Indorama Ventures has announced the completion of the expansion of its post-consumer PET polymer recycling plant in Juiz de Fora, Minas Gerais, Brazil.
After the expansion, Indorama increased its capacity to 25,000 tonnes from 9,000 tonnes on an annual basis.
The project is part of the company’s goal of investing US $ 1.50 billion to increase its recycling capacity to 50 billion PET bottles per year by 2025.
It’s worth mentioning here that Indorama has invested US $ 20 million to optimise processes and acquire new equipment such as washing machines to help remove labels, grind bottles in water and reduce water consumption by 70 per cent at the Brazilian plant.
The investment was supported by a Blue Loan from the International Finance Corporation (IFC), a member of the World Bank.
It may be recalled here that the IFC provided US $ 300 million in Blue Loan funding to Indorama during 2020 to help the company in its endeavors of increasing recycling capacity and diverting plastic waste from landfills and oceans in Thailand, Indonesia, Philippines, India, and Brazil.
“It is extremely gratifying to leverage the IFC’s generous funding to invest in important projects that build on Indorama Ventures’ industry leadership in sustainability. We are grateful to IFC for this blue loan reinforcing Brazil’s importance as a leader in sustainability, and which also recognize the excellence and potential of our recycling operations,” commented DK Agarwal, Deputy Group CEO, Indorama Ventures.
Carlos Leiria Pinto, IFC Country Manager in Brazil, mentioned, “This is IFC’s first blue loan focused exclusively on combating marine plastic pollution. Working together with a global leader in this industry demonstrates the mutual commitment towards sustainability.”
