our team
William A. Delphos, Founder and Managing Director
Under Mr. Delphos leadership, Delphos International has grown to serve over 600 clients in more than 50 emerging market countries. His extensive network and experience in both the public and private sectors make him an invaluable negotiator, facilitator, and creator of partnerships. Prior to founding the company in 1987, Mr. Delphos was Senior Vice President of the Overseas Private Investment Corporation. He also held a number of positions with Gould Inc., including Managing Director of International Operations. He is a nationally recognized speaker on the use of government resources for international business and has published numerous books on the subject (see Publications). He received his MBA from Northwestern University and a Bachelor of Science from Worcester Polytechnic Institute, where he is an Emeritus Trustee.
Linda S. Habgood, 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 all capital contributors. Ms. Habgood has led
Delphos International's International Project Finance Advisory Group since
1998, and in that capacity works with a diverse domestic and international
client base to design and arrange 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 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.
Svetoslav Gatchev, Vice President
Mr. Gatchev has been with Delphos International since
January 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 — one of the largest project financings
in Central and Eastern Europe. A native of Bulgaria, Mr. Gatchev also
speaks English and Russian. He received his MBA at New York University's
Stern School of Business (class valedictorian) and graduated summa cum
laude from Washington College.
Todd Morath, Vice President
Since joining Delphos in 1999, Mr. Morath has worked
with a wide range of clients including upstream and downstream oil &
gas, telecommunications, power, and agribusiness at all stages of the
project cycle. Mr. Morath is based in Malaysia where he leads the origination
and execution of project financings for the firm in the Asia-Pacific region.
Before joining Delphos International, Mr. Morath worked in various positions
in the Market and Trade Economics division of USDA's Economic Research
Service, at the Office of the U.S. Trade Representative and at the World
Bank. He speaks Spanish, French, Czech and Russian, and has a MA in International
Economics and Eastern European Studies from SAIS (Johns Hopkins University),
and a BA with Honors from Brown University.
Robert Jaspersen, Associate
Robert joined Delphos International in June 2004. His recent work includes providing financial consulting services to a major telecommunications company in Bolivia and securing long-term debt to fund a world-class business hotel in Iraq. He also currently performs credit, economic, and market analyses on a number of projects in the oil & gas, telecommunications, and manufacturing industries, primarily in Latin America, Eastern Europe and Asia. Robert brings a strong knowledge of the Latin American and European marketplace. During his tenure at the company, he has performed a variety of feasibility studies, assessing the viability of each project by employing advanced sensitivity analysis software and testing assumptions against relevant benchmarks. Before coming to Delphos International, Robert worked at the Inter-American Development Bank. He holds an MBA and a BA Business and Administration from the American University. Robert is fluent in German and in Spanish, having lived in El Salvador for over a decade and having worked with various Latin American companies.
Andrew Brown, Associate
Andrew joined Delphos International in February 2006. His recent work includes building a robust financial model for a USTDA-funded technical assessment of two hydropower plants under consideration by the Government of Rwanda, serving on Delphos International's advisory team to the Botswana Power Corporation for the development of the Morupule B power plant, and acting as financial advisor to East Africa Capital Partners (EACP). As a member of the Delphos team assisting EACP, EACP-managed Africa Telecoms, Media and Technology Fund I (ATMT) achieved the fastest close in the history of OPIC's Investment Funds department. In addition, Andrew has assisted clients operating in Latin America, the Middle East, Eastern Europe and Africa. Before coming to Delphos International, Andrew worked at the U.S. Trade Representative. He holds an MA in International Trade and Investment Policy from George Washington University and a BS/BA Magna Cum Laude from The Ohio State University. Andrew also studied at Yonsei University in Seoul, Korea. A native speaker of English, Andrew is also proficient in Japanese.
Brian Tarmey, Associate
Brian joined Delphos International in January 2007. He has served as a member of the Delphos team advising the U.S. Export-Import Bank on the financing of a 10 MW geothermal power plant in the Caribbean, the Government of Cameroon as part of a USTDA-sponsored feasibility study of a 75 MW hydropower facility, and the Government of Armenia on a feasibility assessment of a nuclear power plant. In addition to his experience in the energy sector, Brian has advised clients in the manufacturing, telecom, retail and hospitality sectors in a variety of regions including North America, Latin America, Africa and Eurasia. Brian also co-authored a chapter on equity financing of hydropower projects for the Hydro Finance Handbook, which was distributed at the 2008 HydroVision Conference. Prior to joining Delphos International, Brian worked at a publicly traded technology firm in Hong Kong and at the Overseas Private Investment Corporation. Brian holds an MA in International Economic Affairs from George Washington University and a BA in International Relations from Tufts University. He speaks Spanish proficiently and Mandarin Chinese at an intermediate level.
Subba Yerra, Financial Analyst
Subba joined Delphos International in 2007. His recent work includes advisory services, market analysis and developing project finance models for a North American renewable energy company with projects spread across North America, Europe and Australasia, a recycling company with projects in Latin and North America and Africa, and housing projects in Africa. Subba previously worked at the accounting firm Deloitte and the U.S. Postal Service’s fraud investigation office. Subba holds an MBA in Finance from George Mason University and an MA in political science from S.V. University, India. He also holds a BA in Economics and History from Osmania University, India.
Andrew Ciarfalia, Financial Analyst
Andrew joined Delphos International in 2008. His recent work includes building financial models for projects in industries such as power, manufacturing, and construction. Andrew has assisted clients operating in Latin America, Eastern Europe and Africa. Before coming to Delphos International, Andrew underwrote debt and equity investments at MCG Capital Corporation. Prior to working at MCG, Andrew was a financial analyst with investment bank Houlihan Lokey Howard & Zukin. He holds an MA in Finance with a concentration in Fixed Income from the University of Arizona and a BA with honors in Mathematics from The University of Rochester.
Niki Doshi, Financial Analyst
Niki joined Delphos International in 2009. Before coming to Delphos, Niki worked at Capitol Partners, a $200 million private equity firm focused on the home healthcare industry, where she conducted analysis on corporate credit markets. Niki has also worked as an analyst at Taylor-DeJongh, supporting the financing of several large infrastructure projects and co-authored an article on India’s Ultra Mega Power Projects. She holds an MS in Finance from Johns Hopkins University and a BS in Electrical Engineering from Michigan State University. She is fluent in Hindi.
Office Manager:
Lita Ledesma