ARYA, a subsidiary of GPS Renewables, has secured Rs 1 billion as part of a Rs 2 billion funding round to set up compressed biogas (CBG) projects to in collaboration with Indian Oil Corporation Limited (IOCL) and Bharat Petroleum Corporation Limited (BPCL). The initial Rs 1 billion was provided as mezzanine financing (hybrid of debt and equity) from InCred Opportunities Fund and Spark Capital. The funds will support ARYA’s mission to advance biofuel and decarbonisation initiatives aligned with India’s net zero targets. Over the next year, ARYA aims to expand its capacity and reinforce partnerships with key industry players, advancing India’s shift to sustainable energy sources.
GPS Renewables previously raised Rs 4.11 billion in debt financing from Punjab National Bank, HDFC, and HSBC. The company also secured $20 million in equity from SBICap Ventures’ Neev Fund II, Hivos-Triodos Fund, and Caspian Impact Investments. The company operates over 100 biogas plants across India.
In August 2023, GPS Renewables acquired German-based Proweps Envirotech GmbH for an undisclosed amount, expanding its capabilities in waste-to-biogas technology. Proweps Envirotech GmbH is a design and engineering company that specialises in technologies to utilise municipal and industrial organic waste and agri-residue for biogas production.
