Major global PET bottle recycler Indorama Ventures has completed expansion of its recycling facility in Brazil. Located in Juiz de Fora, north of Rio de Janeiro, the plant’s production capacity has increased from 9 000 to 25 000 tonnes per year.
Indorama has invested US$ 20 million (EUR 18 million) in the facility’s processes and acquired new equipment such as washing machines to remove labels, grind bottles in water and reduce water consumption by 70%.
The project is part of Indorama Ventures’ Vision 2030 ambition to become a sustainable global company which includes spending US$ 1.5 billion to ramp up its recycling capacity to 50 billion PET bottles per year by 2025.
Huge financial support
The investment is supported by a so-called ‘Blue Loan’ from the International Finance Corporation (IFC), a member of the World Bank. In 2020, the IFC provided US$ 300 million for Indorama to increase recycling capacity and divert plastic waste from landfills and oceans in Thailand, Indonesia, Philippines, India and Brazil.
Blue Loan funds are certified and directed at projects that support sustainable use of ocean resources for economic growth, improved livelihoods and jobs, as well as healthy oceans. Indorama Ventures secured US$2.4 billion in long-term funding from various financial institutions between 2018-2022 to support sustainability projects.
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