, a Russian independent E&P oil company, worked on several private initiatives managing investments in the energy sector. Worked at Troika Dialog advisory, was one of the co-founders of Uralsib.

Vyacheslav Ivanov holds an MBA degree from William E. Simon Business School, University of Rochester, a BA degree from the University of Toronto, studied computer engineering at the Moscow Institute of Radioelectronics and Petroleum Engineering at the Imperial College, London. Mr. Ivanov is teaching a course Valuation Cases in M&A at the Masters of Science program at ICEF, Higher School of Economics in Moscow.


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