Amane currents: Summer 2023

Summer 2023

Volume 4. Issue 3

amane currents

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HIGH & DRY

France hopes to turn the tide with its new Water Plan

amane currents

IN THIS ISSUE

Volume 4, Issue 3 | Summer 2023

Features 5

Taking action: Strategic opportunities in France’s Water Plan French leaders have made the first moves in their efforts to protect dwindling water resources. We'll dive into the new Water Plan to highlight which measures might offer faster relief and create new opportunities for businesses.

By: Mathieu De Kervenoael and Chloe Wen Hu

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Three shifts influencing the future of Saudi Arabia’s waste market

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Saudi Arabia is on a journey to transform its waste market.

We'll explore what's being done and highlight three pivotal shifts that are shaping future strategic opportunities within the industry.

By: Ismail Alaoui

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Succeed at scale: A new approach to financing small-scale industrial projects Industrial players are eager to invest in water conservation and reuse projects but less willing to bear the CAPEX. We'll explain how a new approach to financing is benefitting industrials, solution providers and investors alike.

By: Bastien Siméon

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Reports estimate that one-in-five liters of distributed water in France is now lost due to leaking pipes. That’s equivalent to the cumulative consumption of Paris, Lyon, Marseille, Lille, Toulouse, Bordeaux, and Nice."

- Mathieu De Kervenoael , Taking action: Strategic opportunities in France's Water Plan (Story on page 5)

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Event Radar The event circuit slowing down yet!

isn't

Check out which industry events we've added to our calendar for the months ahead.

amane currents 20

Event Insights

Exploring emerging opportunities in renewable natural gas at Biogas Americas 2023

Supporting the transformation of China's environmental sector at IE-EXPO

Reflecting on state of water at Global Water Summit 2023

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Explained

Amane News

Weathering the storm: New solutions for stormwater management

New Horizons: Amane consultants gain valuable international work experience

Here we look at some of the latest gray and green infrastructure solutions being deployed around the world to explore how cities are preparing for the worst.

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Special Contribution

Employee Spotlight

Will American cities ever achieve ‘net positive water?’

We invited Hanshita Rongali, a former Amane Advisors intern, to share findings from her recent research into the feasibility of the concept of net positive water.

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The Future of Water Conference explores the biggest themes and trends across the water sector

Featuring: Lucas Corral Basterra Project Manager

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WELCOME

Welcome to

Summer 2023

amane currents This issue’s theme is “Resilience”, which should resonate for readers who find their businesses and local communities faced with the challenge of either too much or too little water – or perhaps both, depending on the season and the region. We are giving special attention to the efforts being made by governments, utilities and corporations to improve their own resilience, and to the opportunities that this opens up for companies and investors around the world.

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In a world challenged by climate

Industrial players, particularly in

change, persistent drought is taking

water-intensive

aim at parts of the world that have

increasingly considering innovative

historically been 'water rich'. In our

water

lead

feature,

we

explore

conservation

and

are reuse

how

projects – which solution providers

France is taking action to build its

are eager to support. Neither party,

resiliency against growing water

however,

is

generally

scarcity. Amane Partner Mathieu

bearing

the

significant

De Kervenoael highlights the steps

investment required to implement

keen

on

capital

underway as part of the country's

these projects upfront. Our Partner

new Water Plan and explains how

Bastien Siméon will examine how

some measures might offer faster

these challenges are driving an

relief

innovative win-win approach to

and

usher

in

long-term

changes.

project financing.

Resilience also includes finding

“When it rains, it pours.” In many

long-term solutions to deal with the

cities

waste

growing

downpour or major snowfall event

economy. Principal Ismail Alaoui

can result in major flooding without

will take readers through how Saudi

a properly functioning stormwater

Arabia is attempting to transform

management system. In this issue's

its waste management sector and

“Explainer”, we look at some of the

highlight

latest gray and green infrastructure

streams

of

emerging

a

strategic

opportunities within the industry.

3

segments,

around

the

world,

each

Finally, as demand for water increases and water sources grow less reliable, cities are exploring new ways to protect, conserve, and reuse their existing supply. But is it realistic for any city to achieve ‘net positive water’? Hanshita Rongali, a former Amane Advisors intern, explores the feasibility of net positive water, explaining some of the challenges that prevent cities from fully embracing the concept.

We wish you lots of fun and interesting reading, and as always, we welcome your ideas, input and feedback!

Sincerely,

solutions being deployed globally

Bill Malarkey

to help cities build their water

Managing Partner,

resiliency.

North America

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This issue's contributors Ismail Alaoui

Bill Malarkey

Principal, Amane Advisors

Partner, Amane Advisors

Three shifts influencing the future of Saudi Arabia's waste market

Illiquid: Why water is the strategic business issue you can't ignore

Based in: Bahrain Email: ialaoui@amaneadvisors.com

Based in: Philadelphia Email: bmalarkey@amaneadvisors.com

Bastien Siméon

Laura Chamberlain

Partner, Amane Advisors

Weathering the storm: New solutions for stormwater management

Succeed at Scale: A new approach to financing small-scale industrial projects

Based in: Philadelphia Email: lchamberlain@amaneadvisors.com

Based in: Paris Email: bsimeon@amaneadvisors.com

Mathieu De Kervenoael

Chloe Wen Hu

Principal, Amane Advisors

Project Manager, Amane Advisors

Taking action: Strategic opportunities in France’s Water Plan

Taking action: Strategic opportunities in France’s Water Plan

Based in: Paris Email: mdekervenoael@amaneadvisors.com

Based in: Paris Email: chloehu@amaneadvisors.com

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Senior Consultant, Amane Advisors

amane currents is published quarterly by Amane Advisors in Summer, Fall, Winter and Spring. Amane Advisors assumes no responsibility for unsolicited manuscripts or images.

Editorial Director

Bill Malarkey

bmalarkey@amaneadvisors.com

Managing Editor

Lauren Trucksess

ltrucksess@amaneadvisors.com

Feedback

2 currents@amaneadvisors.com 2

Visit us on

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FRANCE WATER PLAN

Taking action 3202 REMMUS | ECNEILISER

Strategic opportunities in France’s Water Plan

After a historically dry winter, France is in the midst of another dry summer. But now, the country is acting; implementing measures outlined in a Water Plan announced in March by President Macron to conserve, share, and reuse dwindling water resources. In this article, we highlight the steps that are underway – and explain how some measures might offer faster relief – while also ushering in long-term changes.

By: Mathieu De Kervenoael, Partner and Chloe Wen Hu, Project Manager

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France’s battle against water scarcity is being waged on several fronts.

First, climate change is destabilizing weather patterns, and thus, impacting water availability.

Groundwater currently represents more than 60% of the country’s drinking water resources but the last two hydrological years witnessed significant deficits in rainfall, which is critical to recharging aquifers.

According to the French Geological Survey, groundwater recharge is expected to decrease by 10 to 25% by 2070 compared to the period of

meters, equivalent to the annual consumption of about 18.5 million people.

Combined with a growing population and water-intensive industrial activities such as irrigation and power generation, water consumption needs to be optimized in the country to avoid any future risk of crippling water shortages.

Changing course France’s Water Plan is an effort to tackle water challenges on these – and many other – fronts. Consisting of more than 50 measures with an overall goal of realizing a 10% reduction in water withdrawals by 2030, the plan can be summarized into three focus objectives: Reducing water (water sobriety)

consumption

Optimizing water availability Preserving water quality restoring ecosystems

and

Initiatives that fall within these objectives include supporting the reduction of water usage in agriculture (the country’s most water-intensive industry), reducing leaks, investing in non-conventional water sources, developing agricultural hydropower, preventing the pollution of aquatic environments, the development of nature-based solutions and more.

Other initiatives are designed to ensure authorities have the means to achieve these goals and better respond to drought and other water crises, such as incentivizing water sobriety practices, streamlining governance, and supporting research and innovation efforts.

In all, the plan is a summary of best practice efforts to improve water availability, quality, and resiliency. To explore the plan in more detail, we are highlighting four areas we believe will drive the most significant improvements – both in the short and long term, and generate exciting, new strategic opportunities for businesses.

Overview of the Plan Eau announced in March 2023

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They’re the type of records no country wants to break; France suffered its worst drought on record last summer and this winter was its driest in nearly 65 years. Water restrictions – typically saved for the drier summer months – were implemented in 87 municipalities in the south over the winter. While above-average rainfall in March and April improved groundwater levels, more than-two thirds remained below average. At the current rate, further drought conditions are imminent.

1961-1990. In the Southwest, where conditions have been toughest, the reduction could be between 30 and 50%. Meanwhile, the Alps – critical for supplying Europe’s rivers – have seen a 5.6% reduction in snow cover duration per decade over the last 50 years.

Aging infrastructure also prevents the country from maximizing its existing resources. France is home to the longest drinking water pipe network in Europe. But 40% of those pipelines are over 50 years old, and quickly approaching the end of their lifespan. Annual leakage losses amount to nearly one billion cubic

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amane currents 1. Industrializing water reuse Today, only 0.1 percent of treated wastewater is currently reused in France, compared to Italy and Spain, where the proportion rises to around 10% and 15%, respectively. Much of the water is discharged to the sea.

The Water Plan calls for wastewater to be reused at a rate of 10 percent by 2030, meaning there are significant opportunities to industrialize and scale the practice across the country in the near term.

The plan highlights the need to support more than 50 industrial sites with the highest potential to reduce consumption and includes plans to

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develop 1,000 reuse projects to increase the use of non-conventional water (including reuse, rainwater, and grey water) by 2027. It also eases some of the administrative hurdles associated with some reuse procedures. These efforts will further encourage industrials to invest in and implement water reuse solutions to ensure an adequate water supply for their operations. For example, Veolia has recently announced its plan to triple the production volume of water reuse to three billion cubic meters by 2030.

Adopting water reuse strategies will have the added benefit of better insulating corporates from potential brand risks that come with being associated with the overconsumption of water. In April, hundreds of protestors hit the picket lines outside of the STMicroelectronics semiconductor production plant in Isère to oppose the company increasing the company increasing its water intake. That same month, the town of Grigny asked the local bottling factory of Coca Cola to stop drawing water from the groundwater to produce its drinks.

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FRANCE WATER PLAN This added pressure may make the adoption of water reuse measures a strategic necessity for industrials, particularly in water-intensive industries.

2. Reducing leakages Countries cannot afford to waste water, especially during periods of drought or water insecurity. But reports estimate that one-in-five liters (20%) of distributed water in France is now lost due to leaking pipes. That’s equivalent to the cumulative consumption of Paris,

3. Changes to water tariff structure Improving drinking water network performance will require additional resources in asset management, the search for leaks, and the ability to make repairs and/or renew pipes.

Although the Water Plan includes additional financial resources for water agencies dedicated to networks, we see water pricing as a potential strategic lever for the country to maintain water services.

high-quality

Lyon, Marseille, Lille, Toulouse, Bordeaux, and Nice – resulting in an economic loss of €4 billion per year.

Water tariff setting depends on multiple local parameters including

To halt the losses, the Water Plan includes €180 million per year to support actions to reduce leakages

less treatment compared to surface water or desalination), the length of network per inhabitant, receiving

the tax level, existing water sources (as groundwater typically requires

and secure drinking water supplies, including identifying the 170 local authorities with leakage rates in

water (sensitive areas which require a higher level of treatment for wastewater) and more.

excess of communities

In France, the price of the water

50% that

and 2,000 experienced

drinking water tensions in 2022. From there, authorities will move to ‘plug’ water leaks at the most sensitive points and continue the minimum replacement of water distribution

service must cover all operating and investment costs associated with the urban water cycle, from the withdrawal of ground or surface water for treatment to its return to

networks at both the utility and irrigation water levels.

the receiving effluent.

For businesses seeking to capitalize on these opportunities, we anticipate further implementation of leakage detection solutions (including both hardware and software solutions), especially for non-visible leaks, which account for the biggest portion of leakages in volume. Non-invasive, “no dig” solutions for repairing leaking pipes should also be receiving increased attention.

Private operators receive only a part of the tariff paid by households, with the rest being used to fund investments for network extensions and upgrades.

Right: View of a dried-up river bed near Roussillon in Provence, France.

waters

as

treated

amane currents The price for a private operator is correlated with tariffs, as the operator’s share of tariffs is expected to remain stable or decrease slightly to compensate investments from municipalities.

2025, with a pricing strategy that compensates for the decrease in the consumption volumes and finance renewal CAPEX. Benchmark studies have been conducted on other countries to determine best practices.

This disparate governance makes it more difficult to effectively develop and implement collaborative initiatives related to water withdrawals.

The Water Plan acknowledges these challenges and seeks to build a more open, clearer governance framework.

At the end of 2022, several French local authorities including ClermontFerrand and Roubaix voted for a tariff increase of around 10% for 2023. The price per cubic meter of water has risen by 7 to 11% in several French agglomerations such as Paris, due to high costs in energy supply and water treatment chemicals. Water tariffs

The calculation of a pricing scale adapted to each region’s water needs and economic situations, combined with a full deployment of individual water meters at households, will be key to a successful implementation of progressive tariff systems nationwide. This should open up new

From a regulatory perspective, the law on the New Territorial Organization of the Republic (NOTRe) entrusts new competencies to the regions and redefines the competencies attributed to each territorial authority. The law aims to simplify and mutualize water

are expected to grow at ~1% per annually until 2030 to finance the

opportunities for providers of modern smart metering solutions,

competencies among communities. It announced the deadline for

infrastructure upgrades required to maintain service continuity.

including meter data management and analytics.

transferring water and wastewater competencies of small communities to

Efforts to reduce consumption will

4. Evolving water governance

revenues of local municipalities. The Economic, Social & Environmental Council is expected to make a recommendation on progressive water pricing measures before the year’s end.

Water

is

governed

by

several

stakeholders at various levels of the French administration, depending on how it’s being used. For industrial and agricultural uses, there are regional and local representatives and local authorities for utility water.

A dozen municipalities in France have already adopted a progressive scale based on the quantity of water consumed by households. Dunkerque is one of the pioneers in progressive tariff structures.

large inter-municipalities by 2026.

France’s water game plan is set and now it’s time to execute. For now, questions remain as to whether the financial resources announced to date will be adequate to help the country achieve its ambitious water management goals and whether the governance structure can be adapted to support quick, decisive action.

Historical evolution of water tariffs in France Average price in €/m3

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overall water impact the

###

For the past eleven years, the price scale for water consumption has been divided into three brackets: "essential", "useful" and "comfort".

As the tariff is calculated on the consumption of an average household equivalent to four people, larger families are penalized. In Montpellier, the first 15 cubic meters are free for consumption.

Meanwhile, leaders are planning to release a new economic model by

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FUTURE OF WASTE

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Three shifts influencing the future of Saudi Arabia’s waste market

In its quest for a sustainable future, Saudi Arabia has embarked on a transformative journey to restructure its waste management sector – echoing the successful restructuring of its water market over a decade ago. In this article, Amane’s Ismail Alaoui explores the recent developments that have prompted the transformation, particularly in hazardous waste management, and highlights three pivotal shifts that are shaping future strategic opportunities within the industry.

By: Ismail Alaoui, Principal

For decades, Saudi Arabia invested heavily in water, without much to show for it. The Kingdom’s water businesses were heavily subsidized by the government, environmental regulations were few and far between, and performance remained low.

Starting in the early 2000s, however, leaders were eager for new solutions.

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They committed to building a more profitable and sustainable water sector by attracting international expertise and investment to initiate improvements, develop new infrastructure, and encourage local knowledge transfer.

The improved competitiveness, signaled by the presence of international industry giants, the emergence of successful Saudi players

such as TAWZEA and Alkhorayef Water & Power to name a few, along with the success story of ACWA Power, are all a remarkable testament to the resurgence of the water market – a vital and dynamic sector that is crucial to the Kingdom’s development.

Today, the Kingdom’s waste sector is in a similar position to that of the water sector two decades ago.

amane currents desalinated water, and the development of independent water and power projects (IWPPs) also brought in more private investments, expertise, and technology.

This climate has created an uneven playing field for waste management companies; some adhere to quality standards and are ready to invest in state-of-the-art facilities, while

In 2008, the National Water Company (NWC) was established as a fully state-owned joint-stock company to provide drinking water and wastewater services. Since then, the NWC has actively engaged in publicprivate partnerships (PPPs) with foreign and local operators to deliver water services, enhance water infrastructure, improve service quality, and ensure sustainable water

others dump waste irresponsibly to

management in major cities such as

cut costs.

Riyadh, Jeddah, Makkah, and Taif.

However, Saudi Arabian authorities

The Water Privatization Law, which

have begun implementing new regulations to promote sustainable

emphasized improved

waste management and follow the

accountability,

also

promoted

example set in the water sector.

competition,

and

drove

These activities signal that changes are coming to the Kingdom that could

advancements in service delivery.

dramatically increase the strategic

These comprehensive decisions and

opportunities in waste treatment and management.

initiatives have successfully fostered a dynamic, profitable, and

Achievements in aspirations for waste

water,

The transformation of Saudi Arabia’s water sector hinged significantly on the Kingdom’s ability to attract more private sector participation and international expertise.

Leaders enacted several initiatives to do so, starting with the Water Privatization and Investment Directorate, which brought water utilities under private sector control while the state assumed a regulatory role.

In 2001, the Electricity and Cogeneration Regulatory Authority (ECRA) was established to oversee the provision of power and

keeping technical capabilities low.

The absence of regulations has not only posed environmental issues but also stifled the growth and confidence in the market and limited its commercial potential.

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Waste management responsibilities are fragmented and lack clear enforcement – with little regulatory oversight. Landfills are often treated as dumping sites without proper waste treatment processes in place, while waste sorting activities are nearly non-existent – and there are even instances of wild dumping of waste, including hazardous materials, in the desert.

the importance of efficiency and

sustainable water market in Saudi Arabia, and helped drive innovation and efficiency. By leveraging publicprivate collaborations, the country has achieved significant progress in meeting the water demands of its growing population and economy while promoting long-term sustainability and ensuring the availability of high-quality water resources for its citizens.

Without a level playing field and standardized practices, waste businesses have faced challenges in establishing themselves and attracting investments. The collection market has been dominated by manpower providers and bill-ofquantities (BoQ)-based contracts, Image: Riyadh Water Tower

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amane currents Now, leaders seem to be following a similar pathway to restructure the waste sector; taking steps to encourage greater investment and private sector involvement.

In 2017, the Saudi Investment Recycling Company (SIRC) was established by the Saudi Arabian Public Investment Fund (PIF) to develop waste treatment facilities for municipal solid waste (MSW) and non-residential non-hazardous waste, thus diverting valuable resources from landfills.

FUTURE OF WASTE

1. A shift from manpower to performance-based contracts

requirements but also benefit the wider community and environment.

Traditionally, waste management contracts focused on specifying the number of resources involved, such as manpower, vehicles, and equipment. More recently, however, there’s been a shift toward performance-based contracts that incentivize waste management companies to optimize their operations and prioritize the quality

Performance-based contracts drive operational, cost and resource efficiency. They motivate waste management companies to streamline processes, reduce waste generation, and enhance recycling and disposal methods by using advanced technologies, data-driven approaches, and global best practices.

of service and the achievement of specific goals.

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Just two years later, the National Centre for Waste Management

Locally, this approach is exemplified by organizations such as the Royal

monitoring authorities

(MWAN) was also set up to take responsibility for planning,

Commission for AlUla (RCU). For example, for the first time, a contract

effectiveness of waste management services and make data-driven

regulating, and encouraging the development of the waste management sector in the country.

for the collection of municipal solid waste in part of the territory of AlUla will adopt a performance-based

decisions to improvement.

Even more recently, the Kingdom passed new waste management

structure, prioritizing tangible outcomes and leveraging penalties to address any shortcomings.

Similarly, the shift towards outcomebased evaluation encourages

law requires those who generate large volumes of waste to have contracts with licensed waste

This shift is driven by the recognition

and innovative solutions. This healthy competition drives the development of new technologies, methodologies,

management service providers and emphasizes the importance on

ensure efficient and effective waste management. Now, companies are leveraging their expertise and

legislation which provides some additional guidance. For instance, the

recycling, resource recovery, and safe disposal to achieve better environmental and economic outcomes.

that simply allocating a specific number of resources is inadequate to

creativity to develop strategies that not only meet waste management

Three shifts driving the future of waste management Although there is still a long way to go before we will see a fully revived waste market (characterized by comprehensive clear regulatory enforcement, a level playing field for all participants, and the emergence of Saudi players able to compete with international players), these steps have kickstarted the transformation and signal that more change is coming to the market.

Image via EcoMENA.org

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Furthermore, by establishing clear performance indicators and mechanisms, public can evaluate the

drive

continuous

companies to differentiate themselves through their expertise

and practices in waste management ultimately resulting in improved services and sustainable practices that benefit the community.

amane currents waste are

In the realm of waste management, companies in Saudi Arabia have historically embraced two primary approaches: internal waste management or complete outsourcing to specialized firms. The former granted companies the advantage of maintaining full control over their waste, while the latter allowed them to focus on their core business activities by entrusting waste management to external experts. For example, ADNOC opted for the latter approach with the sale of its treatment facilities to waste management expert Veolia in 2022.

A new hybrid model is now emerging, however, in which waste producers partner with waste solution providers to establish strategic alliances solely dedicated to comprehensive waste treatment.

Under

this

approach,

producers access cutting-edge waste

waste

personalized, management

practices. By doing so, they can significantly reduce their environmental footprint and align their operations with global environmental goals and initiatives.

This hybrid approach is emerging most clearly within the oil and gas (O&G) sector; a sector known for generating hazardous waste requiring sophisticated treatment.

global best practices to accelerate the implementation of advanced waste treatment solutions.

By leveraging the knowledge and capabilities of international partners, SIRC aims to propel the development of local energy-from-waste plants to treat municipal, industrial, and hazardous waste and raise overall standards and promote sustainable practices.

The most notable example is the recent partnership between Saudi Aramco, the national oil company of Saudi Arabia, and Veolia. The

Opening the waste market to international players presents exciting opportunities to invest

companies have announced plans to combine their extensive resources

alongside SIRC in the development of waste-to-energy infrastructure – with

and expertise benchmark for

to establish a sustainable waste

the potential to foster economic growth, drive innovation, and

management practices in the O&G sector.

establish the Kingdom as a regional leader in sustainable waste management.

3. A shift in focus toward attracting international players and collaboration The SIRC has taken on the task of attracting international waste management players to the Saudi

The recent reforms and strategic shifts in waste management are creating exciting, new opportunities in Saudi Arabia. By embracing performance-based contracts, adopting collaborative approaches, and investing in infrastructure and partnerships, the Kingdom is paving

solutions delivered by industryleading waste solution providers.

With this approach, they retain oversight and control over their waste management operations enabling them to closely monitor and manage the environmental impact of their activities. This level of control is pivotal for companies committed to maintaining sustainable practices and adhering to stringent environmental regulations.

Arabian market - marking a significant shift in waste management practices

Moreover, through collaboration with solution providers, waste producers can leverage their partners' expertise and experience to develop and implement innovative and sustainable waste management

Opening the waste market to international players presents exciting opportunities to invest...with the potential to foster economic growth, drive innovation, and establish the Kingdom as a regional leader in sustainable waste management."

within the Kingdom. SIRC's strategic approach involves collaborating with renowned international waste management companies to bridge the gap between local expertise and

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2. A shift in how management projects financed and operated

the way for its sustainable future. As the waste management industry continues to evolve, stakeholders in Saudi Arabia can leverage these shifts to drive innovation, create new business opportunities, and contribute to the circular economy. ###

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SMALL SCALE FINANCING

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A new approach to financing small-scale industrial projects

Increasingly, industrial players, particularly ones that consume large volumes of water, are investing in innovative water conservation and reuse projects – which solution providers are eager to support. Neither party, however, is keen on bearing the significant capital investment required to implement projects upfront. As Amane Partner Bastien Siméon explains, this challenge is resulting in a new approach to financing, with benefits for both sides.

By Bastien Siméon, Partner

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work with major industrial players.

However, the reality is that industrials would often prefer not to own water-related assets or provide

catering to the needs of industrial companies with multiple production sites in different geographies.

How it works The typical project finance structure for an industrial outsourcing project would rely on a Special Purpose Vehicle (SPV) to lead the implementation and required investment in a specific project; subcontracting the Engineering, Procurement and Construction (EPC)

the significant capital investment required to implement projects up

and the Operations and Maintenance (O&M).

front. Demand is shifting from equipment supply and short-term operations contracts to long term

The SPV would be funded by equity

service provision through a “water as a service” models.

from its shareholders, such as a solution provider and a financial investor, as well as debt from banks.

The SPV would enter into a long-term service agreement with the industrial client, and in exchange, receive a preagreed tariff.

The newer approach involves a solution provider and an investor partnering to create a vehicle to develop, invest in, and manage a pipeline of multiple projects. This approach has been frequently used in other sectors where projects are of a standardized nature, such as renewable energy, but is only just emerging in the water and waste sectors.

This structure maximizes the benefits of standardization and replicability to save costs and time. With a single investment partner and an established framework, projects can be implemented more efficiently.

Similarly, solution providers are more interested in focusing on their core technical and operational expertise, as opposed to acting as a bank, and would prefer to identify an investment partner to avoid bearing the full burden of the CAPEX.

Standard Project Finance Contractual Scheme

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With growing water scarcity upping the pressure on governments and water-intensive businesses, many organizations, particularly those in food production, manufacturing, fashion, or mining, are looking to invest in and implement innovative water conservation and reuse projects. This is welcome news for solution providers, who are keen to

Additional complexity arises from the fact that outsourcing structures are more complex and costly to put in place, while most industrial projects are of a small scale (capital expenditure under $30m) – thus making it an uneconomical approach on a standalone basis.

This catch-22 is resulting in a new, ‘platform’ approach to financing small-scale projects that enables both sides to achieve economies of scale. We are increasingly seeing this approach utilized in both the water and waste sectors as a means of overcoming the issue of scale and bringing together partners with converging interests, as well as

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SMALL SCALE FINANCING

The platform can have its own dedicated business development team, enabling the solution provider to share costs and efforts with its investment partner.

It is to be noted, however, that investing in projects with very different risk profiles would make it more challenging for the investor to assess and commit upfront.

Investment decisions are delegated to the platform’s management team, which would include its own board and investment committee - further streamlining the approval process.

To improve the likelihood of success, both partners would need to agree on key investment criteria such as:

Initial projects would typically be financed through full equity, to avoid the added complexity of involving lenders, and once the platform has reached sufficient scale and the first projects are in operations (and therefore with a lower risk profile), the partners can raise debt on the portfolio and leverage the platform.

This platform structure can cover multiple countries and project types.

For instance, it can be created with a multi-utilities approach in mind and pool together projects of different

Geographies Nature and scale of projects Any industrial sectors which may not be serviced (e.g. for ESG considerations) Return expectations (typically on a blended basis at the platform

This enables the platform to recycle some of its capital in new projects, without raising additional equity from shareholders.

nature, such as water, wastewater,

level, as well as minimum return

business

waste-to-energy.

for each project, depending on the country, sector, etc.)

platform and limit its role to financing projects, it can still recover some of

In the event the solution provider doesn’t want to “sub-contract” development

to

the

its costs at financial closing of a transaction through a success fee mechanism.

A new approach to financing small-scale industrial projects Example of a holding company structure

amane currents

This approach supports service providers, industrials, and investors in overcoming the challenges of effectively investing in and implementing smaller scale water and waste projects."

- Bastien Siméon, Amane Advisors

not be as ‘investable’ on an individual

Another critical aspect is the return to

basis, due to their size.

the shareholders, as the financing partner will receive only an equity

Aggregating small projects together and having a long-term commitment to jointly develop and fund a

Internal Rate of Return (IRR) while the solution provider will also have a margin on the EPC and the O&M, and

significant pipeline of projects gives them access and visibility and can

will, therefore, assess projects on a blended return basis.

solution, without outlaying the capital cost, while the service

improve the risk-to-return through a portfolio effect.

It is key to give comfort to the

provider can focus on providing technical and operations support and offering a full package solution,

Amane sees this approach as being highly applicable to industrial

investment partner by ensuring transparency and avoiding “value drain” to the EPC and O&M contracts.

outsourcing projects in both the water and waste sectors.

Nevertheless, there are several

This can be achieved through open book procedures or independent oversight on behalf of both

factors that should be considered to

shareholders.

This

approach

supports

service

providers, industrials, and investors in overcoming the challenges of effectively investing in and implementing smaller scale water and waste projects.

Industrials benefit from the new

including the financing of the assets.

Moreover, having an established, proven

vehicle

in

place

enables

service providers to be much more responsive to the demands of their clients, and creates a true commercial advantage over competitors without such a partnership in place.

The financing partner can also source project opportunities of its own, for example through industrial companies in its investment portfolio, which may require additional water, waste, or waste-toenergy facilities.

Similarly, the platform approach gives investors access to a breadth of opportunities that would otherwise

ratio

improve the likelihood of success with this approach.

First and foremost is the identification and selection of the right partners and consideration as to how the arrangement will be aligned.

Solution providers and financial investors have different approaches, roles, and constraints.

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Mutual benefits

A thoughtful and strategic selection process is necessary to bring together the right partners and design the appropriate structure for such a venture to be successful. If you would like to explore how this approach might suit your organization, please feel free to get in touch. ###

For instance, a service provider is typically looking at operating those assets on a long-term basis (15 or 20 years), while financial investors such as infrastructure funds have generally an investment horizon of five to seven years.

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amane currents

Weathering the storm New solutions for stormwater management When it rains, it pours; and in many cities around the world, each downpour or major snowfall could result in a major flooding event without a proper functioning stormwater management system.

Here, we look at some of the latest gray and green infrastructure solutions being deployed around the world to explore how cities are preparing for the worst.

By: Laura Chamberlain, Senior Consultant

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Stormwater refers to the collection of water resulting from rain or

Increasingly, green solutions are being incorporated alongside or as

snowmelt events. What doesn’t infiltrate into the ground or evaporate can cause flooding,

part of gray solutions as part of a 'treatment train' to boost system resilience. This enables improved

erosion, sedimentation, and water quality problems if not appropriately

pretreatment and filtration before runoff is discharged to existing sewer

managed.

systems or waterbodies or utilized for rainwater harvesting.

With climate change impacting the predictability, intensity, and

Pretreatment solutions collect and

frequency of weather events, it is

filter

becoming more important than ever to find effective stormwater solutions. The nature of stormwater varies greatly depending on land use

pollutants, reduce flowrates and reduce clogging of downstream systems. Materials now range from simple devices (i.e., inlet screen

and climate; therefore, management

inserts) to complex systems (i.e.,

solutions must be adapted as such.

hydrodynamic separators) suitable for sites highly susceptible to spills (i.e., gas stations, commercial parking lots, and industrial sites).

There are two broad solutions categories used to manage stormwater. "Gray infrastructure" is traditional stormwater infrastructure in the built environment such as gutters, drains, pipes, and retention basins.

stormwater

to

infiltrate (or utilize) stormwater locally. Examples include permeable pavement, rain gardens, bioswales, infiltration trenches, green roofs, planter boxes, rainwater harvesting (rain barrels or cisterns), urban tree canopies and more.

17

Source: Contech Engineering

Filtration solutions typically treat stormwater runoff as it passes through media such as sand and soil removing total suspended solids, finer particles, and dissolved pollutants, including phosphorous.

remove

Detention or retention solutions collect and store runoff (temporarily or permanently), often for flood

"Green infrastructure" mimics natural environments to filter and

control measures, while infiltration solutions capture and slowly seep stormwater into the underlying ground.

Within each part of the treatment train, there are a range of new and existing technology options to meet the needs of a particular environment. Key considerations include the drainage area, land use characteristics, and water quality of the stormwater runoff entering the system.

Let's look at a few examples of recent stormwater solutions and projects.

amane currents GRAY INFRASTRUCTURE

In London, where rainfall causes sewers to overflow into the Thames River, the Super Sewer tunnel is under construction to intercept, store, and ultimately transfer sewage waste. Measuring more than 15 miles (25km) long, the tunnel is set to be completed in 2025. Photos via Tideway

'Sponge city' developments seek to utilize interconnected greenways and waterways, green spaces, green roofs, porous drainage systems, and water savings initiatives to control and mitigate flooding and improve water resiliency. Major cities around the world including Auckland, Nairobi, Singapore, Mumbai, Shanghai, London, and Washington DC are utilizing the concept.

Photo: Qunli Stormwater Park, China (L), and (R) interconnected waterways around Te Auaunga creek in Auckland (Credit: Kate Evans).

PRETREATMENT

Hydrodynamic separators have been used for stormwater pre-treatment for some time, but advancements in vortex technology have made them more efficient and effective in recent years. These solutions utilize centrifugal force to filter water - offering improved pollutant removal, reduced maintenance, and a smaller environmental footprint.

Photo via: City of Lincoln, Nebraska website

DETENTION

Green roofs are living systems with vegetation cultivated on building rooftops, providing a greener alternative to underground storage systems by reducing runoff, improving water quality, enhancing biodiversity, and contributing to building energy efficiency.

Photo via: Philadelphia Water Department website

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GREEN INFRASTRUCTURE

FILTRATION

Bioretention cells, also known as rain gardens or bio-swales, are designed to treat stormwater runoff through natural processes. Filled with engineered soil and vegetation, they effectively filter pollutants, promote infiltration, and enhance water quality before it reaches local water bodies.

Photo via: Milwaukee Metropolitan Sewerage District website

18

amane currents

EVENT RADAR

Event Radar It's been a jam-packed year so far and our event calendar is filling up quickly for the back half of the year.

Here’s a look at some of the events taking place across water, resource recovery, and energy recovery and where you may be able to spot some of our team members.

SEP SEP

27 Biogas PowerOn 2023 Hamburg, Germany 28

OCT

20 Smart Water Utilities Canada Toronto, Canada 21

30 WEFTEC Chicago, Illinois 04 10 Pollutec Lyon, France 13

OCT

SEP

- Amane Partner Amedeo Vaccani will serve as opening speaker

27 Future Water World Congress Anaheim, California 28

Seville Summit on Water and 15 IDA - Climate Change 18 Seville, Spain

OCT

AUG

18 International Recycling and Recovery - Congress - Waste to Energy 19 Vienna, Austria

SEP

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29 StormCon 2023 Dallas, Texas 31

SEP

Upcoming events

17 IFAT India 19 Mumbai, India

Be sure to get in touch with our team if you would like to connect at an upcoming event!

19

amane currents

Amane's Future of Water Conference explores the biggest themes and trends across the water sector

in New York City in May. With more than 140 attendees, the invitation-only event featured a series of panel sessions geared toward institutional, private equity, and infrastructure investors, with Clevel panelists giving their unique takes on the biggest themes and trends across the water sector.

The day was packed with interesting insights and perspectives on everything from climate change and water scarcity to PFAS and digital

Takeaways at a Glance Corporate water risk "While more companies are saying they are experiencing greater water risk, it seems that only a minority of those companies have developed strategies to mitigate that risk."

- Bill Malarkey, Partner, Amane Advisors

Water utilities of tomorrow “When you have to run an obstacle course, the most important thing is to go to the gym and work on your core strength.”

- Rohit Aggarwala, Commissioner, NYC Dept of Environmental Protection

Fast movers in water "Digital is not ‘all or nothing’. You can be on the journey to get ‘smarter’ each day."

- Mike McGann, SVP, President, Americas and Measurement & Control Solutions, Xylem

adoption.

Winners in residential & commercial water

You can read more insights from the

"We've shifted from focusing on our company ‘footprint’ to focusing on our ‘handprint’, and the impact our products have."

conference in our blog post.

- Shashank Patel, Chief Financial Officer, Watts Water Technology

Next big thing in water "If you consider wastewater as a feedstock, that mind shift opens up the window to a lot of innovation."

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Amane Advisors once again teamed up with RBC Capital Markets to host the 2023 Future of Water Conference

- Phil Rolchigo, Ph.D., EVP & Chief Technology Officer, Pentair plc

Investing in the global water sector "Investors still suffer from a shortage of investible, public, pure-plays in water. Much of the valuation run-up in water-related stocks has been driven by sustainability-focused funds needing to hold water stocks."

- Deane Dray, Managing Director, RBC Capital Markets

attendees

thought leader panels

speakers & panelists

investor interactions

20

amane currents

EVENT RADAR

Exploring exciting opportunities emerging in renewable natural gas at Biogas Americas 2023 Amane Partner Amedeo Vaccani and Principal Vinod Jose got a glimpse at the future of the fast-growing renewable natural gas (RNG) industry at Biogas Americas 2023 in Chicago.

“Much of the conference focused on the fact that this high degree of versatility also creates unique challenges and makes understanding the opportunities in RNG a bit more complex,” said Vinod.

With more than 1,500 attendees – double the number of last year’s attendees – the conference reflected the growing momentum and

“For instance, experts highlighted the lack of a standard methodology in determining the Carbon Intensity (CI)

excitement generated versatile resource.

score of RNG, which is crucial for evaluating the commercial viability of

by

this

supporting more companies and investors in exploring opportunities in the RNG sector and I'm excited to see the expanding role this resource can play in the renewable energy mix,” added Vinod.

projects.”

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Reflecting on his experience, Vinod dubbed RNG, as the “Swiss Army

Keynote speakers, including Alexis

Knife' in the renewable energy basket, due to the fact that it can be

Glick, CEO of Nature Energy, and Neil Smith, CEO of Vanguard Renewables,

generated using multiple feedstock options, including methane from dairy farms, landfill gas, agricultural

emphasized the need for simplification, standardization, and increased collaboration within the

waste, and municipal waste, as well as the fact that it offers a variety of end uses, including electricity

industry as a means of overcoming this and other challenges.

generation, transportation, or direct pipeline injection.

“These are still early days for this industry, but Amane is now

Photo via Biogas Americas

Supporting the transformation of China's environmental sector at IE-EXPO To support this transformation, Amane’s team in Shanghai hosted a gathering for more than two dozen executives across the environmental sector to coincide with this year’s IEEXPO China.

Amane Partner Alex Zhang presenting at IEExpo China

China’s environmental and climate protection market has matured in recent years. As a result, many business leaders are exploring new growth and transformation opportunities.

21

Amane Partner Alex Zhang also gave a presentation at the expo to share insights around why companies are eager for new opportunities and how to best prepare for transformation.

“The pandemic impacted the growth trajectory of many environmental protection companies in China resulting in more saturated markets and less space to gain a foothold."

"As a result, many companies are eager to think innovatively about their next steps,” said Alex.

“We are seeing new market opportunities emerge in areas such as lithium extraction from salt lakes, hydrogen energy, recycled water and hazardous waste utilization, among others.

“But transformation also creates new risks and challenges. Businesses must ensure they have the right funding, teams, tools, and systems in place to succeed,” he added.

amane currents

Amane leaders reflect on the state of water at Global Water Summit 2023

This year’s Global Water Summit featured an impressive roster of international speakers exploring all facets of the water sector, with a

“Water sits at the heart of climate adaptation, and the historic underinvestment in water infrastructure, digital transformation, and innovation is hindering many cities and businesses’ ability to respond as quickly as is needed.”

“We’re talking about the world’s most essential resource, so as water

focus on how investing in water technology and infrastructure is

sources become less reliable and plentiful, and the public becomes

necessary to adapt to climate change and unlock new levels of economic growth.

more focused on the quality of the water they use, it’s easy to see why water will be among the most

Among the speakers were several

significant global investment themes in the years to come.”

Amane Partners, including Bill Malarkey, who discussed the outlook for the water industry in the context

“While there are significant challenges and competing priorities

of the climate imperative, rising interest rates, and other challenges.

when it comes to investing in water infrastructure and technology, we heard very clearly at this Summit that

Reflecting on the event, Bill said there is a growing awareness among

there is growing consensus around the urgent need to ramp up capital

municipalities and corporates that the primary impacts of a changing

spending and explore emerging opportunities in water reuse,

climate are going to be felt in the water sector but few are taking serious action to address their water-related risks.

unconventional water, decentralized solutions.”

and

Partner Bastien Simeon served as a speaker in the “New Rules for Desalination Finance” panel event, which explored the ways in which the market for desalination is growing beyond the Gulf region.

One of the key focuses of the discussion was the increasingly important role both International Finance Institutions (IFIs) and Development Finance Institutions (DFIs) play in the development of ‘alternative’ water resources, including both desalination and water reuse projects.

"Given the reality of worsening global water scarcity, these types of projects are increasingly needed in emerging markets, as highlighted, for example, by the large-scale desalination program being implemented by ONEE in Morocco," said Bastien.

Amane Partners Mathieu De Kervenoael and Christophe Guillet and

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More than 800 delegates representing more than 60 countries descended on Berlin this May for the flagship water sector event of the year.

Principal Vinod Ramachandran also attended the Summit.

Left: The opening plenary at GWS 2023. Right: Amane's Bill Malarkey (top) and Bastien Simeon (bottom) participating as panel speakers. Photos via Global Water Summit

22

amane currents

FRANCE WATER PLAN

Will American cities ever achieve ‘net positive water?’

As demand for water increases and water sources grow less reliable, cities are exploring new ways to protect, conserve, and reuse their existing supply. But is it realistic for any city to

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achieve ‘net positive water’? Hanshita Rongali, a former Amane Advisors intern, recently explored the feasibility of net positive water while obtaining her master's degree in environmental studies at the University of Pennsylvania. In this article, she shares some of her learnings and explains the challenges that prevent cities from fully embracing the concept.

By: Hanshita Rongali When you consider the close links

also meeting the needs of growing

own water footprint, no cities or

between water, food production, industrial activity, and economic

populations – and many will have to do so while relying on or replacing

countries have explicitly identified a goal to achieve net zero or net

development, it’s easy to see why no region will remain untouched by the issue of water scarcity. By 2030, the world will need 40% more water than is available – and climate change is only making it harder to predict the water cycle and mitigate against extreme events like floods, droughts, storms, and sea level rise.

outdated water infrastructure.

positive water.

As cities work towards improved environmental resilience, there is a need to understand how the concept of net positive water can assist leaders in building a more sustainable future.

However, a guidance brief by the World Wide Fund for Nature (WWF) states the concept is rooted in the theory that if the impacts of everyone in a basin are net zero or positive, then the basin’s shared water challenges would be addressed.

With more than half of the world’s population already living in urban areas (a number that is likely to jump to 75% in the coming few years), it's clear that cities will play an increasingly important role in managing water resources.

Leaders will be tasked with preserving freshwater sources while

23

Net positive water refers to a system in which water consumption is limited and managed efficiently in order to return the same amount of water back to the watershed – thus, allowing for the people and ecosystem to thrive long term.

While the push for net positive water has gained popularity within the green construction sector, and among corporates seeking to reduce their

While actions can be undertaken at the facility level to approach zero water impact (e.g., zero liquid discharge), achieving a ‘net positive’ facility requires additional water benefits beyond the site itself.

Building experts say there’s been a recent shift in mindset and capabilities, with larger, more

amane currents complex projects – sometimes the size of small cities – offering integrated water solutions at scales not seen previously. However, there are still significant challenges in scaling from achieving net positive water at a building or site-level to true water stewardship at a city or basin-level.

and the expense alone prompted many utility leaders to say they felt achieving net positive water was an impossible task. Additionally, federal and state guidelines limit the reuse of water in some places. Thus, if meaningful change can happen in the US, it certainly must be at the government level, driven by advocacy groups, and supported by

would be tested, treated, cleaned, vetted again, and then shipped back to the source to be reused for nonpotable purposes, such as flushing toilets and irrigating landscapes.

What keeps cities from embracing ‘net positive water’?

the various city agencies and the public.

2001 to 64,000 acre-feet per year in 2019.

Making small strides

Denver, CO

Despite there being no cities that are

Denver is currently developing strategies and policies for its One

water conservation, capture, reuse, and improved efficiencies. In my research, I found experts generally agreed that solutions need to be tailored based on the on local climate, geography, governance, and culture. The idea that ‘water is local’ was a recurring theme, with success requiring a personalized approach that is unique to each city.

The ‘local’ nature of water is where the challenge lies. The most significant hurdle to the growth of net positive water as a concept is the lack of a well-defined, agreed framework for designing, implementing, and measuring it.

Compounding the issue is the fact that water is often managed in siloes, under different categories such as stormwater, wastewater, potable water, or irrigation water and with little cross-pollination in how policies are formed, and decisions made.

Another significant hurdle is that achieving net positive water at scale would likely require an overhaul of existing infrastructure. For cities with older water infrastructure, that includes the removal, disposal, and upgrades of pre-existing systems as well as the installation of new systems. The infrastructural demands

officially positive

working towards net water, several have

implemented aligned strategies, often coined as “integrated water management” or “one water”

Water program. While the city already has a program which offers rebates

solutions.

for water-efficient toilets, irrigation controllers, sprinkler heads and other products, leaders are working on an

Philadelphia, PA

incentive program that would be centered around water conservation.

Philadelphia’s

Clean

While there are a few cities leading

Waters program is a 25-year plan

the way in building more sustainable and resilient water systems, the idea of establishing a universal definition

Green

City,

aimed at using green infrastructure to reduce the volume of stormwater entering combined sewers and expanding stormwater treatment capacity with traditional infrastructure improvements.

Since 2011, when the program first came into effect, to 2019, the green stormwater infrastructure industry grew by 13.3% and added 1,200 jobs.

The program has also benefitted the local ecology, public health, and urban vitality.

of net positive water and a clear framework for implementation is far

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The concept of net positive water is based on the principles of aggressive

Overall, California has seen a regional increase in recycled water production and use - rising from about 30,000 acre-feet per year in

in the distance. I, however, choose to join the more optimistic experts that net positive water will continue to develop in its scale, scope and impact.

San Francisco, CA San

Francisco’s

Purple

Pipes

is

another case study in effective water reuse and efficiency. The city installed pipes (which were actually painted purple) to transport water from a recycled water plant.

Wastewater - known as blackwater -

Relaxing around a stormwater basin in Philadelphia.

Photo: Steve Weinik - The Nature Conservancy.

24

amane currents

AMANE NEWS

New horizons Amane consultants gain valuable experience working overseas

As

a

global

business,

Amane

For

Mairead,

it

was

her

first

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recognizes there are immense benefits to be had from working

opportunity to speaking clients.

across borders, languages, and cultures. It’s one of the reasons why we resource project teams with

“A lot can get lost in translation, but it

consultants from different regions and create opportunities for consultants to travel to other offices to work on projects. It’s also why we’re proud to offer an international Secondment Program twice a year to our employees.

support

French-

was great to challenge myself in that way while experiencing the nuances of the Parisian work culture and I was fortunate to have native French colleagues available to assist me,” she said.

Those colleagues also ensured Mairead made good use of her time to soak up everything that Paris has to offer.

“My coworkers went out of their way to invite me to different events around the city and took time to catch up for lunch or on the weekends."

The Secondment Program enables team members to be based at one of our international offices for 12 weeks to experience new cultures, deepen their relationships with local clients and team members, and develop their skills by supporting different types of projects.

Two team members have recently returned home after completing our Spring Secondment program. Senior Consultant Mairead Helmes hopped "across the pond" from our Philadelphia office to Paris, while Consultant Aurore Mairot traded in her home base in Bahrain for a stint in Oxford, UK.

25

TOP: Aurore (third from left) joined members of our Oxford team for a site visit.

ABOVE: Mairead taking in the Parisian culture.

amane currents

opportunity to immerse myself in a new culture.

“I am thrilled to hear about Mairead and Aurore’s rewarding secondment experiences. The secondment program has become a highlight which people talk about way ahead of time, and we hope it will keep our team excited about working in Amane and the many ways in which they can continue to grow with us."

"I had previously had the opportunity to meet many of the team members

The secondment program will return in the Fall with Senior Consultant Laura

"I’ve always enjoyed being surrounded by people with difference experiences and backgrounds and my secondment to the UK was another valuable

addition

to

having

the

opportunity to work on interesting new projects, I appreciated having the chance to picnic along the Seine and take in the beauty of the buildings and parks. It was an opportunity of a lifetime, and I am so grateful for the experience,” added Mairead.

About Amane's Secondment Program

closely with the team was a great opportunity to get to know everyone better and put my skills to use in new ways.

"I’m very grateful to Amane for giving me this chance to develop as a person and as a consultant,” added Aurore.

MADRID

"In

during our last company retreat, but spending three months working

PARIS

ABOVE: Aurore and members of our Paris team join the Oxford office for a team lunch.

Ida Johansson, Principal in charge of International Mobility at Amane, has high hopes for the program.

Chamberlain, typically based in Philadelphia, being seconded to the Oxford office, and Alisha Krishan, typically based in Oxford, heading to the Bahrain office.

For more information about Amane's internal mobility programs, contact Ida Johansson at ijohansson@amandevisors.com.

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The sentiment is echoed by Aurore, who was born in France, but grew up in the Middle East and has now been working in our Bahrain office for nearly two years.

SINGAPORE

Madrid, Spain Manama, Bahrain Singapore Shanghai, China

SHANGHAI

Paris, France Oxford, UK Philadelphia, US Zurich, Switzerland

PHILADELPHIA

Locations:

ZURICH

OXFORD

term

Spring Term: April - June Fall Term: September - November

BAHRAIN

Up to two employees selected per

26

amane currents

SPOTLIGHT

Employee

Spotlight

When did you know you wanted to work in the water and broader sustainability sector?

exciting to see the business expand

Being surrounded by a team with

its focus to capture emerging aspects of the circular economy and

different backgrounds, experiences, and perspectives on life is essential to

incorporate new expertise in areas such as energy-from-waste into its

our success as a business and also to each of us personally and

infrastructure development space, and I’ve found that I’ve most enjoyed

client offering.

professionally. It builds empathy to work with different types of people.

working in an area that provides so many direct benefits. Understanding

What do you like best about your job and why?

I

have

always

worked

in

the

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how projects impact peoples’ lives has always been of interest to me.

In general, all infrastructure development projects are designed to help society and improve quality of

life,

but

projects

that

are

developed in the most sustainable and efficient way are always the most remembered and impactful, especially today in the context of climate change. Those are the types of projects I enjoy working on most.

When I had the opportunity to join Amane, I had no doubt. I had already worked on a few projects in the water and waste sectors, but having the opportunity to solve interesting challenges and focus on areas that are increasingly in demand and critical to our collective future was an opportunity that I did not want to miss.

Amane has built such a strong reputation in water – and it’s been

27

Lucas Corral Basterra

I am passionate about my work, but what attracts me most is to be able to understand the infrastructure needs of different countries and solutions to support

offer their

development – always in sustainable and efficient way.

a

What has been the biggest surprise about working at Amane Advisors?

The diversity of the team is what I find most enriching - and it's been a pleasant surprise to see how well we work together and leverage the strengths of that diversity.

We work in a very international environment, where each client or project can be located anywhere in the world. We also staff projects with colleagues from different parts of the world, as needed.

What three words would you use to describe Amane Advisors?

I would describe Amane as: Open mindset: People at Amane are open to learning about and understanding complex topics and challenges and are receptive to the fact that there is always new information and insights to uncover and new opportunities to explore.

Flexibility: We take time to consider how things might work better for our clients and our teams to find the best way forward.

Willingness: Everyone is busy, but my colleagues and Amane leaders make time to help and are always willing to provide feedback or input.

amane currents

Get to know Lucas

Recent articles by Lucas: Project leaders should say ‘yes’ to voluntary carbon offsets Currents, Winter 2023

Role: Project Manager Office: Madrid, Spain Joined Amane: July 2021 Nationality: Spanish Languages spoken: Spanish, English

What three words would your colleagues use to describe you?

which I upgraded to 450 horsepower

I think others would describe me as:

circuits.

started playing in a local amateur league. We've won the league two

What are your favorite activities outside work?

I also like to play padel on a weekly

diverse as important

Amane's is, to know

understand each circumstances.

it

is and

other's

Flexible: Anyone with young children at home will know that flexibility is a must!

I spend most of my time with my two young children, who are one and three years old.

Apart from that, I like sports very much.

I've played football since I was in school and about two years ago, I

years in a row!

basis. Padel is a sport that is very similar to tennis, and widespread in Spain. It originated in Mexico, but it has

a

strong

presence

in

Spain,

Argentina and Italy. I have played since I was a child, as my father built a court in the garden.

Dynamic: I am always active, it's part of my entrepreneurial side.

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Emphatic: In an environment as

and with which I participated in several track-days on various Spanish

Name something about you that most people would find surprising.

Most people are surprised when I tell them that I used to have a bright blue car with gold rims and a big spoiler.

I am actually a big fan of racing and I have been buying and selling motorbikes and cars for many years. I love to spend time fixing them up and improving them.

Before I had children, I bought what I consider to be my best car - a Subaru, PHOTO: Lucas with his prized Surbaru, which he used to take to track-days on Spanish racing circuits.

28

Contact us FRANCE

44 rue Lucien Sampaix 75010 Paris Tel: +33 (0) 1 75 43 17 00

UNITED KINGDOM

Summertown Pavilion 18 – 24 Middle Way Oxford, OX2 7LG Tel: +44 (0) 1865 655 715

USA

85 Old Eagle School Road Suite 204 Strafford, PA 19087 Tel: +1 610 906 2916

BAHRAIN

Office 116, Platinum Tower, Building 190, Road 2803, Block 428, Seef District Tel: +97 377 110 110

CHINA

11/F Tomson Commercial Building No.710 Dongfang Road Pudong District, Shanghai, 200122 Tel: +86 21 58818236

SINGAPORE

1541 Orchard Road Liat Towers, #20-04 Singapore 238881 Tel: +65 6515 07256

SWITZERLAND

A. Vaccani & Partner AG Zürichbergstrasse 66 CH-8044 Zürich

SPAIN

Atrium Business Center Avenida General Perón 29, Floor 16 28020 Madrid

contactus@amaneadvisors.com amaneadvisors.com