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2015 SUSTAINABILITY REPORT

2015 SUSTAINABILITY REPORT - Equis · EQUIS • 2015 SUSTAINABILITY REPORT • 1 . EQUIS • 2015 SUSTAINABILITY REPORT • 3 By evaluating and managing the environmental and

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Page 1: 2015 SUSTAINABILITY REPORT - Equis · EQUIS • 2015 SUSTAINABILITY REPORT • 1 . EQUIS • 2015 SUSTAINABILITY REPORT • 3 By evaluating and managing the environmental and

2015 SUSTAINABILITY REPORT

Page 2: 2015 SUSTAINABILITY REPORT - Equis · EQUIS • 2015 SUSTAINABILITY REPORT • 1 . EQUIS • 2015 SUSTAINABILITY REPORT • 3 By evaluating and managing the environmental and

Commitment to Sustainability 2

Equis by Numbers 4

Sustainability Metrics 5

Investment Overview Sustainability at a Glance

68

Policies and Standards 10

Systems and ProcessesContributing to Communites An Overview

121416

Supporting Communities

18

C O N T E N T S

C O V E RLocal children at the Bioeq Energy Pedestrian and Road Safety Seminar in Cavite, Philippines

C U R R E N T P A G E Energon’s 54MW wind farm in Andhra Pradesh, India

Strictly Private & Confidential

Equis Pte. Ltd. (“Equis”) intends that the information contained in this document is directed only at persons who are permitted to receive such information under the laws of their local jurisdiction (“Recipients”). Equis will therefore only provide this document to such Recipients. Recipients are required to keep the information contained in this document confidential and not to copy or disclose it or any part of it to any other person. Information contained in this document is believed by Equis to be accurate and correct, and statements of opinion in this document are considered by Equis to be reasonable. Equis accordingly accepts no responsibility for the consequences of any person relying on the content of this document for any purpose and Recipients should seek independent professional advice on the subject matter pertaining to legal, regulatory, tax and related investment matters as appropriate.

EQUIS • 2015 SUSTAINABILITY REPORT • 1

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EQUIS • 2015 SUSTAINABILITY REPORT • 3

By evaluating and managing the environmental and social sustainability of our assets in tandem with analysing and managing financial sustainability and risks throughout the investment life-cycle, we believe we are not only increasing the value of our investments and our funds, but are also positively contributing to the communities where our assets are developed and operated.

We are committed to adhering to international development and sustainability best practices as laid out by the IFC Performance Standards, the World Bank Environmental and Social Standards, as well as the United Nations Principles for Responsible Investment (“UNPRI”). Our Sustainability Report (“Report”) describes the incorporation of Environmental, Social and Governance (“ESG”) standards in the evaluation of investments and the ongoing actions, initiatives and monitoring during asset management, and includes actions and achievements during 2015.

As the leading investor, developer and operator of renewable energy infrastructure assets in Asia, Equis Pte. Ltd. (“Equis”) is firmly committed to the principles of sustainable development. A strong focus on sustainability is inherent in our strategy and has been embedded in our investment practices since inception.

Based on its application, sustainability has a number of meanings. Modern definitions contain three core themes: environmental/energy, sociocultural and economic. A central concern is that the earth’s finite resources are being depleted more rapidly than they are able to be replenished. These resources include energy, clean air and water, land, and plant and animal life. A focus on sustainability seeks to develop and introduce methods which will help rebalance the expenditure of the earth’s resources, while increasing quality of life and maintaining strong economic growth.

Equis is translating this commitment to sustainability into action through our strategic focus on renewable energy to address resource depletion. In conjunction, our Corporate Social Responsibility (“CSR”) programs targeting infrastructure, health and education initiatives seek to increase quality of life in communities adjacent to our projects. While our core focus is to invest in assets which will provide superior risk adjusted returns to our investors, we also consider how to provide economic opportunities for our local communities through increased employment opportunities and access to services via developing platforms.

Equis seeks not only to provide essential services to fulfil current requirements, but also to provide long term and sustainable solutions for future generations. This is demonstrated by Equis’ focus on developing renewable energy projects but also by how we develop our projects.

C O M M I T M E N T T O

S U S T A I N A B I L I T Y133MW Solar Farm (Pollo) - Cadiz City, Negros Occidental, Philippines

500MW Wawa Hydro Generation Project Mt. Purro upper reservoir, Philippines

EQUIS • 2015 SUSTAINABILITY REPORT • 3

Strictly Private & ConfidentialStrictly Private & Confidential

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EQUIS • 2015 SUSTAINABILITY REPORT • 5

2015 20142013

92

316

403

301

127

499

737

938

n Thailand n Japan n India n Philippines

9147

297

2013 2014 2015

100% of project size across Equis Asia Fund L.P. (“EAF”), Equis Direct Investment Fund L.P. (“EDIF”), Equis Asia Fund II, L.P. (“EAF II”)

RENEWABLE ENERGY GROWTH BY STAGE 2013-2015

CAPACITY BY COUNTRY 2013-2015 (MW) CAPACITY BY SECTOR 2013-2015 (MW)

104

193

6

345

193

568

648

793

854

6

138

n Bio Energy n Wind n Hydro n Solar

1,000

800

600

400

200

0

1,000

800

600

400

200

02013 2014 2015

WATER SAVINGS (billions of litres annually3)

Compared to the water usage required by a coal-fired power plant

TREES PLANTED (millions annually4)

and grown for 10 years to eliminate an equivalent amount of GHG

5 Direct and indirect employment opportunities, long and short-term 4 EPA GHG Calculator

JOBS CREATED5 PASSENGER VEHICLES TAKEN OFF THE ROAD 4

to eliminate an equivalent amount of GHG

3,000

6,051

15,559

956,138

652,249

250,526

2013 2014 2015 20152013 2014

n Developmentn Constructionn Operationaln MWh

US$2.7bn Assets under Management

14 Offices 2,301MW Capacity

500 Staff 21 Operational Projects

11 Platforms 792,575MWh Generated

10 Offices 1,112MW Capacity

340 Staff 12 Operational Projects

7 Platforms 78,809MWh Generated

7 Offices 435MW Capacity

60 Staff 1 Operational Project

5 Platforms 2,957MWh Generated

2013435MW

97

247

460504

148

1,130

615556

91

2,957MWh

78,809MWh

792,575MWh

20141,112MW

2015

2,301MW

1,000

500

0

(MW)

0

(MWh)

800,000

400,000

E Q U I S B YN U M B E R S

S U S T A I N A B I L I T YM E T R I C S

HOUSEHOLDS POWERED(millions powered annually1)

GHG EMISSION REDUCTIONS (million tonnes annually2)

0.3

2.2

4.1

4.5

3.0

1.2

1 Based on World Energy Council indicators by country 2 GHG Protocol May 2015 indicators by country

2013 2014 2015 20152013 2014

2.6 2.5

5.2 116.2

79.3

30.5

3 Based on water withdrawal factors by sector compared to coal-fired power from the National Renewable Energy Laboratory

4 EPA GHG Calculator

2013 2014 20152013 20142015

Strictly Private & ConfidentialStrictly Private & Confidential

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EQUIS • 2015 SUSTAINABILITY REPORT • 7

SINGAPOREAsia Networks develops, owns and operates telecommunications infrastructure assets, with a focus on South East Asia. The company formed a joint venture with Consistel Pte Ltd for the construction and operations of in-building distributed antenna systems, with the first system located in the Singapore Sports Hub.

PHILIPPINESBioeq Energy is focused on becoming Asia’s leading bio-energy company. Bioeq Energy invests in, develops, constructs and operates biofuel refineries, bio-mass power plants and related logistics infrastructure. Bioeq Energy currently owns and is constructing a vertically integrated bio-refinery and is developing a 3,200ha corporate farm which will supply sugar cane to the refinery.

INDIAEnergon Soleq invests in the development, construction and operation of solar projects in India and is currently developing 130MW of solar assets in the state of Telangana.

INDIAEnergon is focused on developing, owning and operating wind generation assets in Asia. In India, Energon currently owns a portfolio of 414MW of assets, with 260MW of operational assets and the balance under construction. PHILIPPINESEnergon Philippines is an independent wind developer headquartered in the Philippines. The company has an interest in the 54MW Pililla project which is operational and the Sembrano project (up to 85MW) which is being developed.

INDIAHydreq is a regional hydro power developer, owner and operator. In India, Hydreq holds a controlling ownership interest in DANS Energy, which has developed two run-of-river hydroelectric power generation facilities in Sikkim, North East India. Jorethang, with a capacity of 96MW, was commissioned in September 2015. Tashiding (97MW) is under construction, with commissioning expected in early 2017. PHILIPPINESHydreq Power is Equis’ Philippines hydro power platform with a mandate to develop, construct and operate hydro power projects. Hydreq Power is developing a portfolio of hydro power projects in the Philippines and is currently focusing on the 500MW Wawa pump storage project on Luzon Island. A 100MW project in Davao is also being evaluated.

INDIAInfraedge invests in the construction and long term management of captive utility-like assets servicing large scale social PPP, townships, commercial and industrial projects across South East Asia. Infraedge has entered into a partnership with Assetz Property Group to develop community townships in India. The platform’s seed asset is an 18 acre township in Bangalore, India.

JAPANJapan Solar is a limited partnership with total commitments of US$721 million and a mandate to invest into solar generation projects in Japan. Capital is invested into 21 projects developed by Nippon Renewable Energy (“NRE”), a Tokyo-based solar utility business focused on owning, developing, constructing and operating solar generation facilities throughout Japan.

JAPAN Japan Wind provides funding to projects developed by Nippon Wind Energy (“NWE”), a Tokyo-based developer, owner and operator of wind power projects across Japan. NWE has a pipeline of over 500MW of onshore wind projects.

THAILANDSoleq is an Asian solar utility business focused on becoming Asia’s largest independent solar power producer. Soleq currently owns 70% of 10 operating projects totaling 92MW across Thailand and is developing a further 35MW of solar projects in Thailand. PHILIPPINESSoleq is an Asian solar utility business. In the Philippines, Soleq is the country’s largest solar power producer with 30MW of operational projects and 163MW under construction.

CHINAOriental Gas is a developer and operator of natural gas distribution assets in China. Oriental Gas currently owns 13 gas distribution projects across six provinces, supplying piped natural gas, compressed natural gas and liquid natural gas to residential, industrial, commercial and transportation customers.

I N V E S T M E N T

O V E R V I E W133MW Solar Farm (Pollo) - Cadiz City, Negros Occidental, Philippines

Strictly Private & Confidential

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EQUIS • 2015 SUSTAINABILITY REPORT • 9

130MW Development194,923 tonnes GHG savings 198 megalitres H2O savings

96MW Operational97MW Construction 810,721 tonnes GHG savings 829 megalitres H2O savings

156,905m2 Development

92MW Operational35MW Development94,658 tonnes GHG savings 178 megalitres H2O savings

300,000m2 Operational

600 Operational (mil cbm)9,389 Construction (mil cbm)820,878 tonnes GHG savings

24MW Operational195MW Construction

185MW Development 256,694 tonnes GHG savings

439 megalitres H2O savings

95MW Development 114,636 tonnes GHG savings

197 megalitres H2O savings

54MW Operational85MW Development

65,447 tonnes GHG savings 123 megalitres H2O savings

6MW Construction42.6ML Construction Bioethanol

115,715 tonnes GHG savings248 megalitres H2O savings

30MW Operational163MW Construction

137,673 tonnes GHG savings 258 megalitres H2O savings

600MW Development932,714 tonnes GHG savings1 1,758 megalitres H2O savings

INDIA

SINGAPORE

S U S T A I N A B I L I T Y A T A G L A N C E

THAILAND

CHINA

JAPAN

PHILIPPINES

260MW Operational154MW Construction 987,400 tonnes GHG savings 1,007 megalitres H2O savings

1 Based on projected generation of 500MW only

Strictly Private & ConfidentialStrictly Private & Confidential

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EQUIS • 2015 SUSTAINABILITY REPORT • 11

Equis’ assets are built to benefit generations. Therefore we are committed to ensure that all platforms make a positive long-term contribution to the environment as well as the local communities in which they are developed and operate, while also offering sustainable and superior returns to our investors.

ESG principles are central to our investment decision process and are considered at all stages of the investment cycle, from preliminary screening through to exit. Equis’ policies incorporate international best practice standards to form the framework for our ESG and socially responsible investment management.

The Equis Investment Code, Environmental and Social Responsibility Policy and Exclusions List, which incorporate the IFC Performance Standards and Environmental, Health and Safety (“EHS”) Standards, the World Bank Environmental and Social (“E&S”) Standards, the United Nations Principles for Responsible Investment (“UNPRI”), form the framework for Equis’ ESG and investment management.

ESG AND INVESTMENT MANAGEMENT FRAMEWORK

P O L I C I E S

A N D S T A N D A R D S

CODE OF CONDUCT

BUSINESS CONTINUITY

RISK MANAGEMENT

PERSONAL TRADING

EXTERNALCOMMUNICATIONS &

DEALING WITH PUBLIC OFFICIALS

PERSONAL DATA PROTECTION & ELECTRONIC

INFORMATION SECURITY

HUMAN RESOURCES

OCCUPATIONAL HEALTH & SAFETY

ESG CODE

ENVIRONMENTAL & SOCIAL RESPONSIBILITY

IFC EHS Guidelines

IFC Performance Standards

Foreign Corrupt Practices Act 1977 (USA)

UN Declaration of Human Rights

World Bank E&SStandards

Bribery Act 2010 (UK))

ILO Basic Terms & Conditions

of Work

EQUIS POLICIES

& PROCEDURES

INVESTMENT CODE Equis’ Investment Code stipulates that all employees commit to the following key principles, which platforms are also required to adopt: • Minimise adverse impacts and enhance positive

effects on the environment, stakeholders and staff• Apply the relevant international best practice

standards to investments• Commit to continuous improvements in managing

ESG topics and issues• Make efficient use of natural resources and protect

the environment • Support reducing GHG emissions, contributors to

climate change • Comply with all applicable laws • Promote social aspects of development impact

from investments • Apply management systems which address

ESG risks • Realise ESG opportunities as an essential aspect

of investment value

ENVIRONMENTAL & SOCIAL RESPONSIBILITYAfter becoming a UNPRI signatory in 2014, Equis incorporated the Principles into the Equis Environmental and Social Responsibility Policy which outlines actions required pre and post investment, including: • Incorporating ESG considerations into investment

analysis and decision making processes • Being active owners and incorporating ESG issues

into our ownership policies and practices • Seeking appropriate disclosure on the ESG

practices of target investments • Promoting the acceptance and implementation of

the Principles within the investment industry• Working to enhance our effectiveness in

implementing the Principles • Promoting ESG to the investment industry • Monitoring and reporting platform investment

ESG activities and progress on a quarterly and annual basis

EXCLUSIONS LIST The Exclusions List prohibits Equis from investing in a number of sectors and activities that would be in conflict with the Investment Code, including: • Activities involving the conversion or degradation

of critical natural habitats • Gambling or casinos • Tobacco product production or trade • Commercial logging • Weapons/ammunitions production or trade • Production, storage, trade in, or disposal of,

radioactive products • Activities involving exploitative forms of labour or

child labour

IFC PERFORMANCE STANDARDS Equis screens and reviews each investment prior to acquisition or development based on the eight IFC Performance Standards outlined below: • Assessment and management of E&S risks

and impacts • Labour and working conditions • Resource efficiency and pollution prevention • Community health, safety and security • Land acquisition and involuntary resettlement • Biodiversity conservation, sustainable management

of living natural resources • Indigenous peoples • Cultural heritage

Strictly Private & ConfidentialStrictly Private & Confidential

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EQUIS • 2015 SUSTAINABILITY REPORT • 13

INVESTMENT SCREENING

• Internal screening against the Investment Exclusion List

• IFC Risk Categorisation A. Probable significant adverse

social and/or environmental impacts, which are irreversible

B. Probable adverse social and/or environmental impacts, which can be reversed or mitigated

C. Probable minimal or no adverse social and/or environmental impacts

• Identification and assessment of additional risks, per the FCPA and Bribery Act including:

– Corporate Governance – Business Integrity

Following the identification and assessment of risks by type, the management of ESG issues can be divided into three action areas to be managed and monitored.

ESG management is embedded into Equis’ investment evaluation and asset monitoring. Each asset must follow the process at each stage of the investment lifecycle. These systems ensure that ESG considerations are a fundamental component of the investment decision process, and remain a central focus during the development, construction and operation of all portfolio investments.

CONSERVATION PREVENTION IMPROVEMENTS

ENVIRONMENTAL • Natural resources usage• Biodiversity• Water usage

• Waste management• Effluents• Emissions• Water pollution

• Introduction of international best practices

• Protection• Education and awareness

SOCIAL • Cultural heritage• Indigenous people• Livelihood

• Accidents and incidents• Displacements• Noise

• Health & safety policies• Labour and working

conditions• Community programs

GOVERNANCE • Business integrity • Bribery• Fraud• Money laundering

• Corporate governance• Board composition• Policies and procedures

Construction workers at the 20MW Garcia Solar Farm (Soleq Philippines) stretch as part of the daily morning “Toolkit Talk”

These actions include safeguarding existing resources, minimising or eliminating negative impacts and enhancing current systems.

S Y S T E M S A N D P R O C E S S E S

INVESTMENT DEVELOPMENT, CONSTRUCTION & OPERATION

• Based on the CAP and ESIA, an Environmental and Social Management Plan (“ESMP”) is developed with an external consultant. The ESMP is used to manage environmental and social issues and risks during the investment lifecycle

• The ESMP forms part of the Environmental and Social Management System (“ESMS”). The ESMS is developed to ensure that each platform implements actions identified, has a clear plan to improve ESG performance over the investment lifecycle and executes community based CSR projects

• Additionally, the ESMS will cover: – Monitoring requirements,

including monthly internal updates and quarterly and annual reports

– Adopting Equis policies and procedures as applicable

– Improving and enhancing ESG management

– Reporting and training surrounding risk and compliance

INVESTMENT EVALUATION & DECISION

• Environmental and Social Due Diligence undertaken and report produced by an external advisor

• Based on the due diligence findings a Corrective Action Plan (“CAP”) and Environmental and Social Action Plan (“ESAP”) is developed, identifying actions and considerations to be incorporated into each stage of the project to mitigate risks and negative impacts

• An Environmental & Social Impact Assessment (“ESIA”) is performed for Category A and B projects by an external advisor to assess potential investment impacts and provide measures to minimise and mitigate potential adverse impacts

• Following discussions with

the local community, the ESIA identifies CSR projects which will benefit the local community

ESGMANAGEMENT

Inve

stm

ent

Scre

enin

g

Investment

Evaluation &

Decision

InvestmentDevelopment, Construction

& Operation

Strictly Private & ConfidentialStrictly Private & Confidential

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C O N T R I B U T I N G T O

C O M M U N I T I E S

EQUIS • 2015 SUSTAINABILITY REPORT • 15

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EQUIS • 2015 SUSTAINABILITY REPORT • 17

From the initial stages of project

development through to operations,

Equis and its platform companies

actively engage with the communities

surrounding project sites. We consult

with these communities and local

leaders in order to identify the CSR

initiatives which will most benefit

people surrounding project sites.

Through continuous dialogue and by

tailoring CSR activities to community

requests and requirements, we are

able to build closer relationships with

our key project stakeholders. The core

areas that we target, in partnership with

our local contractors, are Education,

Healthcare and Infrastructure.

EDUCATIONWe have been focused on providing scholarships and internships, supporting schools, raising road safety awareness and assisting local farmers to increase productivity in organic farming. Our initiatives include:

• Annually, a scholarship grant is awarded to a talented student from a low-income background for the duration of their 4-year degree at the University of the Philippines by Asia Networks.

• NRE, which develops Japan Solar, has funded the construction of solar generation systems for local schools. These systems are donated to the schools to promote the use of renewable energy and to showcase green technologies to the students.

A N

O V E R V I E W

• In the Philippines, Bioeq Energy’s corporate farm is providing group term life and medical health insurance to all members of the cane farmer cooperative contributing to the farm.

• Following a doubling of dengue cases in Thailand, Soleq installed mosquito screens in a rural kindergarten and arranged for a health officer to educate children, parents and staff on prevention measures and symptoms of dengue to further reduce the risks of the disease.

INFRASTRUCTUREOur infrastructure CSR projects aim to improve access to basic sanitation facilities and potable water as well as increase road infrastructure near project sites. Examples include:

• In India, approximately 25% of female students do not continue their secondary education due to a lack of basic sanitation facilities and privacy at schools. In continuation of the program initiated in 2014, Energon provided sanitary facilities for female students at government schools near project sites. Water filters have also been provided to schools near project sites to provide clean water to students and teachers.

• To improve access to the main road from four local villages, Hydreq India constructed concrete pathways. Water storage tanks and a water supply pipeline were also built to provide the villages with access to drinking water. Hydreq also contributed to the construction of a new building for a local government secondary school and provided desks for a school.

• In China, Oriental Gas subsidised the construction of a pipeline to a local high school and is providing gas at a discounted tariff. This has allowed the school to reduce its reliance on coal stoves, thereby providing a cleaner and healthier learning environment for the students. The company has also donated funds to build a primary school.

• In the Philippines, Soleq constructed an eight metre culvert bridge near one of its sites to improve access for the community. The bridge enables local farmers to transport and deliver their agricultural produce to the local market, which positively impacts their incomes. The bridge will also help to mitigate flooding, improve water drainage and provide safe access for the community. Following requests from local communities, Soleq donated a fire truck to provide additional resources and support disaster risk.

In addition to programs focused on education, healthcare and infrastructure, Equis encourages all platforms to enhance the environment near project sites through tree planting and erosion prevention. Platforms in the Philippines have established a seedling nursery with capacity for approximately 200,000 seedlings. The nursery not only ensures a healthy supply of indigenous fruit bearing and forest seedlings for tree-planting activities, but also provides livelihood assistance to members of the local communities. Additionally, the program serves as an educational tool to increase environmental and bio-diversity awareness as well as highlighting the importance of the watershed conservation and management.

HEALTHCAREAs we often operate in rural areas, access to both basic and preventative healthcare is a key priority for communities near our project sites. Our programs include:

• In India, Infraedge is providing regular health camps and health check-ups for local communities, and labourers and their families at project sites. These include cancer screening, eye check-ups, cataract treatment and general health screening and treatment in partnership with local NGOs.

• To increase local community and public awareness of the benefits and potential of wind generation, Energon Philippines established an educational visitors centre at the site in partnership with the World Wildlife Fund. The wind farm has become a popular tourist attraction and receives approximately 5,000 visitors each week. The influx of tourism has in turn created a cottage industry for the local community who are involved in managing a display area with brochures and souvenirs, providing an additional revenue stream to local families.

• Energon Soleq is actively encouraging women to join the workforce during construction and operation by creating an internship program to provide on-the-job training to underprivileged female engineers. The interns will be hired as full time employees within the platform post-training.

• Energon India, in partnership with its local contractor and a local NGO, provides regular healthcare services to 24 rural villages through the provision of an ambulance and doctor which rotate daily through the villages, providing two visits per month to each village.

• Due to the remote nature of Hydreq Power’s project site in the Philippines, we are arranging for the provision of regular medical missions to provide a sustainable healthcare service in partnership with a local medical organisation.

Strictly Private & Confidential

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EQUIS • 2015 SUSTAINABILITY REPORT • 19

In 2015 Equis initiated discussions with Orbis, a global non-profit organisation, whose mission is to prevent and treat blindness by providing quality eye care to transform lives.

Equis is committed to a long-term working relationship with Orbis to sponsor and develop projects in India, the Philippines and our pipeline projects in Indonesia in order to directly impact the communities near project sites.

We are currently working with Orbis to shortlist viable projects. One opportunity being considered is creating an eyecare health program for children in India. The program would aim to screen school children for

S U P P O R T I N G

C O M M U N I T I E S

refractive errors, which are the single largest cause of visual impairment in India. Children found to have other eye conditions would be referred to an Orbis partner hospital for further treatment.

Orbis has over 30 years’ experience working in 92 countries and has enhanced the skills of over 325,000 eye care professionals to provide treatment to more than 23.5 million blind and visually impaired people.

Orbis draws upon an international faculty of more than 500 volunteer ophthalmologists, nurses, and biomedical engineers to deliver training and treatment in the most underserved regions of the world.

Additionally, Equis is exploring the ability to sponsor the provision of renewable energy to the Orbis network of more than 200 partner vision centres across India by installing solar panels.

EQUIS • 2015 SUSTAINABILITY REPORT • 19

Strictly Private & Confidential

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Energon’s 54MW wind farm in Rizal, Philippines

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T : +65 6220 0040 | E: [email protected]

www.equis fg .com