Blue Planet receives IFU funding to boost key operations in India

Blue Planet receives IFU funding to boost key operations in IndiaNew Delhi, 19 December, 2023: Blue Planet Environmental Solutions Pte. Ltd. (Blue Planet®), a major sustainable waste management company with operations in India, South-East Asia and UK, has received a US$35 million investment from The Investment Fund for Developing Countries (IFU), a leader in impact investments.

“This partnership underscores our shared vision for a sustainable and ESG-aware platform, addressing one of the most pressing challenges of our time. Our commitment extends beyond financial investment; it’s about creating a just, inclusive, and sustainable future and transforming the landscape of waste management, “said Jonas Lau Kristensen, Investment Director at IFU.

IFU’s investments are instrumental in driving environmental sustainability and advancing economic growth in the countries they invest in, aligning closely with the objectives of the United Nations Sustainable Development Goals. This strategic partnership between Blue Planet and IFU represents a major milestone in the journey towards global sustainability, reinforcing their shared commitment to pioneering innovative solutions for waste management.

“Currently, India generates around 62 million tonnes (MT) of waste annually, of which only 12 MT are being treated before disposal. With waste volumes estimated to more than double towards 2030, investments into innovative technologies and operations are needed. The waste sector has evolved over the last years, supported by better regulation, and now provides opportunities to deliver on IFU’s impact investor mandate towards both investors and local communities,” said Thomas Hougaard, Senior Vice President at IFU.

Headquartered in Copenhagen, Denmark, IFU will be investing on behalf of the SDG Fund, which is partly funded by public funding, providing catalytic risk mitigations to mobilize private capital. This gives access to Danish Pension Funds to invest in sustainable investments in developing countries.

The funds from IFU will further boost Blue Planet’s capabilities in two key areas in India – landfill reclamation and e-waste recycling. Blue Planet is a leader in landfill bio-mining which is the reclamation of legacy landfills and re-purposing the recovered material into useful resources. It has successfully reclaimed over 500 acres from legacy landfills and processed more than 12 million tons of legacy waste, displacing the need for new materials and thus reducing carbon footprint.

Blue Planet also plans to operate one of the largest e-waste recycling centers in India. Its suite of e-waste solutions includes a proprietary method to recover high-value materials from electronic waste components, which are traditionally lost due to inefficient, inherently toxic, and outdated processing methods.

Blue Planet’s Founder and Chairman, Madhujeet Chimni, stated:“We’re thrilled to have IFU as a partner in this transformative journey. IFU’s investment will drive substantial impact in our pursuit of a sustainable and comprehensive waste management platform. This will fortify our efforts in the two key areas of landfill bio-mining and e-waste recycling in India. These initiatives will not only reclaim land and resources but also bring resources back into the Supply Chain and reduce dependence on use of virgin resources. In addition, it will have significant positive environmental impact by reducing significant amount of GHG emissions and resource biodiversity. Furthermore, responsible material recovery from e-waste will help displace the need for virgin materials, contributing to a circular economy and a cleaner, greener future.”

Blue Planet’s Co-Founder and CEO, Prashant Singh, said: “This investment from IFU marks a pivotal moment in Blue Planet’s journey. We welcome IFU as partners and look forward to working with IFU in our next phase of growth. IFU’s experience and depth of knowledge will be very valuable as we address new challenges of providing sustainable waste management solutions.”

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