Amane currents: Summer 2023

amane currents

France hopes to turn the tide with its new Water Plan

Features

Taking action: Strategic opportunities in France’s Water Plan

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

By: Mathieu De Kervenoael and Chloe Wen Hu

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

Saudi Arabia is on a journey to transform its waste market. We'll explore what's being done and highlight three pivotal shifts that are shaping future strategic opportunities within the industry.

By: Ismail Alaoui

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

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

By: Bastien Siméon

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

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

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Event Radar

The event circuit isn't slowing down yet!

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

Event Insights

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

Exploring emerging opportunities in renewable natural gas at Biogas Americas 2023

Explained

Weathering the storm: New solutions for stormwater management

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

Special Contribution

Will American cities ever achieve ‘net positive water?’

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

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

Reflecting on state of water at Global Water Summit 2023

Amane News

New Horizons: Amane consultants gain valuable international work experience

Employee Spotlight

Featuring: Lucas Corral Basterra Project Manager

Welcome to amane currents Summer 2023

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

In a world challenged by climate change, persistent drought is taking aim at parts of the world that have historically been 'water rich'. In our lead feature, we explore how France is taking action to build its resiliency against growing water scarcity. Amane Partner Mathieu De Kervenoael highlights the steps underway as part of the country's new Water Plan and explains how some measures might offer faster relief and usher in long-term changes.

Resilience also includes finding long-term solutions to deal with the waste streams of a growing economy. Principal Ismail Alaoui will take readers through how Saudi Arabia is attempting to transform its waste management sector and highlight emerging strategic opportunities within the industry.

Industrial players, particularly in water-intensive segments, are increasingly considering innovative water conservation and reuse projects – which solution providers are eager to support. Neither party, however, is generally keen on bearing the significant capital investment required to implement these projects upfront. Our Partner Bastien Siméon will examine how these challenges are driving an innovative win-win approach to project financing.

“When it rains, it pours.” In many cities around the world, each downpour or major snowfall event can result in major flooding without a properly functioning stormwater management system. In this issue's “Explainer”, we look at some of the latest gray and green infrastructure solutions being deployed globally to help cities build their water resiliency.

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

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

Sincerely,

Bill Malarkey Managing Partner, North America

This issue's contributors

Ismail Alaoui

Principal, Amane Advisors

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

Based in: Bahrain

Email: ialaoui@amaneadvisors.com

Laura Chamberlain

Senior Consultant, Amane Advisors

Weathering the storm: New solutions for stormwater management

Based in: Philadelphia

Email: lchamberlain@amaneadvisors.com

Mathieu De Kervenoael

Principal, Amane Advisors

Taking action: Strategic opportunities in France’s Water Plan

Based in: Paris

Email: mdekervenoael@amaneadvisors.com

Bill Malarkey

Partner, Amane Advisors

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

Based in: Philadelphia

Email: bmalarkey@amaneadvisors.com

Bastien Siméon

Partner, Amane Advisors

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

Based in: Paris

Email: bsimeon@amaneadvisors.com

Chloe Wen Hu

Project Manager, Amane Advisors

Taking action: Strategic opportunities in France’s Water Plan

Based in: Paris

Email: chloehu@amaneadvisors.com

Taking action

Strategic opportunities in France’s Water Plan

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

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

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

France’s battle against water scarcity is being waged on several fronts. First, climate change is destabilizing weather patterns, and thus, impacting water availability. Groundwater currently represents more than 60% of the country’s drinking water resources but the last two hydrological years witnessed significant deficits in rainfall, which is critical to recharging aquifers.

According to the French Geological Survey, groundwater recharge is expected to decrease by 10 to 25% by 2070 compared to the period of 1961-1990. In the Southwest, where conditions have been toughest, the reduction could be between 30 and 50%. Meanwhile, the Alps – critical for supplying Europe’s rivers – have seen a 5.6% reduction in snow cover duration per decade over the last 50 years.

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

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

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

Changing course

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

Reducing water consumption (water sobriety)

Optimizing water availability

Preserving water quality and restoring ecosystems

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

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

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

Overview of the Plan Eau announced in March 2023

1. Industrializing water reuse

Today, only 0.1 percent of treated wastewater is currently reused in France, compared to Italy and Spain, where the proportion rises to around 10% and 15%, respectively. Much of the water is discharged to the sea. The Water Plan calls for wastewater to be reused at a rate of 10 percent by 2030, meaning there are significant opportunities to industrialize and scale the practice across the country in the near term.

The plan highlights the need to support more than 50 industrial sites with the highest potential to reduce consumption and includes plans to develop 1,000 reuse projects to increase the use of non-conventional water (including reuse, rainwater, and grey water) by 2027. It also eases some of the administrative hurdles associated with some reuse procedures. These efforts will further encourage industrials to invest in and implement water reuse solutions to ensure an adequate water supply for their operations. For example, Veolia has recently announced its plan to triple the production volume of water reuse to three billion cubic meters by 2030.

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

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

2. Reducing leakages

Countries cannot afford to waste water, especially during periods of drought or water insecurity. But reports estimate that one-in-five liters (20%) of distributed water in France is now lost due to leaking pipes. That’s equivalent to the cumulative consumption of Paris, Lyon, Marseille, Lille, Toulouse, Bordeaux, and Nice – resulting in an economic loss of €4 billion per year.

To halt the losses, the Water Plan includes €180 million per year to support actions to reduce leakages and secure drinking water supplies, including identifying the 170 local authorities with leakage rates in excess of 50% and 2,000 communities that experienced drinking water tensions in 2022. From there, authorities will move to ‘plug’ water leaks at the most sensitive points and continue the minimum replacement of water distribution networks at both the utility and irrigation water levels.

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

3. Changes to water tariff structure

Improving drinking water network performance will require additional resources in asset management, the search for leaks, and the ability to make repairs and/or renew pipes. Although the Water Plan includes additional financial resources for water agencies dedicated to networks, we see water pricing as a potential strategic lever for the country to maintain high-quality water services.

Water tariff setting depends on multiple local parameters including the tax level, existing water sources (as groundwater typically requires less treatment compared to surface water or desalination), the length of network per inhabitant, receiving water (sensitive areas which require a higher level of treatment for wastewater) and more.

In France, the price of the water service must cover all operating and investment costs associated with the urban water cycle, from the withdrawal of ground or surface water for treatment to its return to the receiving waters as treated effluent.

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

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

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

At the end of 2022, several French local authorities including ClermontFerrand and Roubaix voted for a tariff increase of around 10% for 2023. The price per cubic meter of water has risen by 7 to 11% in several French agglomerations such as Paris, due to high costs in energy supply and water treatment chemicals. Water tariffs are expected to grow at ~1% per annually until 2030 to finance the infrastructure upgrades required to maintain service continuity.

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

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

For the past eleven years, the price scale for water consumption has been divided into three brackets: "essential", "useful" and "comfort". As the tariff is calculated on the consumption of an average household equivalent to four people, larger families are penalized. In Montpellier, the first 15 cubic meters are free for consumption.

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

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

The calculation of a pricing scale adapted to each region’s water needs and economic situations, combined with a full deployment of individual water meters at households, will be key to a successful implementation of progressive tariff systems nationwide. This should open up new opportunities for providers of modern smart metering solutions, including meter data management and analytics.

4. Evolving water governance

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

This disparate governance makes it more difficult to effectively develop and implement collaborative initiatives related to water withdrawals. The Water Plan acknowledges these challenges and seeks to build a more open, clearer governance framework.

From a regulatory perspective, the law on the New Territorial Organization of the Republic (NOTRe) entrusts new competencies to the regions and redefines the competencies attributed to each territorial authority. The law aims to simplify and mutualize water competencies among communities. It announced the deadline for transferring water and wastewater competencies of small communities to large inter-municipalities by 2026.

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

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

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

By: Ismail Alaoui, Principal

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

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

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

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

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

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

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

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

However, Saudi Arabian authorities have begun implementing new regulations to promote sustainable waste management and follow the example set in the water sector. These activities signal that changes are coming to the Kingdom that could dramatically increase the strategic opportunities in waste treatment and management.

Achievements in water, aspirations for waste

The transformation of Saudi Arabia’s water sector hinged significantly on the Kingdom’s ability to attract more private sector participation and international expertise. Leaders enacted several initiatives to do so, starting with the Water Privatization and Investment Directorate, which brought water utilities under private sector control while the state assumed a regulatory role.

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

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

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

The Water Privatization Law, which emphasized the importance of improved efficiency and accountability, also promoted competition, and drove advancements in service delivery.

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

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

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

Image: Riyadh Water Tower

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

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

Just two years later, the National Centre for Waste Management (MWAN) was also set up to take responsibility for planning, regulating, and encouraging the development of the waste management sector in the country. Even more recently, the Kingdom passed new waste management legislation which provides some additional guidance. For instance, the law requires those who generate large volumes of waste to have contracts with licensed waste management service providers and emphasizes the importance on recycling, resource recovery, and safe disposal to achieve better environmental and economic outcomes.

Three shifts driving the future of waste management

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

1. A shift from manpower to performance-based contracts requirements but also benefit the wider community and environment.

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

Locally, this approach is exemplified by organizations such as the Royal Commission for AlUla (RCU). For example, for the first time, a contract for the collection of municipal solid waste in part of the territory of AlUla will adopt a performance-based structure, prioritizing tangible outcomes and leveraging penalties to address any shortcomings.

This shift is driven by the recognition that simply allocating a specific number of resources is inadequate to ensure efficient and effective waste management. Now, companies are leveraging their expertise and creativity to develop strategies that not only meet waste management

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

Furthermore, by establishing clear performance indicators and monitoring mechanisms, public authorities can evaluate the effectiveness of waste management services and make data-driven decisions to drive continuous improvement.

Similarly, the shift towards outcomebased evaluation encourages companies to differentiate themselves through their expertise and innovative solutions. This healthy competition drives the development of new technologies, methodologies, and practices in waste managementultimately resulting in improved services and sustainable practices that benefit the community.

Image via EcoMENA.org

2.

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

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

Under this approach, waste producers access personalized, cutting-edge waste management solutions delivered by industryleading waste solution providers. With this approach, they retain oversight and control over their waste management operationsenabling them to closely monitor and manage the environmental impact of their activities. This level of control is pivotal for companies committed to maintaining sustainable practices and adhering to stringent environmental regulations.

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

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

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

The most notable example is the recent partnership between Saudi Aramco, the national oil company of Saudi Arabia, and Veolia. The companies have announced plans to combine their extensive resources and expertise to establish a benchmark for sustainable waste management practices in the O&G sector.

3. A shift in focus toward attracting international players and collaboration

The SIRC has taken on the task of attracting international waste management players to the Saudi Arabian market - marking a significant shift in waste management practices within the Kingdom. SIRC's strategic approach involves collaborating with renowned international waste management companies to bridge the gap between local expertise and

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

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

Opening the waste market to international players presents exciting opportunities to invest alongside SIRC in the development of waste-to-energy infrastructure – with the potential to foster economic growth, drive innovation, and establish the Kingdom as a regional leader in sustainable waste management.

The recent reforms and strategic shifts in waste management are creating exciting, new opportunities in Saudi Arabia. By embracing performance-based contracts, adopting collaborative approaches, and investing in infrastructure and partnerships, the Kingdom is paving the way for its sustainable future. As the waste management industry continues to evolve, stakeholders in Saudi Arabia can leverage these shifts to drive innovation, create new business opportunities, and contribute to the circular economy.

A shift in how waste management projects are financed and operated

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

Succeed at scale

A new approach to financing small-scale industrial projects

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

By Bastien Siméon, Partner

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

However, the reality is that industrials would often prefer not to own water-related assets or provide the significant capital investment required to implement projects up front. Demand is shifting from equipment supply and short-term operations contracts to long term service provision through a “water as a service” models.

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

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

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

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

How it works

The typical project finance structure for an industrial outsourcing project would rely on a Special Purpose Vehicle (SPV) to lead the implementation and required investment in a specific project; subcontracting the Engineering, Procurement and Construction (EPC) and the Operations and Maintenance (O&M).

The SPV would be funded by equity from its shareholders, such as a solution provider and a financial investor, as well as debt from banks.

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

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

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

Standard Project Finance Contractual Scheme

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

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

This platform structure can cover multiple countries and project types. For instance, it can be created with a multi-utilities approach in mind and pool together projects of different nature, such as water, wastewater, waste-to-energy.

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

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

Geographies

Nature and scale of projects

Any industrial sectors which may not be serviced (e.g. for ESG considerations)

Return expectations (typically on a blended basis at the platform level, as well as minimum return for each project, depending on the country, sector, etc.)

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

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

In the event the solution provider doesn’t want to “sub-contract” business development to the platform and limit its role to financing projects, it can still recover some of its costs at financial closing of a transaction through a success fee mechanism.

A new approach to financing small-scale industrial projects

Example of a holding company structure

Mutual benefits

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

Industrials benefit from the new solution, without outlaying the capital cost, while the service provider can focus on providing technical and operations support and offering a full package solution, including the financing of the assets.

Moreover, having an established, proven vehicle in place enables service providers to be much more responsive to the demands of their clients, and creates a true commercial advantage over competitors without such a partnership in place.

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

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

not be as ‘investable’ on an individual basis, due to their size.

Aggregating small projects together and having a long-term commitment to jointly develop and fund a significant pipeline of projects gives them access and visibility and can improve the risk-to-return ratio through a portfolio effect.

Amane sees this approach as being highly applicable to industrial outsourcing projects in both the water and waste sectors. Nevertheless, there are several factors that should be considered to improve the likelihood of success with this approach.

First and foremost is the identification and selection of the right partners and consideration as to how the arrangement will be aligned. Solution providers and financial investors have different approaches, roles, and constraints.

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

Another critical aspect is the return to the shareholders, as the financing partner will receive only an equity Internal Rate of Return (IRR) while the solution provider will also have a margin on the EPC and the O&M, and will, therefore, assess projects on a blended return basis.

It is key to give comfort to the investment partner by ensuring transparency and avoiding “value drain” to the EPC and O&M contracts. This can be achieved through open book procedures or independent oversight on behalf of both shareholders.

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

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

- Bastien Siméon, Amane Advisors ###

Weathering the storm

New solutions for stormwater management

When it rains, it pours; and in many cities around the world, each downpour or major snowfall could result in a major flooding event without a proper functioning stormwater management system. Here, we look at some of the latest gray and green infrastructure solutions being deployed around the world to explore how cities are preparing for the worst.

By: Laura Chamberlain, Senior Consultant

Stormwater refers to the collection of water resulting from rain or snowmelt events. What doesn’t infiltrate into the ground or evaporate can cause flooding, erosion, sedimentation, and water quality problems if not appropriately managed.

With climate change impacting the predictability, intensity, and frequency of weather events, it is becoming more important than ever to find effective stormwater solutions. The nature of stormwater varies greatly depending on land use and climate; therefore, management solutions must be adapted as such.

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

"Green infrastructure" mimics natural environments to filter and infiltrate (or utilize) stormwater locally. Examples include permeable pavement, rain gardens, bioswales, infiltration trenches, green roofs, planter boxes, rainwater harvesting (rain barrels or cisterns), urban tree canopies and more.

Increasingly, green solutions are being incorporated alongside or as part of gray solutions as part of a 'treatment train' to boost system resilience. This enables improved pretreatment and filtration before runoff is discharged to existing sewer systems or waterbodies or utilized for rainwater harvesting.

Pretreatment solutions collect and filter stormwater to remove pollutants, reduce flowrates and reduce clogging of downstream systems. Materials now range from simple devices (i.e., inlet screen inserts) to complex systems (i.e., hydrodynamic separators) suitable for sites highly susceptible to spills (i.e., gas stations, commercial parking lots, and industrial sites).

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

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

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

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

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

Source: Contech Engineering

GREEN INFRASTRUCTURE

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

PRETREATMENT

DETENTION

FILTRATION

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

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

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

Photo via: City of Lincoln, Nebraska website

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

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

Photo via: Philadelphia Water Department website

Photo via: Milwaukee Metropolitan Sewerage District website

Event Radar

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

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

Upcoming events

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

Vaccani

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

Amane Advisors once again teamed up with RBC Capital Markets to host the 2023 Future of Water Conference in New York City in May.

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

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

You can read more insights from the conference in our blog post.

Takeaways at a Glance

Corporate water risk

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

- Bill Malarkey, Partner, Amane Advisors

Water utilities of tomorrow

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

Fast movers in water

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

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

Winners in residential & commercial water

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

Next big thing in water

"If you consider wastewater as a feedstock, that mind shift opens up the window to a lot of innovation "

Investing in the global water sector

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

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

- Shashank Patel, Chief Financial Officer, Watts Water Technology

- Rohit Aggarwala, Commissioner, NYC Dept of Environmental Protection

- Deane Dray, Managing Director, RBC Capital Markets

Exploring exciting opportunities emerging in renewable natural gas at Biogas Americas

2023

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

With more than 1,500 attendees –double the number of last year’s attendees – the conference reflected the growing momentum and excitement generated by this versatile resource.

Reflecting on his experience, Vinod dubbed RNG, as the “Swiss Army Knife' in the renewable energy basket, due to the fact that it can be generated using multiple feedstock options, including methane from dairy farms, landfill gas, agricultural waste, and municipal waste, as well as the fact that it offers a variety of end uses, including electricity generation, transportation, or direct pipeline injection.

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

“For instance, experts highlighted the lack of a standard methodology in determining the Carbon Intensity (CI) score of RNG, which is crucial for evaluating the commercial viability of projects.”

Keynote speakers, including Alexis Glick, CEO of Nature Energy, and Neil Smith, CEO of Vanguard Renewables, emphasized the need for simplification, standardization, and increased collaboration within the industry as a means of overcoming this and other challenges.

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

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

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

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

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

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

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

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

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

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

Photo via Biogas Americas

Amane Partner Alex Zhang presenting at IEExpo China

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

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

This year’s Global Water Summit featured an impressive roster of international speakers exploring all facets of the water sector, with a focus on how investing in water technology and infrastructure is necessary to adapt to climate change and unlock new levels of economic growth.

Among the speakers were several Amane Partners, including Bill Malarkey, who discussed the outlook for the water industry in the context of the climate imperative, rising interest rates, and other challenges.

Reflecting on the event, Bill said there is a growing awareness among municipalities and corporates that the primary impacts of a changing climate are going to be felt in the water sector but few are taking serious action to address their water-related risks.

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

“We’re talking about the world’s most essential resource, so as water sources become less reliable and plentiful, and the public becomes more focused on the quality of the water they use, it’s easy to see why water will be among the most significant global investment themes in the years to come.”

“While there are significant challenges and competing priorities when it comes to investing in water infrastructure and technology, we heard very clearly at this Summit that there is growing consensus around the urgent need to ramp up capital spending and explore emerging opportunities in water reuse, unconventional water, and decentralized solutions.”

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

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

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

Amane Partners Mathieu De Kervenoael and Christophe Guillet and Principal Vinod Ramachandran also attended the Summit.

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

Will American cities ever achieve ‘net positive water?’

As demand for water increases and water sources grow less reliable, cities are exploring new ways to protect, conserve, and reuse their existing supply But is it realistic for any city to achieve ‘net positive water’? Hanshita Rongali, a former Amane Advisors intern, recently explored the feasibility of net positive water while obtaining her master's degree in environmental studies at the University of Pennsylvania. In this article, she shares some of her learnings and explains the challenges that prevent cities from fully embracing the concept.

By: Hanshita Rongali

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

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

Leaders will be tasked with preserving freshwater sources while

also meeting the needs of growing populations – and many will have to do so while relying on or replacing outdated water infrastructure.

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

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

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

own water footprint, no cities or countries have explicitly identified a goal to achieve net zero or net positive water.

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

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

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

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

What keeps cities from embracing ‘net positive water’?

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

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

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

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

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

Making small strides

Despite there being no cities that are officially working towards net positive water, several have implemented aligned strategies, often coined as “integrated water management” or “one water” solutions.

Philadelphia, PA

Philadelphia’s Green City, Clean Waters program is a 25-year plan aimed at using green infrastructure to reduce the volume of stormwater entering combined sewers and expanding stormwater treatment capacity with traditional infrastructure improvements.

Since 2011, when the program first came into effect, to 2019, the green stormwater infrastructure industry grew by 13.3% and added 1,200 jobs. The program has also benefitted the local ecology, public health, and urban vitality.

San Francisco, CA

San Francisco’s Purple Pipes is another case study in effective water reuse and efficiency. The city installed pipes (which were actually painted purple) to transport water from a recycled water plant. Wastewater - known as blackwater -

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

Overall, California has seen a regional increase in recycled water production and use - rising from about 30,000 acre-feet per year in 2001 to 64,000 acre-feet per year in 2019.

Denver, CO

Denver is currently developing strategies and policies for its One Water program. While the city already has a program which offers rebates for water-efficient toilets, irrigation controllers, sprinkler heads and other products, leaders are working on an incentive program that would be centered around water conservation.

While there are a few cities leading the way in building more sustainable and resilient water systems, the idea of establishing a universal definition of net positive water and a clear framework for implementation is far in the distance. I, however, choose to join the more optimistic experts that net positive water will continue to develop in its scale, scope and impact.

Relaxing around a stormwater basin in Philadelphia.

Photo: Steve Weinik - The Nature Conservancy.

New horizons

Amane consultants gain valuable experience working overseas

As a global business, Amane recognizes there are immense benefits to be had from working across borders, languages, and cultures. It’s one of the reasons why we resource project teams with consultants from different regions and create opportunities for consultants to travel to other offices to work on projects. It’s also why we’re proud to offer an international Secondment Program twice a year to our employees.

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

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

For Mairead, it was her first opportunity to support Frenchspeaking clients.

“A lot can get lost in translation, but it was great to challenge myself in that way while experiencing the nuances of the Parisian work culture and I was fortunate to have native French colleagues available to assist me,” she said.

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

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

TOP: Aurore (third from left) joined members of our Oxford team for a site visit. ABOVE: Mairead taking in the Parisian culture.

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

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

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

"I’ve always enjoyed being surrounded by people with difference experiences and backgrounds and my secondment to the UK was another valuable opportunity to immerse myself in a new culture.

"I had previously had the opportunity to meet many of the team members during our last company retreat, but spending three months working closely with the team was a great opportunity to get to know everyone better and put my skills to use in new ways.

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

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

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

The secondment program will return in the Fall with Senior Consultant Laura Chamberlain, typically based in Philadelphia, being seconded to the Oxford office, and Alisha Krishan, typically based in Oxford, heading to the Bahrain office.

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

Paris, France

Oxford, UK

Philadelphia, US

Zurich, Switzerland

Shanghai, China

Employee

Spotlight

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

I have always worked in the infrastructure development space, and I’ve found that I’ve most enjoyed working in an area that provides so many direct benefits. Understanding how projects impact peoples’ lives has always been of interest to me.

In general, all infrastructure development projects are designed to help society and improve quality of life, but projects that are developed in the most sustainable and efficient way are always the most remembered and impactful, especially today in the context of climate change. Those are the types of projects I enjoy working on most.

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

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

exciting to see the business expand its focus to capture emerging aspects of the circular economy and incorporate new expertise in areas such as energy-from-waste into its client offering.

What do you like best about your job and why?

I am passionate about my work, but what attracts me most is to be able to understand the infrastructure needs of different countries and offer solutions to support their development – always in a sustainable and efficient way.

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

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

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

Lucas Corral Basterra

Being surrounded by a team with different backgrounds, experiences, and perspectives on life is essential to our success as a business and also to each of us personally and professionally. It builds empathy to work with different types of people.

What three words would you use to describe Amane Advisors?

I would describe Amane as:

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

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

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

Role: Project Manager

Office: Madrid, Spain

Joined Amane: July 2021

Nationality: Spanish

Languages spoken: Spanish, English

What three words would your colleagues use to describe you?

I think others would describe me as:

Emphatic: In an environment as diverse as Amane's is, it is important to know and understand each other's circumstances.

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

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

Name something about you that most people would find surprising.

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

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

Before I had children, I bought what I consider to be my best car - a Subaru,

which I upgraded to 450 horsepower and with which I participated in several track-days on various Spanish circuits.

What are your favorite activities outside work?

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

Apart from that, I like sports very much.

Recent articles by Lucas:

Project leaders should say ‘yes’ to voluntary carbon offsets

Currents, Winter 2023

I've played football since I was in school and about two years ago, I started playing in a local amateur league. We've won the league two years in a row!

I also like to play padel on a weekly basis. Padel is a sport that is very similar to tennis, and widespread in Spain. It originated in Mexico, but it has a strong presence in Spain, Argentina and Italy. I have played since I was a child, as my father built a court in the garden.

PHOTO: Lucas with his prized Surbaru, which he used to take to track-days on Spanish racing circuits.

Contact us

FRANCE

44 rue Lucien Sampaix

75010 Paris

Tel: +33 (0) 1 75 43 17 00

UNITED KINGDOM

Summertown Pavilion

18 – 24 Middle Way

Oxford, OX2 7LG

Tel: +44 (0) 1865 655 715

USA

85 Old Eagle School Road

Suite 204

Strafford, PA 19087

Tel: +1 610 906 2916

BAHRAIN

Office 116, Platinum Tower, Building 190, Road 2803, Block 428, Seef District

Tel: +97 377 110 110

CHINA

11/F Tomson Commercial Building

No.710 Dongfang Road

Pudong District, Shanghai, 200122

Tel: +86 21 58818236

SINGAPORE

1541 Orchard Road Liat Towers, #20-04

Singapore 238881

Tel: +65 6515 07256

SWITZERLAND

A. Vaccani & Partner AG

Zürichbergstrasse 66 CH-8044

Zürich

SPAIN

Atrium Business Center Avenida

General Perón 29, Floor 16 28020

Madrid

contactus@amaneadvisors.com

amaneadvisors.com