Team

Managing Director
Ms. Habgood has spent her entire career in credit and finance. Based on her experience as a banker, advisor and principal, her forte lies in underwriting and structuring transactions to meet the needs and requirements of strategic and financial investors and lenders. Ms. Habgood has worked with a diverse domestic and international client base to design innovative financial solutions. She has arranged hundreds of millions of dollars in long-term, limited recourse debt financing and equity for private investors, and has visited, performed due diligence and worked on financings in over 70 countries. Previously, Ms. Habgood was a senior project finance officer at the Overseas Private Investment Corporation and a corporate finance banker specializing in secured lending and leveraged leasing for Chase Manhattan Bank, NA. She received her MBA from the Wharton School of the University of Pennsylvania. Ms. Habgood is a registered representative and holds a FINRA Series 7 Securities License.

Managing Director
Mr. Gatchev has been with Delphos International since 1997 and has worked on many high-profile power, telecom, and other financings in the global emerging markets, including the $1.3 billion AES Maritza East 1. More recently, Mr. Gatchev has led Delphos International’s advisory work with the Botswana Power Corporation (BPC) and the Government of Botswana, including advisory work on the financing of the $1.6 billion 600 MW Morupule B coal-fired power project near Palapye in eastern Botswana, which received the Project Finance International magazine’s “African Power Deal of the Year” award in 2009. Mr. Gatchev has advised the governments of Cameroon and Morocco on energy development and financings. He has also worked on a number of successful photovoltaic solar and other renewable energy projects. A native of Bulgaria, Mr. Gatchev is fluent in Bulgarian and English. He received his MBA at New York University’s Stern School of Business (class valedictorian) and graduated summa cum laude from Washington College. Mr. Gatchev is a registered representative and holds a FINRA Series 7 and Series 63 Securities Licenses.

Director
Mr. Brown joined Delphos International in 2006. He has worked on more than twenty successful financings across Africa, Latin America and Asia, representing over $950 million in commitments. He has worked for clients in the telecom, retail, financial services, and power sectors and has had a number of recent engagements focused in East Africa or Brazil. Mr. Brown holds the Chartered Financial Analyst (CFA) charterholder designation from the CFA Institute. He holds an MA in International Trade and Investment Policy from the George Washington University and a BSBA magna cum laude from the Ohio State University. Mr. Brown also studied at Yonsei University in Seoul, Korea. Mr. Brown holds a FINRA Series 82 Securities License.

Director
Mr. Tarmey joined Delphos International in 2007 and leads the firm’s Hong Kong office. He brings extensive experience in energy financings having worked on hydro, wind, solar, biomass, nuclear, gas and geothermal transactions. His recent work includes advising a hybrid solar solutions provider in India on a $150 million OPIC loan and leading large-scale energy sector feasibility studies with combined project costs exceeding $20 billion. In addition to his experience in the energy sector, he has advised clients in the manufacturing, telecom, agribusiness, retail and hospitality sectors in Asia, Latin America, and Africa. Prior to joining Delphos International, he worked at AV Concept Holdings, a publicly traded technology firm in Hong Kong and at OPIC. Mr. Tarmey holds an MA in International Economic Affairs from the George Washington University and a BA in International Relations from Tufts University.

Director
Ms. Doshi joined Delphos International in 2009. She brings extensive experience in project financing having worked in power, telecom, retail, logistics, housing, and financial services transactions in emerging markets representing over $750 million in capital commitments. Her recent works include advising a leading logistics company on a $350 million loan to support the first private oil transshipment terminal in Brazil and a pan-African small business lender on a $250 million loan to fund expansion efforts. Ms. Doshi’s prior works include raising capital for a trade finance fund in Latin America, utility-scale solar projects in Asia and Sub-Saharan Africa, and an up-scale supermarket chain in Brazil. She has also advocated on behalf of a US publicly traded company to reduce past due receivables from Angola’s state oil company resulting in $50 million of collections. Prior to joining Delphos, Ms. Doshi worked at Capitol Partners, LLC, Taylor-DeJongh, Reuters, and Swiss Re Asset Management. She holds a MSc. in Finance from Johns Hopkins University and a BSc. in Electrical Engineering from Michigan State University.

Associate Director
Mr. Shumway joined Delphos International in 2015 after 17 years at London Economics International, where he was a Director. Mr. Shumway has expertise in the regulatory reform of power markets, power project development and finance, wholesale price forecasting, wholesale market integration issues, cost-benefit analysis, PPA and FSA negotiation, plus power procurement processes. Mr. Shumway has worked throughout the Americas, the Caribbean, Africa, the Middle East and Asia. Currently, he is the Project Manager for a major USTDA-financed project in Myanmar, where he is based. He has worked on numerous conventional thermal, large hydro and renewable power projects; co-developed, owned and was COO of a pair of biomass plants in California; and, developed solar PV projects in Latin America. Prior to London Economics International, Mr. Shumway served in the Peace Corps in Nepal, and spent several years in the publishing industry. Mr. Shumway holds an MA in International Affairs (International Economic Policy) from Colombia University. He speaks Spanish fluently.

CFA, Vice President
Ms. Nikiforova joined Delphos International in 2012. She leverages substantial experience in infrastructure finance in emerging markets having worked on multiple financings and advisory engagements in Africa, South-East Asia, and Eastern Europe. Ms. Nikiforova has been serving on two USTDA-funded engagements led by Delphos International: (i) modernization feasibility study for two electricity distribution companies in Lagos, Nigeria and (ii) technical assistance for Myanmar’s Ministry of Electricity and Energy, aiming to streamline the process of evaluation, selection, and development of independent power projects (IPPs) in Myanmar. On both engagements Ms. Nikiforova is leading the financial and economic portions of the scope. Additionally, Ms. Nikiforova has worked on several financings across multiple industries and geographies, including real estate in Myanmar, fin-tech in Senegal, mining in Azerbaijan, renewable energy in India, and agriculture in Ukraine. Prior to joining Delphos, Ms. Nikiforova served at OPIC’s Office of Political Risk Insurance and US-Russia Business Council. Ms. Nikiforova holds the Chartered Financial Analyst (CFA) charterholder designation from the CFA Institute. Ms. Nikiforova holds an M.A. in International Affairs from the George Washington University and a B.A. in Linguistics from the Linguistic University of Nizhniy Novgorod, Russia. Ms. Nikiforova is a native speaker of Russian.

Vice President
Mr. Roberts joined Delphos International in 2014 and contributes his expertise in support of capital raises and advisory engagements across the global emerging markets. Mr. Roberts has experience in power, financial services, education, retail, and residential real estate sectors. He also has experience working closely with private equity fund managers in support of their fund raising efforts, leverage structuring, and administration. Select financial closings include supporting a leading pan-African consumer and small business lender obtain a $250 million unsecured senior loan to help finance their expansion efforts and advising a cinema chain developer in Pakistan to secure a $9 million senior loan in support of their growing business. Prior to joining Delphos International, Mr. Roberts served as a research assistant in the Office of the U.S. Trade Representative and he worked at OPIC where he helped originate loans for SMEs developing renewable energy projects in Sub-Saharan Africa, South Asia, and Latin America. Mr. Roberts holds an MA in International Relations and Economics from the Johns Hopkins School of Advanced International Studies with specializations in American Foreign Policy and International Finance.

Vice President
Mr. Hallikeri joined Delphos International in 2016. He is a trained lawyer and financial consultant focusing on infrastructure finance and public-private partnerships (PPPs), and has experience working in Asia, Africa, Europe, and North America. Prior to joining Delphos International, he worked with RebelGroup, where he advised on financing of toll concessions and transit projects in the United States. He has assisted in the financial closing of approximately $1.3 billion in debt. Mr. Hallikeri also has significant policy experience having advised public agencies in the United States and the World Bank Group on PPPs. Previously, he worked as a management consultant with The Boston Consulting Group in India and legal advisor at Clifford Chance LLP in the United Kingdom. Mr. Hallikeri has a master’s degree from The Fletcher School at Tufts University with a focus on international finance and development. He secured his legal education at National Law School of India University in Bangalore. He is a native of India, and speaks English, Hindi, and Kannada.