Blue Planet receives $35 mn IFU funding to boost key operations in India

NEW DELHI: Blue Planet Environmental Solutions, a sustainable waste management company with operations in India, South-East Asia and the UK, on Monday said it has received $35 million investment from The Investment Fund for Developing Countries (IFU), a leader in impact investments.

The funds from IFU will boost Blue Planet’s capabilities in two key areas in India – landfill reclamation and e-waste recycling. Blue Planet has successfully reclaimed over 500 acres from legacy landfills and processed more than 12 million tonnes of legacy waste, displacing the need for new materials and thus reducing carbon footprint.

The 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, the company said in a statement.

“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.

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.

IFU will invest 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.

Blue Planet also plans to operate one of the largest e-waste recycling centres in India.

“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, said Blue Planet's Founder and Chairman, Madhujeet Chimni.

Prashant Singh, Blue Planet's Co-Founder and CEO, added that IFU’s experience and depth of knowledge will be very valuable as “we address new challenges of providing sustainable waste management solutions.”