SEATTLE (Recycling Monster): Indorama Ventures Public Co. Ltd. announced that it has completed expansion works at its polyethylene terephthalate (PET) recycling facility in Brazil. The expansion works were carried out with the support of ‘Blue Loan’ from the International Finance Corporation (IFC).

According to the company, it has increased the production capacity of the Brazilian plant located in Juiz de Fora, Minas Gerais by almost three times, from around 9,000 tons to approximately 25,000 tons. The project was part of its earlier decision to spend a total of $1.5 billion to lift its production capacity to 50 billion PET bottles by 2025. Also, it is in line with the company’s Vision 2030 goals.

Earlier in 2020, Indorama Ventures had received $300 million in Blue Loan funding from IFC to drive efforts to boost recycling capacity and divert plastic from landfills in countries such as Thailand, Indonesia, Philippines, India, and Brazil. During the five-year period between 2018 and 2022, the company has secured nearly $2.4 billion in long-term sustainable financing from various financial institutions.

The expansion project reinforces Brazil’s leadership role in sustainability and recognizes the company’s excellence in recycling operations, said DK Agarwal, Deputy Group CEO of Indorama Ventures.