PARIS, France - Jean-Michel Herrewyn, the former CEO of Veolia Water and senior VP of Veolia Environnement has gone on to launch a new business targeting the growing industrial water markets.
Called fWE, the company will act to source finance for industrial clients, meaning they will no longer need to own water and wastewater treatment plants.
Instead, funders invest into the assets on the clients’ behalf in a long-term contract.
Development finance institutions such as the International Finance Corporation, a subsidiary of the World Bank, will support the development of water projects in developing countries.
During his time at Veolia, Herrewyn helped to deliver the group’s €5 billion asset divestment program, which included selling off Veolia Water UK for £1.2 billion (read article).
Jean-Michel Herrewyn, who left Veolia in June this year, said: "Thanks to its model combining financial and shareholder interests, as well as social interest, fWE wants to make an effective contribution to directing third-party financing into the construction and service of water and effluent treatment facilities, which are still cruelly short in many areas, and particularly in many developing countries."
The new company’s mission statement is to provide “sustainable solution to the current under-investment in water treatment capacities, particularly in developing countries where the needs of major industrial groups in terms of water capacity are growing”.
To build fWE, Herrewyn has pulled together a team of former colleagues and associates from Veolia and subsidiary companies, including Dominique Bouillot, Jean-Philippe Filhol and Julia Bertret.
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