We are excited to announce the approval of a €70 million senior loan from Proparco. This significant funding will enable us to scale our Next-Gen recycled fiber production and expand our textile recycling capacity, strengthening our commitment to sustainability and environmental stewardship.
The loan will be instrumental in enhancing our operations in Gaziantep, Turkey, allowing us to significantly reduce our carbon and water footprints. Already in 2021, Proparco extended a €37 million loan to support sustainable investments and job creation within our textile subsidiary. This new loan underscores Proparco’s confidence in our vision and their commitment to supporting environmentally friendly investments.
In 2023, the textile industry was responsible for 10% of global emissions, with fashion sales projected to grow by 25% between 2016 and 2030. Decarbonization pathways for the textile industry heavily rely on recycling initiatives and renewable energy.
In this scenario, RE&UP has been committed from day 1 to contributing to the green transition of the sector, and the loan will help the company utilize electricity generated from 100% renewable energy sources through the use of cutting-edge equipment, including 8.4MW capacity rooftop solar panels for self-consumption. Additionally, the loan will support the construction of a new textile-to-textile recycling facility in Gaziantep which will be built in line with the company’s sustainable practices and policies.