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 (an update from a November 2016 publication).
“Our portfolio is rapidly delivering greater and greater impact, as more projects come online. 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,” says Margot Kane, CFO and Chief Investment Officer of Closed Loop Fund.
According to Kane, “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.”
Key Highlights and Statistics from the updated Report (as of Dec 31, 2016):
- CLF committed nearly $25m in 11 projects, with 3x co-investment of over $64m from municipalities, banks and impact investors.
- 8 live projects have already diverted 98,500 tons of material from landfill, reducing the equivalent of 232,000 metric tons of GHG emissions (like taking every car in Fort Myers, FL off the road for one year)
- $533,000 in economic benefit accrued to municipalities (like educating 50 children in public schools for one year)
- Activities represent recycling generated by nearly 1.2 million households (equivalent to a metro area the size of San Diego, CA)
Since the end of 2016, Closed Loop Fund has closed 2 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
To read the full story, visit http://mysocialgoodnews.com/closed-loop-fund-releases-complete-2016-results-doubling-impact-just-4-months/.