IVL Recycling 2

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 Indorama Ventures Global Services Limited (Company), incorporated in Thailand, is a subsidiary of Indorama Ventures Public Company Limited (IVL or the Group, https://www.indoramaventures.com/en) and is one of the world’s leading petrochemicals producers. The company has a global manufacturing footprint across Africa, Asia Pacific, Europe, and America. The company’s portfolio comprises integrated polyethylene terephthalate (PET), olefins, fibers, packaging, and specialty chemicals. IVL has an established presence at 148 operational sites in 35 countries across six continents. IVL entered the recycling business in 2011, transforming post-consumer PET bottles into flakes, recycled PET (rPET) resins, recycled polyester yarns, and recycled polyester fibers. In the PET recycling process, the post-consumer PET bottles are first compressed in bales and brought to the factory. The bottles are then mechanically sorted, labels and enclosures are separated from the bottles and are then sterilized using thermal processing. The bottles are washed, cleaned and crushed into small flakes, which can be reused. The bottle flakes are examined before melting to become recycled resins that can be further processed to make polyester fibers. IVL made a global commitment that it will recycle 750,000 tons (about 50 billion bottles) and 1 million tons (about 100 billion bottles) of post-consumer PET materials annually by 2025 and 2030 respectively. IFC is considering financing an A loan of up to US$250 million (or equivalent in Thai Baht) to finance Group's growth and maintenance capital expenditure along with related working capital requirements for recycled polyethylene terephalate (rPET) business and implementation of sustainability initiatives, including re-imbursement of costs already incurred by the Company in 2023 and 2024 in the countries of Thailand, India and Indonesia. IVL is an IFC portfolio client (https://disclosures.ifc.org/project-detail/ESRS/43300/ivl-thailand ). Based on IFC's supervision to date, the existing investment’s E&S performance has been satisfactory.