Mads Asprem, Managing Partner

Mads Asprem has worked with impact investments in Africa for more than 20 years and has been an innovator within forestry, landscape restoration and climate change mitigation, establishing 40,000 ha forests on 100,000 ha landscapes, registering the world’s first voluntary A/R carbon project, holding 60% of all African FSC certified plantations outside RSA and developing extensive ESG and impact reporting systems.

He has led the construction of seven new factories in East Africa, including energy plants and Africa’s probably most modern sawmill.  He founded Green Resources in 1995 and was CEO from 2007-2016 and grew the company to become Africa’s leading sustainable forest-company outside the South Africa employing 2-5,000 people creating high environmental, social and economic impact in remote rural areas.

Mads Asprem has twenty years of equity market experience, through 2006, working at CSFB, Merrill Lynch and Morgan Stanley, where he was a Managing Director, and headed global equity research teams for forest products, paper and packaging. He was involved in numerous capital markets transactions both in Europe and South Africa.   He has directly raised $150m of equity and $50m development loans and made several acquisitions combined worth more than $100m for businesses in Africa.

Mads Asprem has developed, led and executed on a number of business plans, negotiated and integrated acquisitions and led major cost reduction programs.  Mads Asprem grew up in Northern Norway and has a background in finance with a BSc from Wharton School in 1983, a MBA from Chicago Booth in 1987 and was a 2017 Fellow at Harvard’s Advanced Leadership Initiative.


Bo Eriksson, Partner

Bo Eriksson is the CFO among the NAI partners and will use more than 30 years of financial experience from the forest industry to review, analyze and recommend actions for existing operations, new development projects, business models and M&A.  He will also structure and recommend financing solutions.  Bo is Swedish and studied business at University of Gothenburg.

He has long experience in corporate finance, risk management and internal control from a number of listed companies such as Stora Enso (Finland), Munksjö (Finland) and Kinnevik (Sweden). In these companies has he been active in the roles of Group Controller, CFO and other senior positions.

During his time in Stora Enso, one of the world’s largest forestry industry companies, he ran a number of capital market project such as listing on the company at the New York Stock Exchange (NYSE), formation and financing of the Swedish forest assets into a new company Bergvik Skog AB with a forest base of about 2,5 million hectare, and the largest in Scandinavia by annual harvest.

Bo Eriksson has been responsible for budgeting, group reporting and external reporting, including capital market contacts, in a number of large listed companies with subsidiaries around the world. He has been involved in a broad range of M&A activities, including due-diligence. He has had the responsibility for converting companies reporting from local GAAPs to IAS as a part of their listing requirements.

Isaac Kapalaga, Partner

Isaac Kapalaga is an experienced manager with a broad background working with public, private and not-for-profit entities in Uganda and the rest of East Africa for more than 30 years in the environment and natural resources sector.

He spearheaded the industrial operations of Busoga Forestry Company (a subsidiary of Green Resources AS) in 2009 and served as MD between 2009 and 2017, making the company Uganda’s leading sustainable forestry company employing 1,000 people and creating immense environmental, social and economic impact.  He has established more than 7,000 ha of FSC certified forest plantations and ISO certified industrial operations and developed and operated three new factories in Uganda (bio-energy, wooden pole treatment plant and a medium sized sawmill).

Prior to this, Isaac Kapalaga worked fifteen years of program development, implementation and evaluation experience through 2008, working with various USAID contractors as Operations Director and Grants/Contracts Manager, the National Forestry Authority Uganda as Director Technical Services, and with EU and World Bank funded forestry programs as a Program Officer.   He has hired and coordinated several Technical Advisors for project implementations.

Isaac Kapalaga has developed and executed several rural development and business projects, negotiated and implemented several ENR projects as well as closed three key asset finance deals with commercial banks.  He is Ugandan and has a BSc in Forestry from Makerere University and a MSc. (Forest Business Management) from University of Aberdeen.

Odd Ivar Løvhaugen, Partner

Odd Ivar Løvhaugen is a manager, with plenty of hands-on, infield experience with experience from a wide range of environments.

He has worked within the forestry sector for more than 20 years. Most of this period at Norwegian State-owned Forest (Statskog SF) where he held the position as COO for six years.  He was CEO in Green Resources as for two years and held the position as director in this company for a number of years. For a shorter period engaged in a UN-project in Kosovo with the aim of establishing a forest administration in the new country.

Odd Ivar Løvhaugen has also extensive executive experience outside the forestry sector, including being CEO in Namsos Trafikkselskap ASA for 12 years, a company listed at Oslo Stock Exchange and operating various transport activities both at sea and on land.  Most recently, Odd Ivar worked six years in Norwegian banking focused on financing activities related to medium sized companies in a wide range of sectors.  Odd Ivar Løvhaugen a MSc in Forestry from the Norwegian University of Agriculture and is a Norwegian citizen.


Joana Mendes Godinho, Partner

Joana Mendes Godinho has over 18 years of experience in the Forestry sector, having worked in research, policy making, consulting, planning and project implementation, both in Europe and Africa. She has managed several development projects, including a USD 5 mn woodlot for energy community development project co-funded by the EU in Mozambique and Tanzania, having as main responsibilities the implementation and reporting of the EU project, leading teams of wide range of countries and cultural backgrounds.

She developed an extensive system for ESG and Impact reporting based on GRI’s G4 and GIIN’s IRIS, incorporating an extensive Social and Environmental Action Plan and co-ordinating to the maximum extent with FSC and carbon project reporting.  Joana developed systems to operationalise FSC corrective action requests.

Joana Mendes Godinho coordinated a USD 72mn loan to two major multilateral development banks for the implementation of an integrated forest industry in East Africa, having responsibilities on the business plan, Environmental and Social reporting, and FSC and carbon aspects of the project. She also participated in several Due Diligence processes for DFIs and equity investors.

Through her work, Joana has been promoting the sustainable management of forests, their landscapes planning and its industry, contributing for wealth creation, rural development, climate risks mitigation and supply of essential goods and materials.  Joana is Portuguese and has a MSc in Forestry from the Institute of Agronomy of Lisbon University.


Juha Nääppä, Partner

Juha Nääppä has almost 30 years’ experience from the Power Industry.  He has wide experience of completing power plant construction projects, commissioning, delivering power plant equipment and services for the customers. He has extensive knowledge of the power plant technologies and during his long career he has collected solid experience for the full process of project implementations from the budgeting and design up to the plant start up. He has worked on and managed 11 different projects with a combined capacity of 270 MWel, mostly based on biomass feedstock.

He has been Project Manager for several CHP power plant projects in Europe, including working for UPM Kymmene and for plant manufacturer Renewa. He was also working as Technical Director for Sao Hill Energy developing a biomass-based CHP plant project in Tanzania. Juha is Finnish and has studied engineering at Evtek Institute of Technology.


Teddy Nyamaizi Nsamba, Partner

Teddy Nyamaizi Nsamba has extensive forest plantation, ESG and ecosystem services experience. She managed the establishment of 5,000 ha plantation for Green Resources in Uganda, East Africa’s first new plantation in two decades to generate positive cash flow. And, she obtained certification of these forests according to Forest Stewardship Council, several carbon offset and ISO standards. She has managed carbon offset projects, implemented environmental and social management systems and worked with complicated stakeholder issues. She was Forest Manager for Green Resources Uganda for ten years and ESG Director of the Green Resources Group for two years.

Teddy is Ugandan and hold a Bachelor of Environmental Management from Makerere University and a Master in Management from Uganda Management Institute.

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