Greenwave Circularity gets Rs 300 cr OeEB loan for Odisha recycling plant

BENGALURU: Greenwave Circularity has secured a $31.5 million (about Rs 300 crore) senior loan from OeEB, the Development Bank of Austria, to build an integrated plastic recycling facility in Odisha.The financing was signed in March and announced on Thursday. It is backed by a guarantee from the European Union’s European Fund for Sustainable Development Plus. The transaction is OeEB’s first real-sector project under the guarantee programme, the company said.Once operational, the plant will process discarded polyethylene terephthalate (PET) bottles into food-grade recycled PET, or rPET. Its products will include flakes, pellets, resin and preforms used to manufacture bottles for consumer goods companies.The facility will use rooftop solar power and a zero-liquid-discharge effluent treatment system. It will also seek LEED Gold green-building certification. OeEB estimates that the project will create more than 1,000 direct and indirect formal jobs.Greenwave Circularity was incorporated in 2024 as a joint venture between Coca-Cola franchise bottler Moon Beverage Limited, Jainarain Fabtech and founder and CEO Devang Kumar. Moon Beverage brings customer and offtake relationships to the venture, while Jainarain Fabtech has a network for sourcing used PET bottles. This gives Greenwave a supply chain extending from bottle collection to the production of recycled resin and preforms.“This long-term financing marks a significant milestone in our journey to scale circular economy solutions across industries,” Kumar said.Ilka Vogel, vice-president of investment finance at OeEB, said India was a key geography for the Austrian development bank. She said Greenwave combined growth potential with environmental impact.Greenwave said recycled PET produced at the plant could lower greenhouse gas emissions by up to 79% compared with virgin PET. Intellecap’s investment banking group was the company’s exclusive financial adviser for the transaction. Intellecap’s investment banking group acted as financial adviser to Greenwave on the transaction.Get the latest Business News and Live updates. Download the TOI app.