OeEB’s EUR 27 million loan to Greenwave Circularity in India gets support from TGVC guarantee under EFSD+

OeEB's EUR 27 million loan to Greenwave Circularity in India gets support from TGVC guarantee under EFSD+

EU-backed risk-sharing enables new PET bottle recycling facility and strengthens circular economy in Odisha

BRUSSELS, Belgium; 21 May 2026: EDFI Management Company (EDFI MC), through its Transforming Global Value Chains (TGVC) guarantee programme under the European Fund for Sustainable Development Plus (EFSD+), is supporting OeEB's senior loan of the equivalent of EUR 27 million (INR 3 billion) to Greenwave Circularity Private Limited in India. The financing will enable the settingup of a PET bottle recycling facility in the state of Odisha that will produce rPET flakes, pellets and granules, contributing to sustainable packaging solutions and the development of the circular economy in India.

OeEB benefits from a, EU backed guarantee of EUR 16.2 million to support the disbursement of this loan, in addition to a guarantee provided by the Austrian Ministry of Finance. The EU-backed guarantee will help de-risk the investment and enable OeEB to provide long-term financing on terms that support the project's viability and development impact. This investment in PET bottle recycling reflects the European Union's strong partnership with India on circular economy and climate action, a priority reaffirmed at the 16th India-EU Summit. Through the partnership, both partners are accelerating decarbonisation by supporting industrial transition, scaling up resource efficiency and reducing industrial carbon footprints. Greenwave Circularity Private Limited is a special purpose vehicle established to build and operate the PET recycling facility, which will also include green CAPEX such as a solar rooftop installation, a zero liquid discharge system and green building measures, including a planned LEED certification. Greenwave was founded in 2024 as a joint venture between Moon Beverage Ltd., Jainarain Fabtech and the founder and CEO Mr. Devang Kumar. The company will benefit from an offtake agreement with Moon Beverage Ltd., one of the largest franchise bottlers of Coca-Cola in India, and from Jainarain Fabtech's experience and network in sourcing used PET bottles.

H.E. Ambassador Hervé Delphin, EU Ambassador to India said: "This investment supported by the European Union empowers the private sector to scale up plastic waste management and create local value chains, as well generating high-quality jobs. Recycling is a virtuous circle serving the economy and the environment as well as the people. This partnership demonstrates how strategic is EU-India cooperation in circular economy and resource efficiency, creating opportunities for the private sector to drive sustainable, low-carbon industrial growth".

Rodrigo Madrazo Garcia de Lomana, CEO of EDFI Management Company added "At EDFI Management Company, our mandate is to use innovative EU-backed guarantees to enable investments that would otherwise be difficult to realise at scale. By de-risking OeEB's financing to Greenwave Circularity through the TGVC guarantee under EFSD+, we are helping bring long-term capital to a pioneering PET recycling facility in Odisha that supports sustainable packaging solutions, local economic activity and a more resilient, low-carbon value chain."

By increasing the availability of recycled PET in India, the project is expected to support more sustainable packaging, reduce plastic waste and foster circular value chains, while also creating jobs and stimulating local economic activity around collection and processing. The TGVC guarantee is critical for the investment to move forward; without it, OeEB would not be able to provide the requested financing amount on suitable terms, and higher pricing could compromise the project's viability and reduce its development impact.

About EDFI Management Company

EDFI Management Company (EDFI MC) is a multilaterally owned impact asset manager which delivers innovative development finance solutions that enable European DFIs, development banks and private sector investors to increase the scale and impact of their work. The company focuses on business models, technologies and geographies where other investors have not been able to operate at the desired scale given their resources and investment criteria. For more information, visit https://www.edfimc.eu

About the EDFI Transforming Global Value Chains (TGVC) Programme

The EDFI Transforming Global Value Chains (TGVC) Programme is a joint EFSD+ guarantee programme developed by European Development Finance Institutions and EDFI Management Company under the EU's Global Gateway. The Programme supports and de-risks debt investments in companies and projects that make global value chains more sustainable, inclusive, and resilient, with a focus on high-impact sectors and challenging markets. For more information see https://edfimc.eu/what-we-do/transforming-global-value-chains-tgvc/

About EFSD+

The European Fund for Sustainable Development Plus (EFSD+) is the financing arm of the EU's Global Gateway strategy. It provides guarantees and blended finance instruments to support investments that contribute to sustainable development, particularly in fragile and emerging markets.

About the European Union:

As the world's two largest democracies, the European Union and India share a commitment to a rules-based global order, effective multilateralism, and sustainable development. Since 2004, India has been a strategic partner of the EU, and 2022 celebrated the 60^th anniversary of their relations. Following the 16th EU-India Summit, held on 27 January 2026 in New Delhi, bilateral cooperation is driven by the European Union-India Comprehensive Strategic Agenda, the EU Strategy for Cooperation in the Indo-Pacific, the EU-India Trade and Technology Council (TTC), and the Global Gateway Strategy. With over 50 EU India sectoral dialogues, the partnership prioritises efficient implementation to deliver at scale and speed for the benefit of people in both. https://european-union.europa.eu/index_en

About Global Gateway

Global Gateway is the European Union's strategy to boost smart, clean, and secure connections in digital, energy, and transport sectors, and to strengthen health, education, and research systems across the world. It aims to mobilise up to €300 billion in investments between 2021 and 2027 to support sustainable and trusted partnerships globally.

About OeEB

Oesterreichische Entwicklungsbank AG (OeEB) has been operating as the Development Bank of Austria since March 2008. It specialises in the provision of long-term finance for the implementation of private sector projects in developing countries which create sustainable development. Additionally, OeEB provides technical assistance, which can be used to enhance the developmental impact of projects. For more information, please visit https://www.oe-eb.at/