SOL ECOLUTION I PROFILE
Amidst the global effort to reduce the impact of climate change, countries around the world are turning to renewable energy solutions to supply their energy needs. In the Caribbean, Sol Ecolution has positioned itself to be the leading regional supplier of commercial-scale solar power systems to governments, businesses and other entities. Regional Manager Dami Adesegha spoke to Richard Hagan about the company’s surging rollout of solar power technology in the region.
Sol Ecolution, based in the Cayman Islands, is the low-carbon and renewable energy division of The Sol Group, a member of Parkland Corporation.
As the largest supplier of energy solutions in the Caribbean, with operations spanning 23 countries, The Sol Group has deep relationships within the energy sector in the region. But also, as with its peers around the world, The Sol Group is actively planning for its continued involvement in the energy market as the world gradually shifts away from fossil fuels.
Sol Ecolution is the vehicle that will drive that energy transition, as Regional Manager Dami Adesegha explained: “In 2019, The Sol Group began to think about the future and what the next 10, 20 or 30 years will look like for us. Thinking long term, it was clear that
the Caribbean region’s energy mix will substantially change towards renewables.
“Rather than just allowing that to happen while we’re stuck trying to defend the past, we decided to use our position, capabilities and experience in the region to become actively involved in driving that change, not only for ourselves but also for the benefit of our customers, stakeholders, utilities and others. We’re uniquely placed to do that given our relationships within the energy ecosystem.”
Building a dynamic team
Sol Ecolution was formally established in January 2021, with the simultaneous appointment of Mr Adesegha. He has since moved quickly to build a dynamic team of experienced energy industry
professionals. And as he confirmed, the Sol Ecolution team has wasted no time in executing on The Sol Group’s mandate, with an initial focus on rolling out systems to The Sol Group’s existing properties. “By the end of 2022,” he said, “30 of our own sites will be fully operational with solar energy solutions. We expect that number to accelerate substantially between 2023 and 2024.”
By late November 2022, Sol Ecolution’s team comprised ten professionals organised into three units. Its two technical units include electrical and mechanical engineers, while its business team deals with financial and sourcing opportunities. The whole team is geographically spread across several islands, including Puerto Rico, Bermuda and the Cayman Islands.
Through local partnerships, Sol Ecolution can install solar at the utility and commercial scales for governments, utilities and
the private sector. The team also benefits from the Sol Petroleum presence on each island, generally consisting of people who are local to that island, often having spent t heir whole lives there. They’re consequently able to leverage their relationships and cultural insight within the island, for the benefit of the company.
“That’s how we know that the Caribbean is really ready for this solar rollout,” said Mr Adesegha. “Our conversations prove that the appetite for solar is there; I can’t emphasise that strongly enough. So, our mission is to find a way to facilitate these projects. I’ve been pleasantly surprised by the positive reception we’re getting from our stakeholders in the islands.”
Creativity to break barriers
Sol Ecolution pursues opportunities to add value across the Caribbean’s renewable energy landscape. Leveraging the
market knowledge, experience and presence gained from solarising the company’s existing properties, Sol Ecolution offers solar PV systems to commercial customers at no upfront cost. “Installing solar at no upfront cost reduces a significant barrier to entry and allows more businesses to move to renewables,” said Mr. Adesegha. “Businesses can reduce their carbon footprint and save on energy costs while prioritising other investments – it’s a win-win.”
Sol Ecolution’s commercial strategy aims to increase opportunities for customers to participate in sustainable activities. The company rolled out its carbon credit program in 2022. Customers can purchase internationally verified carbon credits through Sol Ecolution to offset their emissions. In addition to selling credits, Sol
Ecolution is further developing this program through several eligible greenhouse gas reduction initiatives.
Being a good neighbour
The Sol Group places a huge emphasis on being a good neighbour to the communities amongst which it operates. Within each of the markets in which it operates, The Sol Group supports and sponsors a number of community activities and events, ranging from school projects to environmental groups, sporting events and general community initiatives. A particular highlight is the annual Sol Rally Barbados, for which the Group would sponsor a car and a driver.
“It’s important to us to be a good, productive social citizen, to earn our right to operate within these communities,” Mr Adesegha said. “We take it extremely seriously. An important part of this is our commitment to safety.
“We’re dealing with volatile substances. They’re products that can be very unsafe if not handled carefully. We’re handling a lot of fuel every day, so it’s a big part of being a responsible citizen and historically, our safety record has been very positive.”
Finding inspiration in the sun
While Sol Ecolution is still a relatively young business, and also a new category for The Sol Group, the company is extremely
enthusiastic about the work that it’s doing and the future it’s creating for the Caribbean. “We have an opportunity to make a significant difference for entire countries in the Caribbean. That’s incredibly inspiring,” Mr Adesegha explained. “Sol Ecolution makes financial sense for the group, but it also makes a positive difference in the world.
“When I look at our four operational solar energy sites in Barbados, I see the positive impact that it’s having on the environment. Energy is a critical resource that the entire world relies on. We’re playing an important role in making that resource more sustainable and that, to me, is a cause as worthy as any other.”
In 2022 alone, with its rollout of solar systems across its own properties, Sol Ecolution has line of sight to a significant pipeline of over 100 solar projects. “The business opportunity is massive,” he concluded. “We’ll continue to go out there and capture those opportunities.”
