Australia’s green bank has made its first investment in plastics recycling, committing up to $16.5 million in a venture that aims to recycle the equivalent of 1 billion soft drink bottles a year at a plant in Albury-Wodonga.

The debt finance is the first commitment by the Clean Energy Finance Corporation under its $100 million Australian Recycling Investment Fund and will help fund a $45 million recycling venture that involves Cleanaway, Pact Group and Asahi Beverages.