ARYA, the project development arm of GPS Renewables, India’s leading biogas (CBG) technology and engineering company, has raised Rs 100 crore of mezzanine financing from InCred Opportunities Fund and Spark Capital. The current funding is part of a larger INR 200 crore round that ARYA is currently raising.
The funds will be used to develop CBG (Compressed Biogas) projects under the Joint Ventures with Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation Limited (BPCL) as a part of GPS Renewables' ARYA vertical.
ARYA is a climate infrastructure vertical and a 100% owned subsidiary of GPS Renewables focused on sustainable biofuels and industrial decarbonization projects. Founded with an aim to help India achieve its Net Zero target, Arya incubates, develops, and operates climate-positive projects, with GPS Renewables as the execution partner.
GPS Renewables has previously raised USD 50 million (Rs 411.50 crore) through debt financing from several leading financial institutions, including Punjab National Bank, HDFC, Yes Bank, HSBC, Kotak Mahindra Bank, ICICI Bank, and others. Additionally, the company had secured USD 20 million in equity funding from Neev Fund II by SBICap Ventures, Hivos-Triodos Fund, and Caspian Impact Investments.
Commenting on the fundraise, Mainak Chakraborty, CEO, GPS Renewables and Chairman, ARYA, "The current round will accelerate our efforts towards fast-tracking our joint venture projects with Indian Oil Corporation and Bharat Petroleum. These projects have the potential to play a key role in India’s transition to sustainable green energy. Over the last few years, we have been at the forefront of enhancing biofuel production capacity and streamlining adoption processes. Over the next year, our focus will be on expanding our capacity and strengthening partnerships with key players. We will continue to raise funds for the growth of our projects under the ARYA vertical to support India’s clean energy goals”
GPS Renewables provides end-to-end solutions for the development, production and distribution of biofuels. The company has been at the forefront of biofuel technology and project development to accelerate the substitution of fossil fuels with biofuels, spanning CBG (Compressed Biogas) / RNG (Renewable Natural Gas), and SAF (Sustainable Aviation Fuel). GPS Renewables has set up over 100 biogas plants, including Asia’s largest RNG plant based on MSW (Municipal Solid Waste) in Indore which was inaugurated by the Prime Minister of India, Narendra Modi.
Through their extensive focus on building quality climate infrastructure, GPS Renewables has established itself as one of India’s leading biofuels firms with strong focus on R&D. In recent developments, GPS Renewables acquired Germany-based Proweps Envirotech GmbH, a leading design and engineering company specializing in technologies for utilizing municipal and industrial organic waste and agri-residue for biogas production.
