The Closed Loop Fund, an investment fund that finances recycling infrastructure and sustainable manufacturing technologies to advance the circular economy, has released its 2016 impact results.
“Our portfolio is rapidly delivering greater and greater impact, as more projects come online,” Margot Kane, CFO and Chief Investment Officer of Closed Loop Fund said ina statement. “In just the last quarter of 2016, tons diverted from landfill, greenhouse gas tons avoided, and economic benefit to cities doubled what we saw cumulatively in the year prior.”
Kane continued, “We are showing that municipalities and recycling companies have significant demand for impact investment dollars, and we are unlocking powerful co-investment. To date, the investments are generating revenues and paying back on time.”
- The Closed Loop Fund committed nearly $25 million in 11 projects, with three-times co-investment of over $64 million from municipalities, banks and impact investors.
- Eight live projects have already diverted 98,500 tons of material from landfill, reducing the equivalent of 232,000 metric tons of GHG emissions.
- The fund estimates it’s resulted in $533,000 in economic benefits to municipalities.
- Activities represent recycling generated by nearly 1.2 million households.
Since the end of 2016, Closed Loop Fund has closed two additional loans:
- Aero Aggregates: a lightweight aggregate manufacturing company creating a high value end market for recycled glass in road construction and other geotechnical applications
- Escambia County Utilities Authority (ECUA): a new high-tech materials recovery facility (MRF) in Pensacola, FL serving a region that was previously a recycling desert