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dominating india’s green energy industry CEO OF INOX WIND, KAILASH TARACHANDANI, ON HOW THE COMPANY HAS CORNERED THE MARKET

HP: CIRCLING TOWARDS A SUSTAINABLE PATH HOW SAUDIS OWN THE CROWN JEWEL OF AMERICAN REFINERIES

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FOREWORD WELCOME TO THE August edition of Energy DigitalWe have exclusive insights from companies in the sector from Africa through to Canada and Asia. Sustainability continues to be a business buzzword, and Leila Hawkins goes behind the scenes with tech giant HP to find out about its latest sustainable programs – she catches up with Global Sustainability Director Kirstie McIntyre. Our top 10 also looks at sustainable leadership, charting the greenest countries on earth. One country looking to diversify its energy mix is India. Inox Wind is making waves – find out what the company is up to on the continent by turning to our feature with CEO Kailash Tarachandani. Other exclusive interviews come from Egyptian Drilling Company, Canada’s Zedi and Sunseap. As always, please tweet your feedback to @EnergyDigital.

Enjoy the issue!

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SAUDIS OWN THE CROWN JEWEL OF AMERICAN REFINERIES TECHNOLOGY

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CIRCLING TOWARDS A SUSTAINABLE PATH 4

August 2017

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TOP 10

26 THE TOP 10

GREENEST COUNTRIES


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SAUDIS OWN THE CROWN JEWEL OF AMERICAN REFINERIES IN BEGINNING OF MAY, SAUDI ARABIA’S ARAMCO BECAME THE SOLE OWNER OF THE LARGEST US OIL REFINERY, MOTIVA ENTERPRISES LLC, ITS NAME AND LEGAL ENTITY, INCLUDING THE REFINERY IN PORT ARTHUR, TEXAS, CEMENTING ITS ACCESS TO THE LUCRATIVE U.S. ENERGY MARKET AT A CRITICAL TIME FOR ENTIRE OIL INDUSTRY W r i t t e n b y : S TA S A S A L A C A N I N


SPECIAL REPORT SAUDI ARAMCO’S MULTIBILLION dollar divorce contract from Royal Dutch Shell (RDSA), which previously owned 50% of the Port Arthur refinery, will also ensure Saudis’ the right to use the Shell flag in a number of southeastern states and east Texas. As a result, Motiva will have the exclusive rights to sell Shell gasoline and diesel in Georgia, North and South Carolina, Virginia, Maryland, East Texas and most of Florida, while Shell retains rights to Shell brand in the rest of Florida. Forward thinking approach For Phillip Cornell, a non-resident senior fellow at the Atlantic Council’s Global Energy Centre, Aramco’s strategy to move both into downstream and to expand foreign joint ventures has been a long-standing one, and it sounds like forward thinking approach. Both strategies are integral to the Advanced Transformation Program (ATP) initiated under the leadership of Khaled al Faleh. “While downstream is certainly not a major profit centre inside the company, as a strategic investment it has successfully moved 10

August 2017

the company not only up the value chain, but also into areas like product trading,” he told Energy Digital. Furthermore, it is believed that the Port Arthur case signals Aramco’s new strategy, namely expanding its petrochemical operations and turning itself into a modern integrated energy company, following the example of Exxon Mobil, for instance. But this is just a piece of a larger picture, as the long term vision is


OIL AND GAS

to diversify the Saudi economy by creating a global network of refining and petrochemical facilities that would provide Saudi production a wide spectre of higher-value products. Dr Naser Al-Tamimi, an independent UK-based Middle East researcher and political analyst, recalls that Aramco, in its latest annual review, ambitiously envisaged its new role: “Saudi Aramco remained steadfast to its vision of becoming

a top-tier, globally integrated energy and chemicals company.” Aramco plans to double its global refining capacity from 5.32mn barrels per day (mb/d) currently (2.9 mb/d in Saudi Arabia, 1.07 mb/d in the US and 1.13 mb/d in Asia) to 10-12 mb/d and to increase its global petrochemicals capacity from 12mn tons per year to 34mn tonnes. Thus, “the deal is a big step in that direction, and shows Aramco’s determination 11


SPECIAL REPORT to cement its position in the core export markets and ensure its market share in US markets regardless of competition or increased US production,” Dr Tamimi says. Aramco has been investing in new refineries for some time, cementing its position in countries that are considered to be its core market, including China, Indonesia and Malaysia. Tom Kloza  the global head of energy analysis at the Oil Price Information Service in Wall, New Jersey, is absolutely convinced that such strategy of diversification makes sense, and he suspects that Aramco will pursue an acquisitive strategy across many continents, including North America. “My guess would be that they will own several more US refineries by the end of 2018 and I do not believe that they’ll do so through joint ventures, so I suspect Motiva will be one of the biggest players in mergers and acquisitions in the US,” he said. Cornell noted that such decisions will be taken on the basis of the long-term viability of specific potential investments - not just to make the initial public 12

August 2017

offering (IPO) more attractive. There was much talk last year when Aramco made a bid to purchase the Lyondell refinery in Houston, Texas, however, the deal was never consummated as Lyondell took the refinery off the market. But nevertheless, Motiva could pursue other Gulf Coast refineries or indeed expand via deals in other portions of the country, including the West Coast, according to Kloza. More Saudi crude coming to the US By expanding its downstream potentials, Saudi Arabia is also increasing demand for its crude production, creating a chain of reliable crude buyers regardless of global oil price. Through expanding its refinery fleet, Aramco and Saudi Kingdom are diversifying energy price risk, since adding refining risks to a crude production risks contributes to the reduction of total risk. Kloza believes they’ll send more crude to the US when it makes sense, and that it will hurt some of the demand for crude from stateside, Canadian or other foreign sources.


OIL AND GAS

According to Dr. Tamimi, the Motiva split will not only increase Aramco’s equity by nearly 13% from 532,500 b/d to 600,000 b/d, it will also give the company complete control over which crude oil grades are processed at Port Arthur, but there is no doubt that Saudi crude will be prioritised at this refinery complex - which makes sense in any such vertical integration strategy. Aramco is seeking to secure its market share in the US, which is one of the top three markets in addition to Japan and China. Furthermore, Cornell said that Aramco can optimise the refinery (say for particular grades of crude) and its crude dispatching operations to achieve efficiencies. However, he added, that doesn’t necessarily mean the refinery will only buy Saudi crude altogether - it retains the option to buy North American crude to take advantage of arbitrage opportunities. American suppliers may object, but the arrangement is not substantively different than other vertically integrated upstream and downstream operations. Last but not least, most of oil industry experts agree, that this move is part of Aramco’s strategy of diversifying its investment portfolio 13


OIL AND GAS

in major markets in Asia and the United States, as the company is looking to secure highest financial returns from its IPO next year. Although Aramco’s activities in the US are purely commercial, it could be understood as a sign of restored confidence between two countries which hit rock bottom during President Obama’s second term. It is believed that relations between the US and Saudi Arabia will further improve under Trump. This is despite some harsh rhetoric used during his presidential campaign when he mentioned the possibility to stop buying oil from Saudi Arabia unless the Kingdom provided ground troops to fight ISIS, calling on Saudis and other Gulf countries to compensate the United States for the enormous cost of providing them with military protection. But nevertheless, Dr Tamimi does not expect this to have any impact on Saudi investments in the United States. For Jim Krane, energy analyst of Rice University’s Baker Institute, Houston, Saudi Arabia wants to remain relevant in the United States for commercial and strategic reasons. The Saudis need to continue placing crude cargoes into the US market, and

also ensure that US troops protect the kingdom and its oil shipments. “Owning refineries and configuring them for Saudi crudes helps with both these goals. If Aramco owns the refinery, it can ensure that Americans continue to depend on Saudi oil, and hopefully, that Americans still see value in maintaining close ties with the kingdom,” Krane said. Security concerns But some say that Saudi ownership of the largest US refinery poses a security risk for the US, since according to some sources, 30% of US refining assets are owned by foreign companies. So does the particular case of Port Arthur give the Saudis a powerful weapon when dealing with the US in the future? Firstly, this is not an entirely new practice as there is a track record of “petro states” owning US assets. Kloza noted that Venezuela’s stateowned oil and gas firn PDVSA and Citgo Petroleum Corp. (CITGO) are very much in the news these days, with the fear that Rosneft, the Russian company with close ties to Vladimir Putin, might take title to Citgo should Venezuela 15


SPECIAL REPORT and PDVSA default on loans. So, given the state of US politics, “that might lead to outrage (somewhat xenophobic) among lawmakers and the population, not wishing to have core life-blood refined products in the hands of adversaries. Of course, we have a much better relationship with Saudi Arabia, but this needs to be watched very closely,” Kloza added. According to him, Motiva (or Saudi Aramco) could buy a number of individual US refineries without difficulty. However, if it attempted to take out a multirefining company - like PBF, or Tesoro - it would probably run into hastily assembled hurdles from US lawmakers. Therefore, Cornell doesn’t believe that there is need for alarm and “any kind of nationalistic American concerns about security threats when it comes to foreign ownership are usually more linked to cynical protectionist impulses than to legitimate national security threats. If the Saudis or any other country halted their American refining activities explicitly to damage the US economy, that would be a blunt and ineffective weapon - it would be a highly aggressive act by a longstanding ally, the volumes would be easily replaced, and any economic impacts would be spread thinly and beyond American borders.”  As for Dr Tamimi, one should not confuse the Saudi government’s investments with Aramco’s investments. It is true that the company is a state company but its management and investment decisions are independent. “The bottom line is, Aramco would not risk any access to US markets for Saudi Arabia’s political gains.” Therefore, the Port Arthur refinery is about diversification and market share, not about nefarious security intentions.

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TECHNOLOGY

CIRCLING TOWARDS A SUSTAINABLE PATH Leila Hawkins travels to London to speak to Kirstie McIntyre, the Director of Global Sustainability Operations at HP


TECHNOLOGY EVERY ORGANISATION AROUND the world, large or small, is talking about sustainability right now. Of course this is all about the need to take care of the planet, but as Kirstie McIntyre, the Director of Global Sustainability Operations at HP explains, it’s also driven by customer requirements, and it makes perfect business sense. In the last two decades businesses have woken up to the fact that the world’s resources are running low. Whether it’s sustainable development programmes, the Natural Capital Coalition initiative set up by company leaders and conservationists, or HP’s adoption of circular economy, ultimately all have the same goal: to assess environmental issues and put practices in motion to limit damage. “A lot of them are around the same sort of thing,” McIntyre says, “but for me, as a resource specialist, this is what we’re driving to, this is what fires me up every day and gets me going.” HP’S CIRCLES McIntyre says it was natural for HP to start recycling. A lot was driven by customers with leftover empty cartridges and old devices 20

August 2017

“FOR US THE CIRCULAR ECONOMY IS A NATURAL EVOLUTION OF WHERE WE’VE BEEN FOR LAST 20 ODD YEARS” they wanted to get rid of. Then they worked out how to bring those discarded materials back into their own products. This forms the basis of circular economy, which aims to minimise waste, vs the traditional linear economy we’re so used of the “take, make and dispose” attitude. It also consists of shifting customers’ mind-sets from wanting and buying the newest, latest products to purchasing recycled or refurbished


goods, for the benefit of the planet. As linear economy becomes unsustainable due to the earth’s dwindling resources and the lack of available space for discarded goods, it’s become essential to design products that are recyclable and repairable. “We used to call sustainability environmental responsibility,” McIntyre says. “It’s had all sorts of different names, but it’s been

around for about 20-25 years now.” However, despite this timeframe, she explains that the process has only just begun. To make it a reality HP has needed customers, suppliers, partners, and retail outlets to be on board with them. “For us the circular economy is a natural evolution of where we’ve been for last 20 odd years. We’ve been doing a lot of resource efficiency at HP, doing more with less, energy efficiency, 21


TECHNOLOGY waste management, all these types of things. That’s just good business sense really, not to waste things. The circular economy is a slightly different mind-set of how to move ourselves away from transactional to contractual relationships with customers. And that’s the piece that we’re working on now, and it’s bringing with it these sustainable benefits. “If other people see these benefits and drive it from a business perspective, then there is a very nice story to tell. I’m not trying to force anything on people, it’s what businesses want to do for their customers. ‘Instant Ink’ is a fantastic example of that, it was grown by the business to address a real customer need.” CLOSING THE LOOP Instant Ink is a service where users pay a monthly subscription fee and their HP printers connect to the internet and automatically order new ink cartridge when levels are low. “We’ve made it really easy for people. In the box there’s a return envelope so you take your old cartridges and post them to us. They’re really easy to recycle. We’re mitigating issues about 22

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the quality of the materials, what’s in them, and all of the big manufacturing conundrums that go with it, so we continue to work on recycling content across all our product lines.” This is one of the ways HP is implementing circular economy into its operations. Cartridges are made from plastic recycled from bottles in Haiti. This work serves several purposes: it is cleaning up Haiti’s environment by preventing the plastics from leaching into the Caribbean Sea and therefore polluting the ocean, while providing jobs to the people the company employs as collectors, therefore improving the local economy. Additionally, since 2013 its carbon emissions have reduced by 21%, aided by a decreased product transportation, and using smaller and less energy-intensive computers and tablets. In the United States it endorsed an open letter to then President Elect Donald Trump, urging him to honour the nation’s commitment to the Paris Climate Agreement. HP has committed to advancing the skills of half a million workers by 2025, particularly females, students, and employees from minority backgrounds.


C I R C L I N G T O W A R D S A S U S TA I N A B L E PAT H

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TECHNOLOGY

“THERE IS SO MUCH DATA BEING GENERATED, THE ANALYTICS OF IT IS VERY COMPLEX, AND THAT’S A CHALLENGE FOR ALL OF US AS A SOCIETY TO MOVE FORWARD”

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C I R C L I N G T O W A R D S A S U S TA I N A B L E PAT H

To do this it has partnered with non-profit organisations and governments in five different countries. HP has also built state of the art classrooms in 60 schools. The US board of directors is the most diverse of any other technology company in the country, with five women and five members from ethnic minorities. GENERATION DATA The emergence of big data has been beneficial for making supply chains more visible, and also to enable companies to collect data about their customers, to see what they want and how to create solutions to better cater to their needs. But McIntyre explains that it also has its pitfalls. “There is so much data being generated, the analytics of it is very complex, and that’s a challenge for all of us as a society to move forward. We’re just creating more and more data, and how can you sort through it all to create insights to move the business forward, or move yourself forward.” At the same time, it helps people make more informed choices about their purchases. “People are receiving more data and therefore they’re able to make more informed choices about the world around them,” she says. “Perhaps it is the younger generations who are concerned about the future of the planet, and what that means is they are concerned about sustainability, they understand more about it than previous generations have done. “I think it’s therefore up to companies like us to put solutions in place that address those concerns. We could just sell ink as ink, but that’s not how we want to engage with people. Clearly it is successful to engage in a different way.” 25


T O P 10

THE TOP 10 GREENEST COUNTRIES From climate change and ocean acidification, to the hole in the ozone layer, modern environmental problems are global in character. This not only means that all the world’s countries must work together to solve them, but also that each country’s contributions set an example to the others Edited by: ANDREW WOODS


The Human Development Index (HDI) Uses mean education level, per capita income and average life expectancy to determine each country’s level of socioeconomic development. The Happy Planet Index (HPI) By considering reports of wellbeing, life expectancy, inequality and per capita ecological footprint, this index assesses how effectively each country guarantees all of its citizens’ high quality of life, without harming the planet. Annual Greenhouse Gas Emissions Per Capita (GGE) This tool divides the number of metric tons of carbon dioxide, nitrous oxide, methane and other greenhouse gases each country emits by that country’s population. In this way, it determines how much each country is contributing to one of the most serious environmental problems of our generation. New Solar Capacity Installed (NSC)  This lists how many megawatts of new solar power each country installs per million people. It thus provides a proxy for that country’s investment in renewable energy. A country that does well on all of these factors is able to give its citizens a high standard of living without placing a burden on the environment. The better we can identify and emulate such countries, the easier it will be for all humanity to achieve swift, sustainable development.


9 COLOMBIA HDI: 0.727 (High) HPI: 40.7 (3rd) GGE: 3.75 NSC: N/A

10 VIETNAM HDI: 0.683 (Medium) HPI: 40.3 (5th) GGE: 2.66 NSC: N/A

Despite having the lowest HDI rank on our list, Vietnam has already obtained one of the world’s highest Happy Planet Index rankings. Rather than developing at any cost and then seeking to undo the resulting environmental damage, the country has achieved sustainability at the outset with high investment in renewable energy and anaerobic technology for electricity generation.

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Despite little investment in solar energy, Colombia – one of just a few of the Americas countries to rank – has been able to achieve high development with low greenhouse gas emissions, a feat made possible by its abundant hydroelectric resources which provides 70% of the country’s power. The government has also made massive commitments to the creation of national parks and green spaces. Some building works have replaced steel with bamboo, which has proven just as durable. This has allowed the country to achieve swift economic growth while maintaining a high Happy Planet Index score.


GREENEST COUNTRIES

7 BULGARIA HDI: 0.794 (High) HPI: 20.4 (109th) GGE: 6.19 NSC: 108.98

8 FRANCE HDI: 0.897 (Very High) HPI: 30.4 (44th) GGE: 5.49

The only country in the world to install more new solar capacity than Germany, Bulgaria makes up for its low HPI rank and modest HDI rank with future potential. As fossil fuels become scarcer, and other nations seek sustainable solutions, these investments will likely benefit Bulgaria as much economically as environmentally. Bulgaria has experienced fastpaced development, especially for wind farms and solar energy and, to a lesser extent, for new hydroelectric power plants.

NSC: 16.44

With low greenhouse gas emissions, high human development and solar energy investments, plus a decent score on the Happy Planet Index, France is at the forefront of modern sustainable development and has the capacity to remain there for the long-haul. France scores highly on food recycling initiatives, environmentally-conscious construction and a massive reduction in its use of fossil fuels.

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5 SWITZERLAND HDI: 0.939 (Very High) HPI: 34.3 (24th) GGE: 6.18 NSC: 25.23

6 GERMANY HDI: 0.926 (Very High) HPI: 29.8 (49th) GGE: 10.43 NSC: 93.52

Germany’s sustainability status may seem less than impressive, given that it has a relatively low HPI rank and high greenhouse gas emissions compared to other countries on this list. However, Germany is dubbed ‘the capital the world’s first major renewable energy economy’, with renewables supplying virtually all of its domestic energy demand, creating a strong foundation for a sustainable future.

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Switzerland strikes a healthy balance between present and future sustainability and prosperity. The country is currently one of the world’s greenest developed lands, with low greenhouse gas emissions and a promising HPI score. For example, Switzerland forces citizens to pay for garbage collection and its incinerators produce minimal amounts of air pollution. Tap water in Switzerland is up to the same quality as bottled mineral water, although 500 times cheaper, and hotels offer discounts to drivers of hybrid cars. Switzerland’s heavy investment in renewables might afford it a further edge, economically, if it can sell some of that energy to its neighbours.


GREENEST COUNTRIES

3 SPAIN HDI: 0.884 (Very High) HPI: 36 (15th) GGE: 5.87 NSC: 5.87

4 URUGUAY HDI: 0.795 (High) HPI: 36.8 (14th) GGE: 6.90 NSC: N/A

The country has been able to attain a high life expectancy, widespread feelings of wellbeing and steady economic growth while keeping greenhouse gas emissions under control. Renewables provide 94.5% of the country’s electricity at prices lower than in the past, relative to inflation with massive investments in wind, solar and biomass technology. In doing so, Uruguay has slashed its carbon footprint without heavy government subsidies or higher consumer costs, allowing it to become one of the wealthiest countries in Latin America.

Ranking only slightly below Norway on the Human Development and Happy Planet indices, Spain has the advantage of having invested heavily in renewable energy. This suggests that the country will have an easier time maintaining its low greenhouse gas emissions while still generating all of the energy it needs for economic prosperity. So much so, Spain is aiming to provide 100% of its energy needs using only renewable sources by 2020, and energy experts in the country believe it’s a highly achievable target.

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T O P 10

2 NORWAY HDI: 0.949 (Very High) HPI: 36.8 (12th) GGE: 4.85 NSC: N/A

Notable for being the world’s most developed country according to the HDI, Norway has not let this high social and economic sophistication come at the environment’s expense. Despite not being a major investor in solar power, the country has managed to keep its greenhouse gas emissions very low. Norway adopted a motion in June 2016 to become carbon neutral by 2030, which is 20 years earlier than previous estimates. The government is also considering banning the sale of all petrol-fuelled cars by 2025.

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1 COSTA RICA HDI: 0.776 (High) HPI: 44.7 (1st) GGE: 0.53 NSC: N/A

Ranking first on the Happy Planet Index, Costa Rica has managed to keep its greenhouse gas emissions near zero despite being a relatively developed country. Even the country’s low investment in solar is not as big a problem as it seems; Costa Rica has abundant geothermal and hydroelectric resources, making solar energy less important. In the 1990s, the country passed a series of “green culture” laws including the tax-funded National Forests Law that protects forests, waters, biodiversity and natural beauty as both tourist attractions and scientific resources. Other green initiatives include the Eco-Marchamo, which is a voluntary complementary tax that allows drivers to offset 100% of the emissions generated by fuel consumption for one year, and the Carbon Neutral Framework that incentivises good environmental practice by Costa Rican companies.

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DOMINATING INDIA’S GREEN ENERGY INDUSTRY

Written by: Nell Walker Produced by: Mariana Lee


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AS INDIA’S TOP WIND ENERGY SOLUTIONS COMPANY, INOX WIND HAS CORNERED THE MARKET WITH ITS ENVIABLE LEVELS OF INNOVATION AND SKILL. CEO KAILASH TARACHANDANI TELLS US MORE

A

s India’s leading wind energy solutions business, Inox Wind provides blades, tubular towers, hubs, and nacelles created in its state-of-the-art facilities in Gujarat and Himachal Pradesh. Thanks to the company’s current and ongoing goal of increased renewable energy capacity provided by the Indian government, it has been able to expand and add more facilities. Last year alone, an 800MW blade facility and integrated manufacturing unit was commissioned in the state of Madhya Pradesh, which is set to have a yearly production capacity of 400 rotor blade sets. It will be one of the biggest in Asia, the largest in India, and thanks to this, the company

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will be able to double its production capacity to 1,600MW. This facility in particular will be vital for new projects in the south of India. Kailash Tarachandani is CEO of Inox Wind, and has over 25 years of experience in strategy management, global project execution, product management, and business development. He has been a key player in the building of organisations from the ground up, developing technologies, and aiding in the progression of management teams. He leads Inox using his expansive knowledge, overseeing its performance, corporate strategy, policy formation, and ensuring a positive and ethical work environment. He tells us about the


ASIA

KAILASH TARACHANDANI - CEO INOX WIND

Mr Kailash Tarachandani serves as the Chief Executive Officer of Inox Wind Limited. He served as a Member of Board of Management at Kenersys GmbH. He has been the Chief Executive Officer of Kenersys India Pvt. Ltd. since January 2011. Tarachandani has more than 22 years of experience in the field of strategy management, global project execution, product management, business development and was instrumental in building organisations, setting up their plants, acquiring technologies and developing their management team.

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ways in which Inox is working hard to maintain and develop its reputation and status as a leading player. “As a strategic move, we are currently adding products which will ensure viability in the era of competitive bidding and rapidly changing factors of payback,” Tarachandani explains. “Going forward, we are continuously diversifying our product portfolio to ensure good returns on sites where natural resources for power

2009

The year that INOX WIND was founded


ASIA

generation are comparatively low.” CONTINUOUS IMPROVEMENT Inox is chasing unceasing innovation in its domain of wind power, and there are two sides of this: one driven by statutory compliances, and the other by expected returns by investors. “Creating a 120 metre concrete and steel hybrid tower is one such innovation,” says Tarachandani. “Subsequently we are developing turbines to be ready

for future grid compliances. “Also a system based on LIDAR [which stands for light detection and ranging] is under testing, which is for the performance optimization and cost reduction of the turbine. Our wind-solar hybrid system is being evaluated for the optimisation of existing resources. “Aside from all these developments, we are evaluating our turbines with bigger rotor dia blades and developing the next generation

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I N O X W I N D LT D .

of greater capacity turbines for further reduction in cost and maximization of returns.” Inox is also undertaking projects for some reputed public sector utility companies, plus a 250MW SECI project which was won during the first wind energy auction in India; the company expects to win a further 500-750MW worth of projects by the end of the next quarter.

in sync with the project execution.” High costs can also make it difficult to be competitive, but Inox focusses on continuously evaluating and improving its technology and products – a necessity considering how complicated the technology involved is. The company prides itself on using the latest technology available for all its products, and by always honing its services.

LOGISTICS Working with large and complex pieces of equipment can be challenging, Tarachandani admits, “especially in a country where import infrastructure and logistics are yet to be mature enough to allow smooth transportation. We are importing some of the very complex equipment from Asian and European countries, and the challenge is that the equipment is very expensive with a long lead time. As the industry is driven by regulation, there are instances where our cash flow cycle does not move as we expect, so our production has to be

THE TEAM Inox’s formidable level of service and product quality can only exist with a strong foundation of skilled workers, something Tarachandani is passionate about: “We are one of the best employers in the industry, and provide all-round growth for our employees,” he says. “The uniqueness of our organization is our very flexible hierarchy system, where everybody is directly connected to everyone else, which makes thoughts and ideas travel faster.” The marrying of skills and enthusiasm for the sector that Tarachandani and his team share is

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“We are using every necessary resource to become one of the leaders of the industry and have maintained a position as one of the top three wind energy companies in terms of capacity addition” KAILASH TARACHANDANI, CEO, INOX WIND

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I N O X W I N D LT D .

“We have a supportive environment for wind power growth, a product that is a benchmark in cost competitiveness, quality technology, and an organization which has the potential to become the leader of the industry� KAILASH TARACHANDANI

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why Inox is the fastest-growing wind energy business in India and crossed a 2GW mark of sales in a very short time span. Reliability is key, and this flows from the team into the products Inox creates, which are well known in the industry for being able to withstand the most adverse weather conditions and providing total turnkey solutions – something very few wind energy organizations are able to do. FUTURE GOALS Inox has set itself some very ambitious targets that reflect the goals of India as a nation: “The Government of India is eyeing a massive target of 175GW of renewable energy by 2022,” Tarachandani explains. “Although it’s very ambitious, if we use the policy support being provided by the government, this looks quite achievable. “Inox Wind has well synchronized

itself in this movement and has shown manifold progress over the last 3-4 years. We are using every necessary resource to become one of the leaders of the industry and have maintained a position as one of the top three wind energy companies in terms of capacity addition. We look forward to improving that performance in the coming years.” Tarachandani’s confidence is well-founded. Inox is one of the few companies in India to have achieved a AA or higher rating, and its 113 rotor dia turbine is ranked one of the top 10 offshore wind turbines in the world (according to Wind Power Monthly). “In a nutshell, we have a supportive environment for wind power growth, a product that is a benchmark in cost competitiveness, quality technology, and an organization which has the potential to become the leader of the industry,” Tarachandani concludes.

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Sunseap: Bringing sustainability to Asia Written by: Nell Walker Produced by: Mariana Lee 45


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With green energy company Sunseap rapidly expanding across Asia, Lawrence Wu, Director and Co-Founder of the business, tells us how this has been achieved with technological prowess and a devotion to customer need

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s Singapore’s biggest and best-established clean energy provider, Sunseap dominates the industry with its innovative projects, the work it does with its strategic partners, and a holistic view of the energy business. A licensed power wholesaler and retailer, Sunseap prides itself on maintaining excellent relationships with customers, taking the way they operate into account when working on a project, and doing everything possible to allow that customer to be as energy efficient as possible. In addition to corporate clients, such customers are about to include homeowners in public housing estates. This additional string to the company’s bow will undoubtedly

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prove useful as the business expands. When the business was established, it was to fulfil a need in the market identified by Lawrence Wu, Director of Sunseap, and his Co-Founder Frank Phuan. While the latter had at least two decades of solar panel manufacturing experience behind him, Wu himself had been in mergers and acquisitions, and the combination of that expertise proved ideal to start an energy business. Singapore was sorely lacking in green energy solutions at that time, and many other countries were striding ahead with wind, hydro, and solar energy. Power is also not subsidised in Singapore, so Wu and Phuan came together to look at the financial implications of creating


ENERGY

Lawrence Wu

Director & Co-Founder Lawrence Wu co-founded Sunseap Group, currently Singapore’s largest clean energy provider. Sunseap Group functions as a utility company that specializes in clean energy solutions that include its Solar Power Purchase Agreement (PPA) model, clean energy supply and solar-hybrid systems. Wu is the co-founder and Managing Director of Thirdrock ISSEA Advisers Pte Ltd, a corporate finance firm specialising in mergers & acquisitions, as well as strategic capital raising in Southeast Asia. He is also a Director and Partner of TRIREC Pte Ltd, a renewable energy investment firm that focuses on projects and companies in sustainability and de-carbonisation. Wu has more than 16 years of experience in investment banking, specialising in M&A and restructurings, reverse takeovers, schemes of arrangements and delisting of public companies.


— Can your solar plant do better? Count on ABB — 01 TRIO-TM-50/60

1 GTM Research: PV Systems Pricing H1 2017: System Pricing, Breakdowns and Forecasts

Why your choice of solar inverter has the biggest impact on your bottom line. In any solar plant, there are two critical components greatly impacting its yields. The first, solar panels, often get the most attention because they are the most visible and eye-catching part of a solar installation. What is often overlooked is the solar inverter, the second critical component. According to GTM research , solar inverters cost a mere 5% of an entire commercial system’s cost. Yet, it can make the biggest different to your solar output and therefore, your financial return.

ABB inverters are designed for maximum financial performance. To save upfront costs, some inverters are designed to throttle down power output if it gets too hot, lowering the overall power generated. This is known as thermal derating. Over a typical solar agreement of 20-25 years, this daily loss of power can significantly impact the plant’s financial return. ABB inverters are engineered to provide 100% of nameplate power even up to a searing 45 degrees ambient temperature before thermal derating, ensuring the highest yields even in the harshest climates.

What do inverters do? Simply put, inverters convert direct current (DC) energy from PV panels into alternating current (AC) used in your building. For owners of the system, this is where you save money by using solar power to offset your electric bill or gain revenue by selling the power. But, how inverters perform can vary greatly between different manufacturers because of their different design philosophies.

ABB inverters such as the TRIO-TM also offer the industry’s highest oversizing capability. Oversizing adding more PV panels per inverter - minimizes your total inverters required, saving system costs. Oversizing also allows the inverter to generate peak power for longer each day, increasing power yields over the system lifetime and thus, maximizing profitability.

ABB’s digital inverters add value as your solar PV system’s “CPU”. Inverter technologies have advanced greatly in the past few years, giving increasing control and monitoring capabilities to optimize solar plant operations. That is why inverters are often compared to the central processing unit (CPU) of a computer. But while other inverters are just beginning to offer such functionality as optional add-ons, ABB’s flagship inverters such as the TRIO-TM and UNO-DM are ahead of the curve with embedded wireless webservers. This allows overthe-air updates, remote cloud diagnostics and compatibility, ensuring your system is welloptimized for consistent running uptime, and future interoperability.

ABB helps you build a better solar plant. With decades of expertise in Solar and 30 gigawatts of inverters worldwide, ABB brings unparalleled advantage to your next solar installation. Visit www.abb.com/solarinverters to find your local ABB office in over 100 countries around the world. — 01


ASIA

a viable business model and the is nominal and the service boasts infrastructure required to sell clean many advantages. Aside from the energy at competitive rates. obvious positive impact on the “In the early days it was challenging environment, using Sunseap for because the costs of solar, wind, and power means that businesses can hydro energy were so high,” explains be guaranteed a consistent source Wu. “It was very difficult – but not of energy for 10, 20, or 30 years. impossible – to sell it at a realistic “The weakness of solar power price. But what we had going for is that it requires high capital us was a very sound legal expenditure initially,” says framework which allows Wu, “but the strength is the financing committee that the ongoing cost to look at our projects is next to nothing. and fund them at a That allows us reasonable rate. to effectively “It also helps underwrite the that Singapore is cost of power over Number of employees at a tropical country, a long period of Sunseap so solar power time – we’re talking especially is considered 20 or 30 years. We can more stable than in a lot of offer a price for your energy countries. The other benefit we today and it will stay the same for the have is that the local market adopts next three decades. With coal, oil, a non-subsidy approach to power. or gas, you have one or two years Whether you are generating brown, of stability and you can’t promise black, or green power – everybody the client anything beyond that.” gets charged the same.” This pricing structure allows Projects Sunseap to really push its green This reliability is a big part of what’s energy services, as the cost difference drawing customers to Sunseap.

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SUNSEAP The company has signed a 25 year contract with Apple; the technology giant approached Sunseap to fully power its Singapore operations with 100% solar power, creating a lengthy partnership that sees Sunseap supply solar power directly to Apple. Providing this degree of power for such a long period of time is also reliant on technological skill – another attractive strength for Sunseap. While once, the maximum capacity for power generation with a single connection point on a single rooftop was 1 megawatt-peak (MWp), Sunseap can now achieve the same at an increased 10 MWp. The company also participated in Singapore’s first floating photovoltaic (PV) project testbed at Tengeh Reservoir, with a floating PV system of 200 kilowatt-peak (kWp), and is also working towards solar energy storage solution with batteries to provide a complete off-grid service. Sunseap’s evolution As Sunseap has long hit upon the right formula for its business, the future sees it continuing its current business models. It prides itself on

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only producing the kind of quality products it would use itself, and solidify itself as a full-fledged utility company. “We started as a regular solar company, but now we are ready to supply a variety of services,” Wu says. “We can supply the power you need to you in more than one variety, be it solar or conventional energy. As our business emphasises integrated solutions, we also pay


ASIA

attention to the demands and needs of our clients. For example, we’ll advise our customers on areas such as office lights - LED lightings, upgrading or retrofitting the office’s facilities including ventilation. Any area that helps them conserve energy and in the process, save money. “It only makes sense to create extra value for our clients when we’ve a 20-year relationship with them.

Instead of charging the client anything up front for additional services, we would propose them to give their energy savings to us. If a customer saves £1,500 a year, they can share that with us over the next five years to build more solar projects and help us form a close alliance.” Sunseap’s services are set to expand yet further as of next year. While it is a licensed retailer, the business

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can currently only sell its power to corporate and industrial entities; in 2018, with the liberalisation of the electricity market, the regulations will change, and residents will be able to buy Sunseap’s products, extending the company’s reach. As such, later this year, Sunseap will start pitching its green energy products to individuals as well as businesses. A unique service So far in Singapore, Sunseap has installed its solar systems atop around 1,800 buildings, and has put together a robust data monitoring system capable of tracking the performance of all its solar systems. It is effectively running its own weather station, and plans to roll out the same monitoring system in every new market it enters. “Our business requires us to ensure we fix any issue promptly, and we are able to do that by tracking the health and performance of our system around the clock,” Wu says. This is just one of the ways Sunseap differentiates itself from competitors, but the heart of what

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Frank Phuan Co-Founder


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makes the business different is the way it approaches the market and handles its customer relationships. “For us, we take pride in delivering the highest quality in our products and services. It is a crucial part of the business, as much as optimizing the balance between that quality and the cost. The performance of our systems directly influence the return on our assets. This reason alone is why the choice of our equipment is so vital – on the one hand we don’t go for standard stuff because the cost at times wouldn’t be financially feasible, but on the other, we don’t compromise quality with cheap parts because our solar systems need to operate for a long time. “What we end up with is a very selective choice of manufacturers and suppliers, and all our investors are well-trusted. That mind-set is

unique, because our competitors are mostly financially driven, so they would go for the lowest cost. There’s a huge reliance on what’s cheapest and what will give the highest returns. As important a factor cost is, our technical knowledge tells us that should not be the only factor of consideration. The focus of our business is to ensure the equipment produces the optimal amount of solar power consistently.” This attitude will continue to serve Sunseap well as it expands. It is currently completing Cambodia’s first solar project, as well as continuing to expand into Malaysia, and new projects are being commissioned in Thailand, the Philippines, and Vietnam. Sunseap truly is a force to be reckoned with, making Asia greener one nation at a time.

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Persevere and pivot: How an oil and gas technology company can thrive Written by: John O’Hanlon Produced by: David Kulowitch


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General Managers at the Peace Bridge in Calgary

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ZEDI INC

Over three decades the Canadian company Zedi has helped oil and gas producers make better business decisions through remote asset management and control. Now it’s reaching out to a range of industries as they leverage the opportunities of digitisation, automation and the Industrial Internet of Things

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edi celebrates its 30th birthday this year. It’s best known in the oil and gas industry for its software-as-a-service (SaaS) support to the upstream sector and for its Smart-Alek device which offers complete remote flow monitoring via cell or satellite, and works under almost any weather condition. By allowing producers to outsource construction and operation of remote asset monitoring and Supervisory Control and data acquisition (SCADA) infrastructure, saving them the expense of building telecom and IT infrastructure required to monitor or control wells, it soon captured almost the entire Western Canadian Sedimentary Basin (WCSB) market. Today Zedi’s customer base is global and its credentials wellestablished among oil and gas producers, particularly the more entrepreneurial SMEs in that space.

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Today, even the larger multinationals are finally moving towards SaaS to manage their assets, says James Freeman, who has been with Zedi for the last 10 years. As CTO and President, New Ventures, and as an engineer, he believes that disruptive innovation, in the sense intended when the term was coined by Dr. Clayton Christensen, is really about changing the business model rather than technology per se. The potential of the IIoT has given Zedi a huge opportunity, he says, to leverage its expertise and domain knowledge to support its business outcomes. “A great example of such an opportunity is exactly the managed service that Zedi has provided to oil and gas companies. You need data and insights to run your business but it does not follow that you therefore need to do the collection


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A Zedi meeting in full flow

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ZEDI INC

James Freeman CTO and President, New Ventures

James is Chief Technology Officer and President, New Ventures of Zedi Inc, a privately-held Calgary-based services company that has been providing technology solutions to enable the Digital Oilfield for the last 15 years. Zedi’s full-service integrated suite of solutions empowers Oil & Gas producers in Western Canada, and United States and 24 other countries to improve production operations. In his role as CTO, James oversees technical development for the company’s Industrial Internet of Things (IIoT) platform, which collects sensor and controller data from field assets and adds value to that data via cloud-based analytics and visualization tools. Presently, this platform supports 1.35 million sensors, and consumes over 47 million readings per day. As President, New Ventures, James also oversees Zedi’s efforts to expand application of its IIoT platform to attractive growth verticals outside of the Oil & Gas sector, including Clean Tech, Agriculture, and Retail Food Services. 60

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“I believe the advanced manufacturing

organisation of the future will be an ecosystem where partner companies provide specialised expertise that is non-core” – James Freeman, CTO and President, New Ventures

of that data, or even a base level of analytics on that data, yourself. You need the outcome of that effort. “I believe the advanced manufacturing organisation of the future will be an ecosystem where partner companies provide specialised expertise that is noncore, allowing the manufacturer the resources to focus on what is truly IP-building, core domain knowledge required to differentiate itself in the market.” This is already the experience of Zedi’s oil and gas customers, who use Zedi’s underlying IIoT platform to connect their sensors and actuators in the field, manage these devices and gather information

about the current state of their remote assets and the production process these assets support. If something anomalous occurs in the process, real-time configurable analytics alert the customer, so follow-up action can be taken. This allows customers to contain the impact, minimising down-time and potential loss of production. The other part of the solution gives them the ability to see the results in a coherent form that allows them to make the decisions needed so that the well or associated upstream gathering facilities may be optimised. Zedi AccessTM and Zedi Go are the customer-facing software

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Festi

Big val of

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elements of the platform, developed over the past 15 years in partnership with world-class companies including Dell, ABB, MultiTech and Emerson on the hardware side and Microsoft, Oracle and Tableau for specialized application software, that provide a familiar and simpleto-use customer interface.

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No other company, says Freeman, can offer Zedi’s level of integration from sensor to the cloud or responsiveness to technology trends and market needs. Neither do they bring the same level of personal support to a robust automated infrastructure. “Customers can come to us to analyse their business problems, engineer solutions, then procure the equipment, install, commission,


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and operate it.” IIoT is an ecosystem, he emphasizes. It’s about a lot more than just collecting data and analysing it – all businesses are faced these days with the stark fact that they must digitise or die. The IIoT loop starts with sensors (which convert physical reality into data), runs through a decision process involving people or increasingly, people assisted by analytics, and then potentially returns to the field

with actuators (the devices that convert data back into physical reality, typically through mechanical means). Versatile However, future growth in oil and gas is restricted by a dearth of new wells coming on stream. Zedi’s platform, refined in the most

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challenging environments met with in the oil and gas sector, is perfectly suited for adaptation in a number of other industries. Having proved that its value proposition works, its strategy is to persevere with its existing customer base and at the same time to pivot to face other industries, equally faced with an urgent need to digitise, which would benefit by adopting the same solutions.

The food industry is of pressing importance globally, with a value chain that stretches ‘from field to fork’, Freeman points out. “We have to feed billions off a shrinking land base and farmers have had to adopt technology at a rapid rate – for example, field machinery works almost without human intervention controlled by GPS. With traceability, whether of arable or livestock products an absolute


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requirement, a huge data lake is built up as they move from producer to processor to retail to consumer.” Another industry experiencing disruption is energy generation, particularly with the advent of distribution energy resources (DER). The total installed base of operational PV systems, to take just one example, surpassed 300GW globally at the end of 2016. As the solar industry continues to mature, the focus is turning to asset management, a term used in the power industry to describe the financial, commercial, legal and technical management of power plants and other assets. “What these industries have in common with oil and gas is a reliance on underlying distributed assets that support some kind of industrial process, whether it is manufacturing hydrocarbons, food, or electricity,” Freeman explains. “Gaining insight into the health of those assets, and using analytics to both optimise and safeguard process integrity, is common to all manufacturing.

“We have to feed billions off a shrinking land base and farmers have had to adopt technology at a rapid rate” – James Freeman, CTO and President, New Ventures But many industries’ assets operate outside, spend much of the time in darkness, are exposed to weather or environmental hazards, are often off-grid, and require low power wireless technologies for connectivity. All these are problems that Zedi is good at solving.” Trending The company is very good at seeking out trends and innovations, evaluating them, and, where there is advantage,

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Zedi Our World

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Robert W. Gordon – General Counsel and Corporate Secretary

Christine Barr – Vice President Finance

Clement Gaudet – Chief Operations Officer and President Canadian Operations

Debra Deane – Vice President, People

Grant Exner – Chief Financial Officer

James Freeman – Chief Technology Officer and President New Ventures

Illario (Larry) Spagnolo – Chief Commercial Officer and President US Operations

Matthew Heffernan – Chief Executive Officer

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“We’re excited to be at the forefront of introducing our technology not only to our customer base in oil and gas, but also into other attractive growth sectors”

– James Freeman, CTO and President, New Ventures integrating them into its platform. A case in point is low-power widearea network (LPWAN) technology, which has especial relevance in remote monitoring situations. Before it added support for LPWAN technology to its IIoT gateway fleet, Zedi could only connect devices through wired connections, limiting the number of devices connected and their range. Zedi can now create an LPWAN hotspot, up to 10km in radius, allowing any number of LPWANcapable devices within the hotspot to communicate with the Gateway. And since most devices are not yet LPWAN-capable, Zedi created a small new low-cost, low power

hardware product called a Zedi Mote to connect to existing devices, and make them LPWAN-capable. The speed with which Zedi integrated this technology, combined with its use to pivot Zedi’s solution set into other industry verticals, won it the 2017 Outstanding Product Achievement Award from the Canadian Advanced Technology Association. As Freeman puts it: “LPWA technology in particular will be a key enabler of the IIoT, and we’re excited to be at the forefront of introducing our technology not only to our customer base in oil and gas, but also into other attractive growth sectors.”

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Making refuelling mobile 4Refuel provides on-site refuelling for ships, construction plants, and railways among many other industries. But what makes it unique is that it was one of the very first refuelling companies to adopt mobile technology for its drivers

Written by: Leila Hawkins Produced by: David Kulowitch


4REFUEL

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ince it was founded in 1995, 4Refuel has transitioned seamlessly from having drivers deliver fuel using paper tickets to using electronic data. It was one of the first companies in its industry to start doing this. As well as telling drivers the order in which they must deliver fuel, this mobile technology eliminates the need to search for client names as well as human error, such as potentially getting the wrong address. New on-board cellular technology gives real-time monitoring in terms of things like fuel levels and if a driver is running late, which means 4Refuel can be notified immediately to re-route trucks and make up the time difference. While handheld devices have existed for a number of years, up until 2017 drivers had to take them out of their trucks to connect to the network. Advances in mobile technology have made it possible to get information directly from the vehicles. The expectation is that very soon these devices will tell the drivers the best routes to take by analysing traffic conditions. James Cameron Lee, Chief Information Officer, explains how this has benefited the business massively. “Back in the day people didn’t have any visibility as to where the fuel was going. With

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Larry Rodo President & CEO

Larry Rodo is the President and CEO of 4Refuel. Over the last 32 years Rodo has served in many operating and sales positions throughout all modes of transportation, including executive leadership with large global organizations. He has been a lead consultant on Wall Street for cash logistics and travelled the world working on complex supply chains addressing globalism, security, military, high value, currency, precious metals and pharmaceutical.


The biggest thing I’m seeing right now is data coming in, into the hands of the right people on their phones and tablets at the right time – Larry Rodo, President & CEO

the implementation of technology on our trucks we’re able to show whether it be construction equipment or where the fuel is going.” The company does around five million transactions per year, so if a business had to do this manually it wouldn’t be able to function effectively. “It’s just this ability to capture the data in the field via cellular network to our head office. It provides data in a timely fashion. I don’t think any business of any size, if you had to do all that manually, it would just be a barrier because of

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Mike McGee Chief Financial Officer

Mike McGee is 4Refuel’s Chief Financial Officer. As CFO, Mike is responsible for the financial management of the company, and plays a leadership role in developing and executing the company’s growth strategy. Most recently, McGee was CFO of Brookfield Global Relocation Services and Brookfield Residential Property Services, both portfolio companies of the Private Equity group of Brookfield Asset Management. Previously, he spent ten years as CFO of Sonoco Plastics (previously Matrix Packaging). McGee started his career with Ernst & Young in the audit and corporate finance practices.


4REFUEL

the sheer number of transactions. “The biggest thing I’m seeing right now is data coming in, into the hands of the right people on their phones and tablets at the right time” he says, “and being powered by mobility, if you have the right data you can do something with it quicker. “Companies that don’t adopt technology, whether being fuel delivery or any other companies, technology

Jared Prentiss Vice President – 4Refuel US

Jared Prentiss joined 4Refuel in January, 2014 and currently holds the role of Vice President, 4Refuel US. Jared supported the launch of 4Refuel in the United States and oversees the strategic, commercial, and organizational structure. Prior to joining 4Refuel, Jared spent 13 years with Penske Truck Leasing in various roles overseeing field operations.

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continues to drive business forward. If you’re not an adopter of technology I think you’ll have a tough time making it in the long haul.” New initiatives Lee is currently working on a system to evaluate the work of the drivers. “Historically there has been a view that drivers, you tell them what to do and they go and do it and finish

their day. There’s this idea in my head we’re planning to work on that people actually want to know how they did that day,” he explains. “I’m looking at creating a scorecard system where, based on the days and on how much volume they pumped on the road, were they late for any stops, how productive they were on site versus internal targets we set – they get this feedback mechanism daily.

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CANADA

Lynne Harkness Director, Human Resources

4Refuel believes that the employees are the backbone of the organisation. Lynne Harkness leads a team of human resources and payroll professionals who strive to provide first-rate programs and support to all levels of the business, ensuring the most efficient tools are in place for the utmost achievement of success. Harkness currently serves as Chair of the Peel Branch of the Canadian Payroll Association, a position she has held since 2011. She lives her life ensuring personal health and wellness are a non-negotiable priority and enjoys spending time skiing, camping, canoeing, and kayaking.

“Then a supervisor who may have 10 drivers under them will get the scorecard and see the same info,” he says. “It would be more timely. Whereas in the past, because we were batching it in shifts and running a bunch of slower processes, we weren’t really getting that real feedback, so we’d be telling drivers days later about the next day. It’s all about just being able to get more timely data and being able to have the wherewithal for the technology to automatically email it out to the right people at the right time. “ Lee says this will make things vastly more efficient. “Also understanding issues quicker so we can take corrective actions. If we didn’t have that visibility, new managers and supervisors trying to look for things can be difficult, whereas every morning getting a report about your drivers and how to decipher that report, you make them better managers by giving them the right info in a timely format.” Hiring the best Ensuring drivers are fully trained in

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“The key is differentiating yourself from being a commodity” – James Lee, Chief Information Officer

James Lee Chief Information Officer

James Lee joined 4Refuel in 2003 and currently holds the role of Chief Information Officer. Lee has held multiple roles in the organization during his tenure at 4Refuel including VP Operations, VP Strategic Initiatives and VP Systems Development & Integration. Prior to joining 4Refuel Lee spent eight years in the forestry sector across a variety of disciplines including planning, operations, engineering and silviculture.

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these systems is a top priority. “There are so many things you have to worry about,” Lee explains. “When you’re on a fuel truck and carrying dangerous substances, we want to really make sure the technology is easy to use, so it’s very important that computers are responsive and simplistic.” Just as challenging is driver retention. In December 2016 stricter legislation was enforced for long haul drivers, and it became a requirement for electronic log books to be kept for safety.


CANADA

Joe Valeriote Chief Commercial Officer

Joe Valeriote joined 4Refuel in 1997 and is currently Chief Commercial Officer. His primary responsibilities include overseeing sales, marketing and strategic development. Having joined the organization shortly after its foundation in 1995, Valeriote is one of 4Refuel’s longest-tenured employees and was instrumental in growing the company from a family business to North America’s largest mobile onsite refueller.

Competition 4Refuel operates throughout Canada and in the last few years it’s expanded to Dallas, San Antonio, and Austin. Depending on market conditions there are plans to expand into further US states, but the company has taken the decision to focus operations on Texas for now. It’s a highly competitive industry. “The key is differentiating yourself from being a commodity” Lee says. Competition is usually down to price, but 4Refuel sets itself apart from its rivals by having drivers go out to refuel company’s vehicles in the middle of the night and in all elements when they’re not active, enabling them to maximize their day. “4Refuel does the jobs nobody else will.”


EGYPTIAN DRILLING COMPANY

INVESTING IN EMPLOYEE SAFETY Written by: Catherine Sturman Produced by: Greg Churchill

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We speak with Egyptian Drilling Company’s new CEO, Jeppe Jensen, regarding the company’s exciting new ventures and investments within employee safety

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btaining a balance sheet which currently sits above $1 billion, Egyptian Drilling Company (EDC) has come a long way since its establishment back in the 1970s. Employing around 4700 employees, EDC is one of the largest drilling contractors in Egypt, Africa and the Middle East, harboring 71 onshore and offshore units, expanding into Libya, Qatar, West Africa and Gabon. For 20 years, the company has built a setup in Saudi Arabia that has grown exponentially - so much so that its operations in the region are close in revenue to half of EDC’s main business operations. “We’re covering the Egyptian market with almost 65 percent, so that’s our market share,” explains Jeppe Jensen, CEO of EDC. “So, quite a solid position, and a very interesting business to be part of.” Joining the company this year, Jensen explains that developing strong partnerships with stakeholders,

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alongside National and International Oil Companies remains a key priority. This is on top of undertaking internal governance as a result of sitting in a public-private partnership, so shareholder interests need to be a heavy focus. “It is also about having a finger on the pulse and seeing what is happening in such a competitive market,” explains Jensen. “My role involves talking to our team, visiting our rigs and seeing what is going on the ground and getting inspiration from our people, in addition to meeting with our customers and understanding the temperature of the market.” Stakeholder engagement Delivering a long-term, sustainable business model,


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Jeppe Jensen CEO Jeppe Jensen comes with a background in Business Administration and a specialisation in Finance from Copenhagen Business School. He holds an MBA from the New York Institute of Technology. Jensen has been with the Maersk group for 29 years, where he had spent the past 10 years with APM terminals. His last assumed position was CEO of APM terminals in Jordan. Jeppe has taken up the position of CEO of Egyptian Drilling Company in February 2017.

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wless, trouble-free operation was the norm, not the exception? r productivity reached peak performance?

p of Mobil™ lubricants, it can. uilders worldwide rely on our lubrication solutions to protect their equipment.

s the World’s leading synthetic lubricants manufacturer. t for 115 years, we are a key strategic partner to some of Egypt’s ial businesses, including the Egyptian Drilling Company (EDC).

™ advanced lubrication solutions, we help EDC optimize operations, uctivity and reduce costs. We are proud of this partnership, n at the forefront of our priorities for decades.

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E G Y P T I A N D R I L L I N G C O M PA N Y ( E D C )

“It is also about having a finger on the pulse and seeing what is happening in such a competitive market” JEPPE JENSEN, CEO

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EDC ensures that heavy emphasis is placed on guaranteeing recurring business, as well as providing significant financial returns to shareholders. Jensen adds: “Besides International Oil Companies, we also have a host of suppliers; one key strategic partner for instance is ExxonMobil Egypt, which is our sole supplier of oils and greases lubrication solutions. EDC has long and successful strategic partnerships


AFRICA

with a number of suppliers, enjoying a wide range of benefits, both technical and commercial, which contribute to the world class performance that we deliver to our customers”. “The International Oil Companies (IOCs) see us as their preferred partner, and we are very proud of that. We are receiving good feedback.” The company’s five core values have been embedded since its establishment in 1976, in order to remain competitive and provide quality drilling services. These are: Uprightness, Humbleness, Constant Care, Employees and Company name. Such values are also shared by EDC’s shareholders. Jensen explains: “There is a meaning behind all of those values and it is about being a good corporate citizen; doing things right today, while preparing for tomorrow. What it also translates into in a business like ours, is our number one priority - Safety.” Equipment investment EDC adopts strict criteria in order to remain competitive in the market.

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E G Y P T I A N D R I L L I N G C O M PA N Y ( E D C )

A member of the International Association of Drilling Contractors (IADC), the company commits to regular maintenance and performance checks, ensuring all drilling rigs and associated equipment are of the highest standard in order to reduce risk and guarantee employee safety. “We are working with heavy equipment and in an environment where we have to be careful, follow processes and know what

our colleagues are doing,” says Jensen. “Following our values is an integral part of how we are undertaking the transactional part of our operations, which is very important for us. It also means our stakeholders can put their trust in us.” Although the company has not bought any new rigs for over five years, EDC is continuously working on improving its technologies and processes in order to keep up with the

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AFRICA

market and the ever-changing needs of its clients. Consequently, over the last 10 years EDC has heavily invested in the maintenance of all its drilling rigs, and upgraded them where necessary, in order to cater for specific customer requirements. Jensen explains that all partners have specific needs which are much more than the standard requirements, which the company strenuously meets. “It is not unusual to upgrade a land rig in excess of $5 million, and it could be all the way up to $50 million for offshore rigs,” he says. “Those

4,700

The number of Egyptian Drilling Company staff

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E G Y P T I A N D R I L L I N G C O M PA N Y ( E D C )

“There is a meaning behind all of those values and it is about being a good corporate citizen; doing things right today, while preparing for tomorrow� JEPPE JENSEN, CEO

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AFRICA

are heavy investments, but that’s done to maintain standards and be a competitive market player.” EDCs partnership with key international oil companies has led the company to house the best performing rig worldwide at one of its clients’ global portfolio. Internal training With a training centre built specifically for employee development, EDC has invested in sophisticated equipment, offering advanced drilling, safety and technical training to support staff. Although it is only used for internal purposes presently, Jensen adds that it has potential to provide training to external companies in the future. Furthermore, EDC has acquired a state-of-the-art simulator, DS-5000 six years ago through a $500,000 investment. This has given the company the ability to train staff at any given time to work in the field through a safe training environment. Regional challenges Whilst the oil market is competitive, EDC continues to thrive, with

the ambition to retain its market share in Egypt. Its success has led the company to look at further opportunities throughout the whole MENA region, both onshore and offshore, and invest outside of Egypt. EDC is also looking at how to allocate its capital and maintain its position in the domestic market, giving priority to domestic clients in the process. “We are definitely looking at keeping our competitive edge in Saudi Arabia,” Jensen says. “We are also participating in bids for business in the Gulf, including Qatar and Kuwait.” Providing an edge over competitors, EDC’s operational uptime has been continuously over 98 percent, while maintaining the highest safety standards of 0.21 LTIFR, which is 0.55 less than International Association of Drilling Contractors (IADC) averages, enabling the company to be a preferred choice for IOCs. Jensen concludes: “We apply very high safety standards, while maintaining high uptime, which is what IOCs are looking for. I think we deliver on our promises and that is our edge, and we have proven records of that.”

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ENERGISING

AFRICA

WITH SEAN MARITZ,


How is South Africa’s largest energy company surging forward to turn the country into a technological hub?

E

skom enjoys a captive market in South Africa, generating and supplying 95 percent of the electricity across the country and 45 percent in the entire African continent. Technology is the most vital component of the business, and as such, IT and its evolution is a huge focus; Sean Maritz, Chief Information Officer of Eskom, explains how and why in greater detail. “From a CIO point of view, at Eskom we’re responsible for the delivery

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of the IT systems, including the technology and the infrastructure,” he says. “In the past we had many different roles and different verticals within IT, but now it’s one streamlined organisation. We actually have a seat at the table, so we’re all directly influencing the business direction.” Being CIO of a utilities business comes with its own unique set of differentiators and challenges. One such focus of the energy sector has to be corporate responsibility, and


AFRICA

balancing that with the necessary development of Eskom’s economic growth. As such a large company, it takes its duties seriously. “For a company like us, we have to manage the energy mix that we supply to ensure that we are creating a valuable planet for the future, so that’s a responsibility on our side,” Maritz states. “We have a continuously evolving business model and we are currently focussed on ethics and the environment. We look at the way we use power at data centres, how we use water at power stations, and whether we can reduce coal burning emissions, as well as smaller things like capturing endangered snakes on-site and releasing them in the wild. We want to be a responsible organisation.” Technology and the economy Keeping up with technological innovations is a challenge in all countries and every sector, so for Maritz and his team, a key priority is consultation with the rest of the industry. Being involved in every part of the business – not just the portion any one worker

42k

Number of staff working for Eskom

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Our Mission: Empower every person and every organization on the planet to achieve more Microsoft South Africa is a subsidiary of the world’s largest independent productivity and platform company. As a proudly South African company with a Level 2 B-BBEE rating, Microsoft SA strives to providing services, solutions and devices that assist governmental organisations, people and local businesses in getting more done in less time by using technology.

www.microsoft.com/en-za/


AFRICA

“What makes us unique is the full value chain we offer, right from generating the energy to delivering it to the customer” SEAN MARITZ CIO, Eskom

is a part of – is paramount, to ensure that everybody is equipped with the ability to understand the landscape around them. Eskom has an advantage as such a pervasive presence in Africa, “but the fact is that carries a lot of responsibility to ensure the right value of the product that we deliver to people,” Maritz says. “Eskom has been a sound organisation for so many years because of our strong engineering capability. This company uses a mix of coal, hydro, and nuclear energy, and not a lot of companies can say that. This is why we’re one of the top 10 utilities in the world. “Of course we have strong knowledge content, but we should not sit back and relax because we have to grow the economy in Africa. We have a big influence on it, and we aim to rectify some problems of the past. We are trying to play a huge role in changing the economy of South Africa by improving things and creating jobs – things that have made Eskom what it is today.” All of this effort is slowly being funnelled towards the ultimate goal of

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ESKOM

making Eskom a key player in a South African equivalent of Silicon Valley. The main focus for Maritz is on peoples’ skills and their ability to innovate, as this is what will push the company ever closer to being able to compete technologically on a global scale. “The challenge lies in creating the capabilities of people,” he explains. “We can overcome challenges by using what we have. We need to think outside the box and be a little more innovative, create innovation maps and hone our industry. This really is just the start for Eskom. We are creating IT technologists and industry experts to take the work forward, and there’s no reason our people can’t continue to innovate. They just need confidence and we need to give that to them.” To work its way towards the advancements required for Eskom to make a sizeable impact, the business needs to adopt cloud “at a speed of knots,” in Maritz’s words. “Our big focus this year is the IT organisation, and by next year we want to turn our landscape into an infrastructure service landscape. That means lots of cloud adoption

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1923 The year that Eskom was founded


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for us, and a lot of organisational initiatives that the business is undergoing and driving. For now, in the early stages, we must deliver a lot of foundational components soon for use in the future.” Beyond the competition This dedication to being as strong a force as possible is part of what differentiates Eskom from competitors. It extends beyond a desire to simply be the biggest, as it strives to prove itself as a positive force within South Africa. “We need to keep on saying to our customers that we are dedicated to the country and its economy first of all,” Maritz states. “Whatever we do is actually to deliver value to the citizens of South Africa.” Eskom works hard to prove this via its campaigns and initiatives in the market, and aims to create the kind of talent in its people that will further enrich the nation. This brings further value to South Africa, and the more innovative the business can be, the more savings it can offer to customers. The more

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money customers save, the more confidence they will have in Eskom. “What makes us unique is the full value chain we offer, right from generating the energy to delivering it to the customer,” concludes Maritz. “Unlike a lot of utilities companies who need to keep things cheap, we have the ability to innovate. We are in a country that is still developing, but we can do great things because we have a captive market. “We’re currently thinking about electric vehicles, on energy storage, and looking at what the competition is doing. We have such a lot of knowledge and expertise, and we will provide services worldwide if we can get it right. Africa is going to experience a lot of changes in the future, and that too will open a lot of opportunities for Eskom. We can always make a change, because we have great partners, and they will help us to deliver these things. In two or three years, it will be a different picture for Eskom and for Africa.”


AFRICA

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Becoming Canada’s

Greenest Employer Written by: Leila Hawkins Produced by: Lucy Verde


Leila Hawkins talks to Arv Gupta, Senior Vice President of National Operations, about how and why Cadillac Fairview is pushing so hard to become a sustainable leader


T H E C A D I L L A C FA I R V I E W C O R P O R AT I O N L I M I T E D

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adillac Fairview is one of the largest and most successful commercial real estate companies in North America. With a strong focus on class A office spaces and shopping centres in select, high growth markets (Vancouver, Calgary, Greater Toronto Area and Montreal), its retail centres tend to have high levels of customer traffic, one being CF Toronto Eaton Centre, which is the busiest. centre in all of North America. Cadillac was founded over 50 years ago in Toronto, named after the car owned by one of the three co-founders. As it went along it introduced gym facilities, self-contained heating and air conditioning, underground parking, and landscaped gardens with trees and fountains into apartment buildings throughout Ontario. These features are common today, but had rarely been seen in urban areas in the mid-20th century. In 1974 Cadillac merged with Fairview, a successful developer

of commercial real estate. Over the years Cadillac Fairview has launched many of Canada’s landmark buildings, including the group of six striking dark skyscrapers that make up the now iconic Toronto-Dominion Centre in the downtown core, home to the country’s major bank of the same name. In the same year, Fairview opened Toronto Eaton Centre,

“One of the other things that’s changing really quickly is technology and how it supports sustainability, cost efficiency, and the client experience” – Arv Gupta, Senior Vice President of National Operations

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CANADA

1,500

Number of employees at The Cadillac Fairview Corporation Limited

the company’s landmark shopping centre in downtown Toronto. Today, CF Toronto Eaton Centre is the busiest retail centre in all of North America with outposts from worldclass retailers including Saks Fifth Avenue, Nordstrom and Apple. Today the organisation is not only one of the largest owners and developers of commercial real estate in North America, but has also been recognised as one of Canada’s Greenest Employers. Green at Work® In 2008, Cadillac Fairview established Green at Work, its national environmental sustainability program, focused on meeting industry-leading sustainability targets and managing best practices at each property. Each property team has a Green

Team that plans and ensures the buildings drive sustainable practices and engage with the CF team at Head Office, where there is a responsibility council made up of senior leaders who look at environmental, social, and government trends for the organisation. “This program was inspired by engagement at the grassroots level,” says Arv Gupta, Senior Vice President of National Operations. “It’s very difficult to embed a culture of sustainability from a head office alone, and there has to be a collaborative effort at all levels to successful integrate a program of this scope into the overall business.” Karen Jalon, Senior Director of Sustainability & Energy Management, explains the program further: “Our program focuses

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“…the beauty of sustainability is it’s a big win all-round. We’ve been able to achieve significant operational cost savings through our energy initiatives, and meet the existing and future needs of our stakeholders by making sure we’re working on strategic initiatives that support the environment, the future and the passion of our people” – Karen Jalon, Senior Director of Sustainability & Energy Management

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on clear targets, best practices, benchmarks and stakeholder engagement. There are five keys pillars, which are energy management, waste management, environmental protection; which means land, air, water, as well as responsible procurement and stakeholder collaboration.” “When we started down this road in 2008, there was nothing like this in the Canadian market. We spent significant time scouring the globe for best practices, reaching out to people, building awareness, and ensuring that the program would be results-driven with high impact,” Jalon continued. These results include a reduction


CANADA

of 43% in greenhouse gas emissions, 27% in energy and 33% reduction in water use. One example is the office tower, 777 Dunsmuir in downtown Vancouver where in 2014, the company drilled 30 boreholes 400 feet under the ground while it was fully occupied, reducing the energy costs and GHG emissions of the building’s heating and cooling. “CF implemented the first geoexchange retrofit in a fully occupied high rise in a city core,” Jalon explains. “This is a world-leading achievement that demonstrates our dedication to the environment and operational efficiencies.” Numerous accolades and

certifications have followed, including being named Canada’s Greenest Employer. “It’s one thing to say that you’re doing this, but to get awards that recognise the company’s results is incredibly valuable,” Gupta says. “It demonstrates to our stakeholders that we’re committed to this ongoing journey.” In addition to being named Canada’s Greenest Employer, Cadillac Fairview’s Green at Work efforts have led to industry recognition and distinction during the past year: • Achieving the Global Real Estate Survey Benchmark (GRESB) “Green Star” ranking

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Sustainable Urban Design bharchitects.com

Throughout the years, B+H and Cadillac Fairview have collaborated to create some of Canada’s most iconic and sustainable commercial, retail, and mixed-use urban developments. These first-in-class and endurable designs drive community success and develop innovation.


CANADA

• Adding nine new LEED (Leadership in Energy and Environmental Design) Platinum and three LEED Gold certifications to our portfolio; including Toronto-Dominion Centre becoming one of the first and largest Platinum certified LEED complexes in North America • Collaborating with TD Bank to assist in its achievement of the first WELL certification (Gold) in the world under version 1.0 • Scoring A+ in the Direct Property Investing module conducted by the United Nation’s-backed, Principles for Responsible Investment Initiative While taking a strong stance on corporate responsibility used to be an aspect that set companies apart from others, it’s now become an imperative. Not only are clients and stakeholders increasingly asking for this, but as Gupta explains, so are the company’s employees. “In job interviews, we’re asking [candidates] about their qualifications, but at the

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Arv Gupta

Senior Vice President of National Operations

Arv Gupta is an accomplished operations executive with over 25 years of experience in leading business renewal, and building sustainable customer value propositions with a number of major retail organisations. Gupta joined Cadillac Fairview in June 2015 and is currently responsible for driving national operational efficiency and effectiveness, while maintaining a standard of excellence in customer experience across all Cadillac Fairview properties. He is a graduate of the University of Waterloo with an Honours Bachelor of Mathematics, and he holds a Master of Business Administration from Wilfrid Laurier University.


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same time, they’re asking us about our stance, because they want to be proud of the company they’re representing.” Combating challenges with sustainability “If you look at office properties, with interest rates being down for an extended period of time, it has encouraged people to invest and actually build new office towers,” Gupta explains. “We need to ensure that we’re competitive, because people have a choice in where they rent office space, they can move across the street if they want to. We need to make sure that our assets and our properties continue to meet the needs of our clients.” “On the retail side, the industry has been under a lot of pressure and there have been lots of bankruptcies. People need a reason to come to your shopping centre.” However the sustainability

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Karen Jalon

Senior Director of Sustainability & Energy Management

Karen Jalon is an award-winning strategist who leads Cadillac Fairview’s corporate responsibility, sustainability, energy management and smart building technologies platforms and programs. Jalon has contributed to the development of countless industry-wide sustainability standards and is a long-standing member of the Ontario Teachers’ Pension Plan’s Responsible Investing Committee. She actively influences change and positively impacts the industry and communities across the CF portfolio, resulting in strong client/customer relations, risk mitigation, and national operational efficiencies. Prior to joining Cadillac Fairview, Jalon held key positions in electrical design, commercial real estate development and construction as well as policy development. She holds bachelors in science in electrical engineering from Queen’s University and is a LEED accredited professional.


CANADA

program has been a great way to address these difficulties. “One of the other things that’s changing really quickly is technology and how it supports sustainability, cost efficiency, and the client experience,” Gupta says. “The idea of smart buildings is really accelerating. We’re not only trying to meet the needs of our clients today, but we’re also looking ahead to what’s coming down the pipe, what are the new things happening that are going to enable us to deliver that client experience and that cost efficiency. Technology is at the forefront of our business operations and has contributed to CF’s achievements in the corporate responsibility space. “Right now, we’re focused on understanding smart buildings, and where that world is going,

and how we can leverage technology to continue to meet and exceed client expectations”. Next, the company is set to launch a national network of electric vehicle charging stations across all its properties. This will deploy 90 new network chargers over 15 shopping centres, supporting Cadillac Fairview’s commitment to sustainability and cementing its position as a leader in the Canadian market. As Jalon explains, “the beauty of sustainability is it’s a big win allround. We’ve been able to achieve significant operational cost savings through our energy initiatives, and meet the existing and future needs of our stakeholders by making sure we’re working on strategic initiatives that support the environment, the future and the passion of our people.”

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