Paula Zagrecki • CEO
A talented and seasoned executive with 30 years of experience in the energy sector, Ms. Zagrecki has developed and financed projects over a broad array of technologies, including geothermal, wind, gas-fired, solar, energy storage, and transmission projects throughout the Americas and Asia.
As CEO of Zorya Energy, Ms. Zagrecki has advised international investors to diversify holdings and improve returns through investments in the US Distributed Solar Generation space by successfully negotiating JV & corporate structures. She has developed core groups of legal, accounting, tax, appraisal, and independent engineering specialists, participates in various Development, Investment and Finance Committees and is a Member of Working Group on Financial Structuring. In terms of project finance, Ms. Zagrecki has institutionalized financial structures and instituted project finance best practices for term sheets, due diligence, and operations to structure $900mm of transactions covering the complete capital stack in the distributed solar sector with leading regional institutions, while ringfencing risk to lower transaction and operating costs and optimize cash flow and IRR.
Prior to founding Zorya Energy, Ms. Zagrecki led two divisions at Diamond Generating Corporation, where she was both Vice President, Distributed Energy Resources and Vice President, Project Finance. Ms. Zagrecki financed over $5 billion of energy projects while at Diamond. Over the years, her financings have garnered numerous Deal of the Year awards from industry publications for their innovation and creativity. In 2015, Ms. Zagrecki was tasked with starting a new Distributed Energy Resources division at Diamond, and in 2016, closed the company’s first investment in a distributed solar company, providing a combined after tax rate of return of 50% from both the corporate investment and project investments.
Prior to joining Diamond, Ms. Zagrecki was Director of Finance for Oxbow Power Corporation, where she was responsible for both the company’s project finance and renewable energy efforts. During her tenure at Oxbow, she financed Costa Rica’s first independent renewable power project, the Miravalles Geothermal Project, putting the country on a path to energy independence. She also financed the first independent renewable project in the Philippines using Philippine banks, thereby avoiding the need to provide political risk cover to the lenders.
Ms. Zagrecki graduated Magna cum Laude from Dartmouth College with a Bachelor of Arts with Honors in Government and a Certificate in Environmental Studies. She also holds a Master of Public Policy degree from the Goldman School of Public Policy at UC Berkeley, where she was a UC Regents Fellow in Public Policy.
Clare Z. Riley • VP Business Development
Ms. Riley has spent the past 30 years advising senior decision makers in the infrastructure, clean energy, and real estate sectors, developing diversification strategies for multinational companies, including launching new business and product lines in new geographic markets. She leverages her deep experience in streamlining business processes, and restructuring and turnaround of operating divisions to reach growth and profitability targets.
In the area of Human Capital Development, Ms. Riley has developed compensation and retention strategies including phantom stock programs. She has designed and led successful executive development programs, including coaching for high performance teams, developed talent pipelines, and has recruited at all levels.
At Zorya Energy, Ms. Riley developed the strategy to build the US distributed solar presence for a German Solar Fund, including developing the criteria for potential JV and M&A targets’ profiles in terms of market segment, development capabilities, pipelines, personnel, investment needs and timing to align stakeholders’ interests. She identifies target companies and presents new market opportunities to investors. Ms. Riley created integration strategies for corporate M&A, including employment agreements, blended HR policies, brand launches, incentives, and other best practices.
In the project finance area, Ms. Riley instituted best practices for due diligence processes and supports developers throughout the lifecycle of transactions. She promotes Zorya Energy at industry events, through sponsorships and speaking engagements.
Ms. Riley holds a Bachelor of Arts degree from Princeton University, a Certificate in Financial Planning from New York University, a Certificate in Small Business Administration from the Wharton School of the University of Pennsylvania, and has studied five foreign languages.
Jared Mack • Director, Structuring & Analysis
At Zorya Energy, Mr. Mack leads the team’s financial analysis efforts, properly structuring and modeling deals to meet client’s expectations on returns, leveraging more than eight years of experience providing operational and financial expertise to the power, oil & gas, IT, and transportation sectors. Mr. Mack oversees the financial evaluation and deal structuring for private equity investments in project financed mid-scale solar energy portfolios. He has advised on three joint venture closings for portfolio investment into commercial solar projects, arranged equipment and construction financing, term debt, and tax equity financing. and provided analysis for corporate investments into solar development companies. Mr. Mack builds financial models and conducts analysis for multi-stage debt sizing, managing construction disbursements, tracking capital accounts and depreciation schedules, and running sensitivity analysis for risk mitigation for over two dozen distributed solar projects. He represents the sponsor’s interest in lender and tax equity due diligence processes for IE, accounting, and appraisals.
Prior to joining Zorya Energy, he worked for the U.S. Department of Energy (DoE) Loan Programs Office where he served as a Portfolio Manager and financial modeling lead for project-financed solar assets. Mr. Mack provided proactive asset monitoring and risk management including: preparation of periodic credit risk reports and mitigation measures, analysis of financial metrics of asset performance, and written sector reports and counterparty assessments.
Previously, Mr. Mack spent 5 years developing energy and infrastructure projects in emerging markets. Mr. Mack served as the Project Development Manager for Coral Logistics, developing and managing exploration and service activities in the oil and gas sector in East Africa, including leading transportation logistics between Tanzania and Mozambique, importing trucks and heavy lift equipment for the oil and gas industry. Additionally, Mr. Mack was General Manager for Rakgas Tanzania, an upstream exploration company, where he negotiated exploration activities with the Government of Tanzania, managed two Production Sharing Agreements, and established working relationships with the Zanzibar Government in oil and gas exploration.
Mr. Mack holds a Masters degree in Materials Science and Engineering from Cornell University and a Masters degree from Johns Hopkins University – School of Advanced International Relations (SAIS), with concentrations in Energy and Finance. Additionally, he earned joint Bachelors’ degrees from Augsburg College in Physics and Chemistry. Mr. Mack volunteered in the Peace Corps in Tanzania from 2006 through 2007 and speaks Swahili.
