In order to dramatically lower its carbon and water impact, Sanko Group’s RE&UP Recycling Technologies has obtained a €70 million ($75.98 million) loan from Proparco to expand its capacity for producing next-generation recycled fiber and textile recycling. The money will go toward building a new textile-to-textile recycling facility with 8.4 MW of self-consumption rooftop solar panels in Gaziantep, Turkey.
Proparco underlined the need for recycling programs and decarbonizing energy supplies for the sustainable transformation of the textile industry, pointing out that the sector will account for 10% of world emissions in 2023. The new facility will support the green transition of the industry by using only renewable energy.
According to Stéphane Froissardey, regional director of Proparco, “we as Proparco are proud to support RE&UP Recycling Technologies, backed by Sanko Group, in their textile recycling investment, through which amplified effects on the decarbonization of the industry will be achieved.” This loan, which is Proparco’s second financing to Sanko Group, improves their partnership as they work toward long-term, sustainable objectives.
“This new investment will significantly enhance the ability of RE&UP to scale its next-generation recycle fiber production and textile recycling capacity to 1 million tons by 2030,” said Fatih Konukoglu, chairman of RE&UP Recycling Technologies and vice chairman of Sanko Holding, in response to Proparco’s support. In unison, we are clearing the path for a revolutionary, environmentally conscious future for our sector.
