EBRD invests in recycling park

The bank is providing the investment alongside Global Finance’s South East Europe Fund (SEEF), which is contributing 16.7 million Euro to Green Group’s equity. Green Group is a newly created holding company, set up by Romcarbon SA, a plastic/chemical production company listed on the Bucharest Stock Exchange, to manage, operate and expand its existing recycling services. The new recycling park will comprise four companies collecting and recycling plastic, electric and electronic waste, as well as fluorescent lamps.
The project will introduce for the first time in Romania a nationwide infrastructure for collecting recycling material this will connect the end consumer with the recycler via special reverse vending machines placed in large supermarkets to recover recyclable items including plastic bottles, lamps, batteries and packaging glass.
The project, which is the first equity transaction in the recycling sector in Romania, will support Green Group’s strategy to become a leading recycling park in the south-eastern European region.
“The EBRD is pleased to take part in this exiting project that is bringing an innovative and modern approach to recycling. Green Group will demonstrate the viability of recycling in the region, will set higher environmental standards and will help Romania increase its waste collection and recycling quotas in line with EU requirements,” said Claudia Pendred, EBRD Director for Romania.
In turn, Theodore Kiakidis, Partner at Global Finance, said: “We are impressed with the achievements of Green Group over a relatively short period of time. We strongly believe that by joining forces with them we will be able to create a regional leader in recycling and the European leader in synthetic fiber production.”
“Romania is given the opportunity to boost its sustainable development for a greener and safer future. We plan to make Romania a benchmark of south-eastern Europe for collection and recycling standards,” said Clement Hung, CEO of Green Group.