The CEFC has made its first investment under the Australian Recycling Investment Fund, committing up to $16.5 million in debt finance on behalf of the Australian Government to a polyethylene terephthalate (PET) recycling facility in regional New South Wales.
The new plant will recycle the equivalent of an estimated one billion PET bottles a year as well as create long term employment opportunities in Albury-Wodonga.
The PET plastic will be used to produce more than 20,000 tonnes of new bottles and food packaging a year, which is a significant development of Australia’s circular economy.
Circular Plastics Australia (CPA) will be Australia’s largest PET plastic recycling plant and only the second facility of its kind in Australia to process PET end-to-end into food-grade recycled PET. The plant will increase Australian manufactured and sourced recycled PET by two thirds, reducing Australia’s reliance on both new and imported recycled plastics.