Corporate Team

Business Headshot, Brett Bovee

Brett Bovee

Intermountain Regional Director
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Erik Borgen

Northwest Regional Director
Martin Doyle Geography, at the University of North Carolina at Chapel Hill

Martin Doyle, PhD

Operating Advisor
drew

Drew LaFiandra

Research Associate
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John Townsend

Senior GIS and Database Specialist
tanner

Tanner Ketellapper

Research Analyst
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Viviane Baji

Research Analyst
Shepler headshot 06.2017

Ryan Shepler

Research Associate
julie-mai

Julie Mai

Administrative Services Manager

Matthew T. Payne

Principal

Southwest Office
4747 N. 7th St., Suite 412
Phoenix, AZ 85014
Tel: (602) 595-7009
payne@waterexchange.com

Statement of Qualifications:

Matt Payne is a Principal with WestWater Research and leads the firm’s Southwest office in Phoenix.  He is dedicated to helping public, private, and non-profit sector clients address economic, financial, and strategic challenges relating to water resources and infrastructure.  His areas of expertise are water resource economics, water asset valuation, water supply planning and implementation, and mergers and acquisitions.  In recent years, Matt has been engaged by Arizona’s largest water provider to lead planning and implementation of the most extensive renewable water acquisition program in the United States.  Under WestWater’s management, the program has executed nearly $100 million in water transactions.  These investments range from rotational fallowing agreements to acquisition and development of reclaimed water.

 

For private equity and industrial clients, Matt has originated water and wastewater investments, and led due diligence in support of transactions.  He frequently works as a part of multidisciplinary teams, contributing economic and financial analytical capabilities to water resource and integrated utility planning projects.  Recent analyses have included cost-benefit assessments of proposed infrastructure projects and water management strategies, as well as valuation of water rights and infrastructure assets.

 

Matt holds an M.B.A. from the W.P. Carey School of Business at Arizona State University.  He also earned a degree in economics from Colorado College, where he focused on environmental and natural resource economics, and conducted research in the water resources field.  He specializes in estimating the value of water using econometric techniques.  Matt has published extensively in peer-reviewed and industry journals, and is developing the first-ever price index for water rights in the American West.

AREAS OF EXPERTISE:

Water Resource Economics
Water Valuation
Financial Analysis
Water Asset Transactions
Project Management

EDUCATION:

M.B.A., Finance, Arizona State University, 2014
B.A., Economics, Colorado College, 2009

EXPERIENCE:

Senior Associate, WestWater Research, 2014 – present
Associate, WestWater Research, 2011- 2014
Research Associate, WestWater Research, 2009-2011
Intern, WestWater Research, 2008-2009

Drew C. LaFiandra

Research Associate

Southwest Office
4747 N. 7th Street, Suite 412
Phoenix, AZ 85014
Tel: (602) 595-7009
lafiandra@waterexchange.com

Statement of Qualifications:

Drew is an associate covering the Southwest region and is responsible for researching and analyzing public and private water right transactions throughout the region. He also interfaces with water industry participants and conducts interviews to maintain current information on market and price trends.

Prior to working for WestWater, Drew was in the commodities world where he researched coal, bio-fuel and energy markets in the US and Europe, dealt with coal operations, and executed petroleum coke trades. Drew is a graduate of Hamilton College where he earned a B.A. in German with honors and a minor in Mathematics. In 2007 Drew was a Fulbright fellow and speaks German, Italian and Spanish.

AREAS OF EXPERTISE:

Water Market Analysis
Energy Market Analysis

EDUCATION:

B.A., German with honors, Hamilton College, 2007

EXPERIENCE:

Research Associate, WestWater Research
2012-present

Analyst, Traxys North America LLC
2010-2012

John Townsend

Senior GIS and Database Specialist

Main Office
805 W. Idaho Street, Suite 310
Boise, ID 83702
Tel: (208) 433-0255
townsend@waterexchange.com

Statement of Qualifications:

John Townsend has been working in the GIS and Data Management field for 5 years. John currently manages all aspects of GIS, provides database and IT support, and assists with research and data analysis for WestWater. He holds a B.A. in Geography and a Minor in Geographic Information Systems from Portland State University. During his studies he contributed to research in the Remote Sensing field involving Land Surface Temperature in urban environments.

In recent years, John has continued his professional development in the area of database design and administration. Prior to employment with WestWater Research, John worked in conjunction with the Bureau of Land Management on a variety of projects. Projects included converting Master Title Plats into a GIS environment, performing research on land and mineral rights, mapping reciprocal rights-of-way over western forested lands, and designing and administering various databases providing ease of access to historic documentation.

AREAS OF EXPERTISE:

GIS Management
Database Management

EDUCATION:

B.A., Geography, Portland State University

EXPERIENCE:

Senior GIS and Database Specialist, WestWater Research
March 2013 – Present

Tanner Ketellapper

Research Analyst

Southwest Office
4747 N. 7th Street, Suite 412
Phoenix, AZ 85014
Tel: (602) 595-7009
tanner@waterexchange.com

Statement of Qualifications:

Tanner Ketellapper is a Research Analyst with WestWater in our Southwest office in Phoenix. He holds a B.A. in finance and a minor in water resources from the University of Arizona. Tanner brings experience with water rights brokerage transactions from Stillwater Resources in Boulder, Colorado.

Tanner is skilled in financial modeling, quantitative analysis, valuation, and water rights research. His passion for dynamic water markets paired with a background in finance and water resources are an asset to WestWater Research. Continuing in his professional development, Tanner is pursuing the Chartered Financial Analyst (CFA) designation.  Tanner has passed all three levels of the CFA program and may be awarded the CFA charter upon completion of the required work experience.

AREAS OF EXPERTISE:

Financial Analysis
Valuation
Water Rights Research

EDUCATION:

BSBA, Finance, The University of Arizona

EXPERIENCE:

Research Analyst,
WestWater Research
July 2014 – Present

JULIE MAI

Administrative Services Manager

Main Office
805 W. Idaho Street, Suite 310
Boise, ID 83702
Tel: (208) 433-0255
mai@waterexchange.com

Julie Mai is WestWater Research’s Administrative Services Manager.  She comes to us with seventeen years of financial and analytical experience and fifteen years of administrative management expertise.  Julie oversees operations within WestWater’s multiple offices, including contract and budget management, client relations, human resources, recruiting, accounting, printed and digital marketing, and press and communications.

Julie has over ten years of event planning experience and facilitates the organization and execution of WestWater’s conferences, workshops, and water summits.  Julie began her career in the banking and mortgage lending industry, as well as commercial real estate investment and financing. She has managed a public affairs and consulting office and a boutique law firm.  Ms. Mai’s dynamic qualifications and experience lend themselves to the overall success and efficiency of WestWater and its employees.

Brett Bovee

Rocky Mountain Regional Director

Rocky Mountain Office
320 E Vine Dr., Suite 315
Fort Collins, CO 80524
Tel: (970) 672-1811
bovee@waterexchange.com

Statement of Qualifications:

Brett Bovee is the Rocky Mountain Regional Director for WestWater Research and leads the Colorado office in Fort Collins. Brett brings over 12 years of experience conducting a variety of engineering, economic, and water rights studies across the Western states. Many of these projects have been focused on water resources management and water development concepts in the pursuit, protection, and utilization of water rights. Since joining WestWater, Brett has performed dozens of focused water right valuation studies and broader economic and water market analyses. Brett brings a unique perspective to projects, combining a background in water resources engineering with a developed knowledge of water rights and economics.

Brett has performed water right investigations for Federal, Tribal, and private clients, and has completed a variety of studies focused on water valuation, comprehensive water planning, irrigated agriculture, scenario modeling, and water project feasibility. . In the course of water rights litigation and dispute resolution, Brett has prepared expert witness and technical reports, completed hydrographic surveys of water use, and reviewed settlement agreements. He has also participated in several technical working groups for multi-stakeholder negotiations.

Brett holds B.S. and M.Eng. degrees in biological and environmental engineering from Cornell University, with a focus in water resources. He is a licensed professional civil engineer in five western states, and is also a recognized hydrologist. Prior to joining WestWater, Brett worked for NRCE managing and assisting with water rights projects across the Western U.S.

AREAS OF EXPERTISE:

Hydrology
Water Use Estimation
Irrigation Design and Water Requirements
Water Resources Planning and Management
Engineering Economics

EDUCATION:

M.Eng, Biological & Environment Engineering, Cornell University, 2004
B.S., Biological & Environmental Engineering, Cornell University, 2003

 

EXPERIENCE:

Senior Engineer,
Natural Resources Consulting Engineers, Inc.
2004-2015

Ryan Shepler

Research Associate

Rocky Mountain Office
320 E Vine Dr., Suite 315
Fort Collins, CO 80524
Tel: (970) 672-1811
shepler@waterexchange.com

Statement of Qualifications:

Ryan Shepler is a Research Associate in the Rocky Mountain office of WestWater Research located in Fort Collins, Colorado. His responsibilities include water market analysis, economic and financial modeling, and transaction research.

Prior to joining WestWater, Ryan conducted academic research utilizing econometric techniques to analyze socio-economic factors that influence groundwater depletion in the western United States. His previous experience has included policy analysis, identifying trends in both water and energy markets, and cost-benefit analysis of energy infrastructure projects.  Ryan holds a Master’s Degree in Agricultural and Resource Economics from Colorado State University, where he also completed his undergraduate degree in Environmental Economics.

AREAS OF EXPERTISE:

Water Market Analysis
Economic and Financial Modeling
Transaction Research

EDUCATION:

M.S., Agricultural and Resource Economics, Colorado State University, 2017
B.S., Environmental Economics, Colorado State University, 2015

 

EXPERIENCE:

Summer Intern, WestWater Research, 2016

Erik Borgen

Northwest Regional Director

144 Railroad Avenue, Suite 232
Edmonds, WA 98020
Tel: (425) 563-8450
borgen@waterexchange.com

Statement of Qualifications:

Erik Borgen leads WestWater’s Greater Seattle office as Northwest Regional Director. Erik has over 10 years of experience working with water rights, water transactions and hydrology on projects throughout the western US.

Erik has led efforts in strategic planning, valuation and due diligence for water rights acquisition and mitigation banking programs. His work for impact investors, non-profit and government clients has focused on understanding the reliability of water rights and modelling the hydrological impact of administrative changes to those water rights. Erik has completed several water bank feasibility studies, including the development of demand estimates, analysis of potential supply sources and analysis of mitigation credit pricing. Additionally, he has experience in assessing climate change risk to water rights.

Erik holds a JD from Willamette University College of Law, an MBA from Willamette’s Atkinson Graduate School of Management, and a BA from Dartmouth College in Geography. He was admitted to the Washington State Bar in 2005.  Prior to joining WestWater, Erik worked for Ecosystem Economics completing a wide array of water rights transaction-related analyses and projects.

AREAS OF EXPERTISE:

Water Transactions
Water Law
Mitigation Banking
Hydrology
Environmental Markets

EDUCATION:

JD, Willamette University College of Law, 2004
MBA, Willamette University, Atkinson Graduate School of Management, 2004
BA, Geography, Dartmouth College, 1996

EXPERIENCE:

Northwest Regional Director, WestWater Research, 2016-present
Senior Associate Ecosystem Economics, 2009-2016
Project Manager, Washington Water Trust, 2010-2013
Water Rights Analyst, Deschutes River Conservancy, 2004
Assistant Watermaster, Oregon Water Resources Department, 2003

Viviane Baji

Research Analyst

Southwest Office
4747 N. 7th Street, Suite 412
Phoenix, AZ 85014
Tel: (602) 595-7009
baji@waterexchange.com

Statement of Qualifications:

Viviane Baji is a Research Analyst at WestWater’s Southwest Office in Phoenix, Arizona. She holds dual degrees with Honors in Environmental and Natural Resource Economics and Business Economics with a minor in Environmental Studies from Utah State University. Viviane has previous experience in research and applied project implementation in water resource management, economic cost-benefit analysis, and social science research from her undergraduate research fellowship in the Department of Applied Economics at Utah State.

These research experiences have culminated in the completion of two submitted academic articles. As a LEED Green Associate, Viviane has also used her knowledge and expertise to implement high-efficiency water conservation projects at Utah State University. At WestWater, Viviane is responsible for compiling relevant water market data to assist with research and analysis.

AREAS OF EXPERTISE:

Sustainability Planning
Conservation Technology
Data Research
Economic Analysis

EDUCATION:

B.S., Environmental and Natural Resource Economics, Utah State University 2016
B.S., Economics, Utah State University 2016

EXPERIENCE:

Research Assistant, Utah State University, 2015
Teaching Fellow, Utah State University, 2014

Martin Doyle, PhD

Operating Advisor

2700 Canter Drive
Hillsborough, NC 27278

Tel: (919) 360-6458
martin.doyle@duke.edu

Martin Doyle is an operating advisor at WestWater Research. Dr. Doyle has two decades of experience in water resource management and environmental restoration throughout the United States. He has spent 15 years as an academic developing internationally recognized research programs in in-stream flows, reservoir management, aging infrastructure, and a wide variety of environmental markets from water rights to water quality to wetland and stream habitat mitigation.

In 2016 he was appointed a Senior Conservation Finance Fellow at the Department of Interior’s Natural Resource Investment Center where he worked to enable water transactions throughout the western US and develop alternative finance approaches for water infrastructure, particularly infrastructure managed by the Bureau of Reclamation or the US Army Corps of Engineers. In 2009-2010 he was named the Frederick J Clarke Scholar at the US Army Corps of Engineers-Institute for Water Resources where he assisted in regulatory and water infrastructure policy.

Dr. Doyle has published over 100 peer-reviewed journal articles and law reviews across a wide range of topics of water and ecosystem management. He is regularly called on as an expert in bridging the science, policy, and finance of river management from a range of private industries and public agencies due to his combined understanding of hydrologic and ecological processes as well as nuanced understanding of regulatory programs.

AREAS OF EXPERTISE:

Hydrology
Water Resource Policy
Infrastructure Finance

EDUCATION:

Ph.D. Earth Science (Hydrology)
Purdue University, 2002
M.S. Environmental Engineering
University of Mississippi, 1997
B.S. Physics, Mathematics
Harding University, 1995

EXPERIENCE:

Professor, Duke University, 2011-present
Water Policy Director, Nicholas Institute for Environmental Policy, 2013-present
Senior Conservation Finance Fellow, Department of Interior, 2016-2017
Asst Professor, University of North Carolina, 2002-2011
Frederick J Clarke Scholar, Institute for Water Resources, US Army Corps of Engineers, 2009-2010
Hydraulic Engineer, Inter-Fluve, Inc, 1997-1999