Re-TurnWednesday, 26 July 2023
ByrneWallace LLP is delighted to have acted for Re-Turn, Ireland’s new national Deposit Return Scheme, on its €27.5 million financing by Bank of Ireland for the development and rollout of the Scheme, which will go live for consumers in February 2024.
The new scheme was established to help Ireland achieve EU recycling targets for the estimated 2 billion drinks bottles and cans that are consumed in Ireland every year. Under the EU’s Directive on single-use plastics, Ireland must ensure separate collection of 77% of plastic beverage bottles placed on the market by 2025, rising to 90% in 2029.
ByrneWallace LLP’s Technology and Commercial Groups have also advised Re-Turn on its technology and commercial agreements with other stakeholders in the Scheme, and will continue to advise Re-Turn as it seeks to power the circular economy and help to achieve Ireland’s green ambitions.
The ByrneWallace LLP team who advised on this transaction included Mark Kavanagh (Partner and Head of Banking and Finance), Victor Timon (Partner and Head of Technology), Clare O’Hare (Consultant, Banking and Finance) and Kate Passmore (Banking and Finance).