Greenwave Circularity Secures US$ 31.5M For Odisha PET Recycling Plant
Greenwave Circularity has secured a US$31.5 million loan from Austria’s Development Bank (OeEB) to develop a PET recycling facility in Odisha with an annual processing capacity of 42,000 tonnes of plastic waste.
The financing is backed by a 60% guarantee from the European Union’s European Fund for Sustainable Development Plus (EFSD+) and the Austrian Ministry of Finance, highlighting continued international financing for sustainable infrastructure projects in India.
The project is a joint venture between Moon Beverage Ltd, a bottling partner of Coca-Cola, Jainarain Fabtech Ltd and Greenwave Circularity founder Devang Kumar.
The facility will operate on a closed-loop model, converting used PET bottles into recycled raw material for new packaging. It will produce food-grade recycled PET resin and preforms, targeting growing demand for recycled content in food and beverage packaging.
The project also has a secured offtake agreement with Moon Beverage, providing a committed market for the recycled material produced at the plant.
The facility is expected to support India’s efforts to strengthen its domestic supply of food-contact-compliant recycled PET and help packaging companies meet rising Extended Producer Responsibility (EPR) requirements.
Greenwave plans to incorporate renewable energy sources, including rooftop solar and biofuels, to reduce operating costs and the plant’s environmental footprint.
Construction and development of the facility are scheduled to continue through 2027. The project is expected to strengthen Odisha’s position as an emerging destination for investments in recycling and sustainable manufacturing.
The investment comes as demand for recycled PET continues to grow, driven by regulatory requirements and increasing adoption of recycled materials by consumer brands.
