Greenwave Circularity Secures ₹300 Crore OeEB Loan for PET Recycling Plant in Odisha
Greenwave Circularity Private Limited, backed by Moon Beverages, has secured USD 31.5 million (approximately ₹300 crore) in financing from OeEB, the Development Bank of Austria, to build an integrated PET recycling facility in Odisha. The loan is guaranteed by the European Union's Fund for Sustainable Development Plus (EFSD+) under its Transforming Global Value Chains programme and is the first OeEB real-sector project implemented under an EFSD+ guarantee. The financing agreement was signed in March 2026.
OeEB describes the project as India's first fully integrated, closed-loop greenfield PET recycling facility. Once operational, the plant will convert post-consumer PET bottle scrap into food-grade recycled resin (rPET), flakes, pellets and preforms for the food and beverage packaging industry. The plant is planned to have an annual capacity of 42,000 tonnes of rPET resin, with additional capacity planned for recycling plastic bottle caps made from polyolefins.
The facility will run on rooftop solar power with a zero-liquid-discharge effluent treatment system and biofuel use, and is targeting LEED Gold green-building certification. Operations are expected to commence in 2027.
The project is expected to create more than 1,000 direct and indirect formal jobs, with an estimated 79 per cent reduction in greenhouse gas emissions compared to virgin PET production. It positions Greenwave to serve demand arising from India's Extended Producer Responsibility rules, which mandate a higher share of recycled content in packaging, including a 40 per cent recycled-content requirement for rigid beverage packaging from FY27.
Intellecap's Investment Banking Group acted as exclusive financial advisor to Greenwave on the transaction. Exact plant location, land status and construction timeline within Odisha were not disclosed in the source.