BPPL SECURES US$ 15MN LONG-TERM FUNDING FROM DFC
Sri Lanka’s plastic recycling capabilities and infrastructure are set to soar with BPPL Holdings PLC, the country’s pioneer in the field, securing long-term funding of US$ 15 million from the International Development Finance Corporation (DFC) of the United States of America.
The funds raised from DFC, the development finance agency of the United States Government, will enable BPPL to expand its monofilament and polyester yarn operations, which use plastic waste as its primary raw material.
This will generate greater export earnings for Sri Lanka whilst addressing the hazardous practices of plastic disposal-one of the country’s critical environmental problems.
The new funding will be used to expand operations to double the number of PET plastic bottle collection centres and the company’s bottle washing capacity, and to enhance monofilament and polyester yarn production by 40 percent and 55 percent per annum, respectively, over the next 4-5 years.
“BPPL’s success in securing this funding from one of the world’s leading providers of development finance is a testament to our strength and stability, as well as an endorsement of our mission,” BPPL MD/CEO Dr. Anush Amarasinghe said.
The loan provided by DFC has a 10-year tenure with a three-year grace period and is subject to regulatory approvals.
ECO SPINDLES: ONLY COMPANY IN ASIA TO WIN GLOBAL IFS CHANGE FOR GOOD SUSTAINABILITY AWARD
Eco Spindles (Private) Limited, a subsidiary of BPPL Holdings PLC was triumphant in becoming the only Asian company to receive an IFS Change for Good Sustainability Award.
IFS, a renowned international cloud enterprise solutions provider, introduced the IFS Change for Good Sustainability Awards in July ‘21. The annual awards hope to highlight the outstanding work by IFS clients to make their businesses more sustainable while encouraging others to do the same
Eco Spindles has recycled over 380 million PET bottles since it commenced recycling operations in 2011. Comments from the panel of judges included “Eco Spindles has created thousands of livelihoods for their local communities”, “I love that sort of cycle of life. So many lives are being transformed because the communities are benefiting from that new way of recycling plastics”.
BPPL Holdings PLC Managing Director and Chief Executive Officer, Dr. Anush Amarasinghe, stated, “We are thankful to IFS for this award as it serves as a reminder of the responsibility undertaken to find effective and permanent solutions to help preserve the natural environment. Sustainability is at the core of every business decision we take as we strive to reduce the carbon footprint we make.”
BPPL HOLDINGS: ONLY SRI LANKAN COMPANY LISTED IN FORBES ASIA’S 200 ‘BEST UNDER A BILLION’
BPPL Holdings PLC, parent company of Beira Brush has been crowned as the only Sri Lankan company to have entered Forbes Asia’s 200 ‘Best Under a Billion’ list. The company is one of Southeast Asia’s largest brush manufacturers and Sri Lanka’s largest plastics recycler equipped with one of only two plants in the world capable of creating polyester yarn directly from recycled PET plastic flakes.
Forbes evaluated over 20,000 publicly traded companies in the Asia-Pacific region this year with revenues of under US Dollars 1 Billion and consistent top-and bottom-line growth. Companies were selected based on a composite score that incorporated their overall track record of which 200 were selected.
After overcoming pandemic-related obstacles, the Group also concluded the fiscal year 2020/21 with remarkable improvements in all key financial metrics. The consolidated revenue of BPPL increased by 31% year-on-year to LKR 3.4 billion. The Group Net Profit After Tax increased by 23% year-on-year to LKR 497 million.
To be recognized on an international platform such as Forbes is an enormous… this is a collective win noted BPPL Holdings PLC Managing Director and Chief Executive Officer, Dr. Anush Amarasinghe (pictured).
HOW A YOUNG ENTREPRENEUR FINDS WORTH IN PLASTIC WASTE
As industrialisation and population increase, plastic consumption on the island has seen a 16% increase, with 265,000 metric tons are consumed annually resulting in the nation battling a threatening issue – the growth in irresponsible plastic waste disposal/management.
Realising the damage this could cause, a young entrepreneur, Pathum Niranjana, started P&L Industries based in Athurugiriya in 2011 at the age of 20 to collect PET (Polyethylene Terephthalate) plastic and other plastics.
Youth Day, celebrated annually in August is an ideal opportunity to showcase the actions of young people who aspire to repair the earth we live in, through their entrepreneurial decisions to solve the world’s most pressing issues.
Every month, his team collects approximately 450,000 PET bottles and 70-80 metric tons of other plastics, which are sold to recyclers such as Eco Spindles (Pvt.) Ltd, the sister company of Beira Brush, to create value-added products.
ECO SPINDLES LEADS THE WAY IN PLASTIC RECYCLING, SPINS 90 M PET BOTTLES INTO YARN EACH YEAR
Sri Lanka’s largest plastic recycler, Eco Spindles (Pvt.) Ltd, the sister company of Beira Brush, has presented a sustainable solution to managing plastic waste by recycling plastic bottles directly into yarn or monofilaments.
Eco Spindles recycle and convert 90 million PET plastic bottles to polyester yarn, annually at its recycling facility, one of two plants globally capable of manufacturing yarn directly from PET plastic flakes.
Eco Spindles PET plastic to yarn conversion process ensures lowest carbon footprint globally with its unique flake using Partially Oriented Yarn (POY) technology ensuring a sustainable future for the apparel industry.
Using recycled plastic to create yarn, Eco Spindles has created six signature products: Ecos Green , Ecos Evolve, Ecos Oceanic, Ecos Shield, Ecos Amy, and Ecos Chroma. Its ‘Ecos Evolve’ yarn is world’s most sustainable product in recycled polyester yarn category.
A PLASTIC INTERVENTION IN ARUGAM BAY
Waste Less Arugam Bay (WLAB) is an entity focused on building a green and sustainable tourist destination in Arugam Bay. Founded in 2018 by Hendrik Konzok, founder and director, WLAB, operates a manufacturing company making bags and fashion accessories from upcycled materials. WLAB is also engaged in upcycling discarded plastic bottles.
Henry’s team collects about 5000 – 15,000 PET bottles discarded irresponsibly onto roads and waterways. Knowing the value WLAB creates in Arugam Bay, Sri Lanka’s leading plastic recycler Eco Spindles (Pvt.) Ltd, the sister company of Beira Brush, also provides recycled polyester yarn that WLAB sources to make tote bags out of recycled plastic.
A MISTREATED OCEAN’S CRY FOR HELP
In the last decade, Sri Lanka has mismanaged 1.59 million metric tons of plastic waste yearly that ultimately finds its way to the ocean. Seven out of the 12 Indian Ocean rim countries are significant plastic polluters, Sri Lanka included. The recent MV X-Press Pearl container explosion has further amplified issues around marine pollution.
Appropriately discarding the plastic waste is critical. Ensuring that the collected waste is recycled is even more important. Plastic bottles collected from across the island – beaches, collection centers, and the ocean – is brought into Eco Spindles’ recycling facility in Horana. This facility recycles approximately 7,500,000-9,000,000 bottles of PET plastic waste per month.
Sri Lanka’s leading plastic recycler Eco Spindles (Pvt.) Ltd, the sister company of Beira Brush, leverages technology to keep count of the plastic waste collected from the beaches. Using an app, collectors input the collection numbers ensuring Eco Spindles can trace the amount of
TIME TO RESTORE: BPPL GROUP URGES SRI LANKANS TO DISPOSE PLASTIC WASTE RESPONSIBLY THIS WORLD ENVIRONMENT DAY
BPPL Holdings PLC, Sri Lanka’s largest plastic recycler has called for the responsible disposal of plastic waste across the island as the globe commemorates World Environment Day.
This year’s theme, “Ecosystem Restoration” is focused on implementing a solution to a depleting ecosystem, an urgent issue faced in Sri Lanka, and across the world.
Aligning with this year’s theme and playing a part as a responsible organization, the BPPL Group has engaged in multiple waste management initiatives over the past five years. Key highlights are the collection initiatives at Sri Pada, Kataragama and Thalawila, three sites of
religious worship that attract crowds from across the island.
A PET COLLECTOR’S JOURNEY AMID A RAGING PANDEMIC
Though Sri Lanka has seen an increase in recyclers and plastic waste collectors, Covid-19 has presented a new set of challenges.
Mahesh, a collector, has created a living by collecting post-consumer plastic waste (PET and HDPE) from hotels and hospitals in Galle. He has been in the waste collection industry for ten years, which has helped him support his family, including his two children in grades 8 and 2.
Currently, he collects enough PET to fill two Tata lorries because of hotel closures, equaling 1,000 kgs a month. Before Covid-19, he collected and sent four loads, approximately 2,500-4,000 kgs of PET per month supplying Sri Lanka’s leading plastic recycler Eco Spindles (Pvt.) Ltd, the sister company of Beira Brush.
Mahesh’s story is one among the over 200 collectors in Sri Lanka. Making sure that plastic ends up in recycling centers is more than just a job for Mahesh. He is doing his part to ensure that leftovers waste is recycled into new life.
BPPL STRENGTHENS COMMITMENT TO SUSTAINABILITY EFFORTS
Sri Lanka’s pioneer in creating eco-friendly products, BPPL Holdings, affirmed its commitment to sustainability in business commemorating Earth Day.
This year’s theme, ‘Restore our earth’, focuses on natural processes, green technologies and innovative thinking to restore the world’s ecosystems and is aligned to the company’s mission to reduce the carbon footprint made on Earth by integrating sustainability and technology into
Embracing sustainability is at the heart of the company’s business operations. To-date, over 380 million plastic bottles have been recycled and through ethical sourcing procures timber from Forest Stewardship Council (FSC) certified plantations in Sri Lanka. The company is proud of its contribution towards a greener Sri Lanka.
ECO SPINDLES RANKED AMONG TOP 10 RECYCLERS GLOBALLY BY THE GLOBAL RECYCLING FOUNDATION
Sri Lanka’s leading plastic recycler Eco Spindles (Pvt.) Ltd, the sister company of Beira Brush, was ranked among the Global Recycling Foundation’s top ten #RecyclingHeroes of 2021.
This ranking was alongside nine other contributors in the global recycling arena, namely, Rien Voets (Holland), Green Axis (Nigeria), Abdi Hirsi (Somalia), Bokashi Bran (Pty) Ltd (South Africa), EcoAct (Tanzania), International WeLoveU Foundation (Korea), Dgrade (Dubai), Eco-
Train (Canada), and Metal Shredder (Hungary).
The Global Recycling Foundation supports the promotion of recycling, and the recycling industry, across the world to showcase its vital role in preserving the future of the planet. The #RecyclingHeroes competition was initiated in February last year and encourages people from across the globe to nominate individuals, businesses or communities that are setting examples and pushing boundaries with their recycling initiatives.
ECO SPINDLES LAUNCHES ‘WASTE 2 VALUE’ APP ON GLOBAL RECYCLING DAY
Eco Spindles (Pvt.) Ltd, the sister company of Beira Brush, launched its highly anticipated ‘Waste 2 Value’ app at a special event.
The app launch coincided with ‘Global Recycling Day’ and is aimed at encouraging responsible plastic recycling among the general public and consolidate recyclable waste collection efforts within the country.
Importantly, the app was launched to help citizens locate bins more conveniently, enabling the disposal of their plastic waste properly. The app is capable of locating over 300 plastic waste bins around the island.
The app can be downloaded via Google Play Store for Android and App Store for iOS and easily locates the nearest plastic waste bin.
During 2019/20, Eco Spindles had recycled over 81 million PET bottles, amounting to around 2.3 million kilograms of PET sourced mainly through the company’s 400-strong network of registered recyclable waste collectors and 19 baling sites.
BPPL STRENGTHENS COMMITMENT TO SUSTAINABILITY EFFORTS
In view of Earth Day, Sri Lanka’s pioneer in creating eco-friendly products – BPPL Holdings – affirmed its commitment to sustainability in business. This year’s theme – ‘Restore our earth’ – focuses on natural processes, green technologies, and innovative thinking to restore the world’s ecosystems.
The Group noted that globally, sustainable management and protection of Earth’s natural resources has become a priority to mitigate the burgeoning industrial practices that negatively impact the environment. Sustainability continues to play a key role in protecting ecological health and natural resources for future generations.
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