- Freepoint Eco-Systems closed a $50 million non-recourse project finance facility.
- The facility is for a plastic waste upcycling plant in Hebron, Ohio.
- The plant processes 180 million pounds of plastic waste annually.
- ING Capital LLC underwrote the loan, supporting circular economy initiatives.
Project Finance Facility
Freepoint Eco-Systems LLC has secured a $50 million non-recourse project finance facility for its plastic waste upcycling facility in Hebron, Ohio. The loan, underwritten by ING Capital LLC, is a pioneering move in the plastic reclamation sector, particularly for hard-to-recycle plastics.
Facility Capacity and Impact
The Hebron facility boasts a processing capacity of 180 million pounds of plastic waste annually. It transforms waste plastic, which would otherwise end up in landfills or incineration, into a hydrocarbon-rich liquid. This liquid serves as a raw material for new products, contributing to a circular economy.
Strategic Expansion
This transaction marks a significant step in Freepoint Eco-Systems' strategy to establish multiple waste plastics upcycling facilities globally. The company aims to enhance the collection and disposal of plastic waste by converting it into valuable commodities.
ING's Commitment
ING Capital LLC's involvement underscores its commitment to supporting clients in the circular economy and sustainability sectors. The firm anticipates growing demand for debt capital in the plastics recycling market as global efforts to recover and recycle waste plastic intensify.
