Freepoint Eco-Systems LLC announced the closing of a $50 million non-recourse project finance facility for its plastic waste upcycling facility in Hebron, Ohio. ING Capital LLC underwrote this term loan facility.
This transaction is noted as the first of its kind in the developing plastic reclamation space for hard-to-recycle plastics. The Hebron, Ohio facility has a processing capacity of 180 million pounds of plastic waste per year.
The partnership with ING demonstrates that plastic upcycling facilities utilizing new technology can access project finance loan markets. This transaction reiterates ING's commitment to supporting clients active in the circular economy and sustainability sectors.
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