OTP Bank Romania supports GreenWEEE in a 10 million Euro project for a new waste recycling plant

GreenWEEE International, market leader in waste electrical and electronic equipment (WEEE) recycling, announces new investment plans in a third recycling plant. The company, present in Buzau since 2009 and in Campia Turzii since 2017, member of Green Group, continues its development strategy by building a new production hall and acquiring the most advanced technologies in waste recycling of electrical and electronic equipment, with a investment value of 10 million Euro.

The new plant will be located in Buzau, on the Frasinu industrial platform, and construction will start early next year and is expected to be fully operational in the fourth quarter of 2022. At the end of the project, GreenWEEE will have over 325 employees in Romania, and the total recycling capacity will increase by 30 percent, adding up the operations of the other two existing factories.

The project is to be financed by OTP Bank Romania within an existing syndicated loan. It is also the latest in a series of significant strategic investments, as part of GreenWEEE’s commitment to boosting a sustainable economic model, in line with EU aspirations, and making the transition to a circular economy with a major impact in combating climate change.

“In the European Union, the Circular Economy is correlated with 300-380 billion euros of GDP, while in Romania there is a discussion about a substantial need to move in this direction. The benefits of transitioning to a circular development model are linked to growth, employment, investment, all of which generate long-term sustainable growth. In this context, we appreciate Green WEEE’s efforts to stimulate a sustainable economic model, in line with EU aspirations, and remain a reliable financial partner in supporting a strong business with a major impact on the society in which we live,” said Gyula Fatér, CEO, OTP Bank Romania.

“Since 2009 we have been committed to paving the way for the creation of a strong national circular economy, by recycling waste electrical and electronic equipment, and the resulting fractions to be used as secondary raw materials in various industries. This new plant highlights the strategy of our group, namely the continuous growth of the business through investments in the latest and most modern technologies, while contributing to the reduction of pollution and the stimulation of recycled materials,”, said Marius Costache, General Manager of GreenWEEE.

GreenWEEE converts the collected WEEE (refrigeration and air conditioning equipment, small and large household appliances, power tools or computer and telecommunications equipment, etc.) into high purity fractions, which are then introduced into the economy as secondary raw materials, which are necessary especially in the current context.

The waste comes from the local market, from economic operators authorized to take responsibility for the manufacturer, electronics and home appliance retailers, sanitation companies, collectors, as well as through contracts with large producers.