Thailand’s Indorama Ventures obtained a blue loan totaling USD300 million for its plastic recycling plans.
The loan is made of USD150 million senior loan from the International Finance Corporation (IFC), USD50 million from the Asian Development Bank (ADB), USD50 million from the ADB-administered Leading Asia’s Private Infrastructure Fund (LEAP), and USD50 million from DEG, a German development finance institute.
The blue loan is the first one ever granted to a global plastic resin producer, which would support the recycling of 50 billion polyethylene terephthalate (PET) bottles a year by 2025 in Thailand, Indonesia, Philippines, India, and Brazil.
By 2025, Indorama Ventures plan to recycle into a minimum of 750,000 tons of PET.
Other than that, the financing will also support its other climate-related activities such as installing more solar panels at facilities in Thailand and India with other sites to follow, while also securing more renewable energy for its manufacturing facilities.
Indorama Ventures is also progressing on a waste heat recovery (WHR) project at its PET and fiber manufacturing facility in Indonesia, where energy efficiency (EE) measures are estimated to slash the facility’s carbon footprint by up to 25%.
The group will also develop EE projects in Brazil and other facilities to fulfill its corporate goals.
