September 6 (SeeNews) - Romanian recycling company Green Group said it has received a 66 million euro ($72.8 million) syndicated loan from four banks in order to refinance existing loans and finance new investments and development projects.
The loan was granted by ING Bank, UniCredit Bank, Intesa Sanpaolo Bank and OTP Bank, Green Group said in a press release on Thursday.
The new financing line supports efforts to stimulate a sustainable economic model, in line with EU regulations, which facilitates transition to circular economy and has a major impact on combating climate change by reducing greenhouse gas emissions. Thus, the group is reducing the CO2 footprint of synthetic fibers produced from 100% recycled PET by 75% compared to their production from oil.
Green Group integrates the operations of six companies active in recycling: GreenTech, GreenFiber International, GreenWEEE International, GreenLamp Reciclare, GreenGlass Recycling and Total Waste Management.
Since 2016, the group has been owned by Abris Capital Partners, a private equity fund dedicated to investments in Central and Eastern Europe.
The group has since then invested 170 million euro in Romania and has a total recycling capacity of 460,000 tons of waste per year.
($=0.9065 euro)