GPS Renewables, a leading Indian biofuel company, has secured $50 million (Rs 411.5 crore) in debt financing from a consortium of prominent financial institutions, including public and private sector banks, non-banking financial companies (NBFCs), and leading investment houses. The consortium includes lenders such as Punjab National Bank, HDFC, Yes Bank, HSBC Bank, Kotak Mahindra Bank, ICICI Bank, Citibank, Vivriti Capital, Northern Arc, Spark Capital, Tata Capital and SIDBI.
The company has previously raised $20 million in equity funding from Neev Fund II by SBICap Ventures, Netherlands-based Hivos-Triodos Fund and Hyderabad-based Caspian Impact Investments, the company said in a statement. The additional capital will allow them to scale their biofuel production capabilities further and streamline adoption processes throughout India.
Founded by IIM-Bangalore graduates Mainak Chakraborty and Sreekrishna Sankar, GPS Renewables has established itself as a key player in India’s biofuel revolution. The company offers comprehensive solutions across the biofuel value chain, encompassing development, production, and distribution.
“At GPS, we are committed to spearheading India’s transition to clean energy,” said Tilak Minocha, Chief Finance Controller at GPS Renewables. “This funding is crucial to achieving our goals. It will not only fuel our expansion but also pave the way for strategic collaborations within the industry,” he said.
GPS Renewables offers a diverse range of biofuels, including compressed biogas (RNG), 2nd generation ethanol, and green hydrogen. These clean-burning alternatives provide a sustainable substitute for fossil fuels, contributing to a greener future.
GPS Renewables boasts an impressive portfolio, including over 100 biogas plants across India. Notably, they house Asia’s largest RNG plant, strategically located in Indore and utilizing municipal solid waste (MSW) as feedstock.
The company currently possesses an order book valued at $240 million and has secured memorandums of understanding (MoUs) worth an additional $540 million for the execution of multiple compressed biogas (CBG) plants across the nation.
GPS Renewables reported a staggering 225% increase in turnover for the financial year 2023-24, reaching a total of $60 million. This growth is further amplified by their recent acquisition of Proweps Envirotech GmbH, a German design and engineering company specializing in technologies for biofuel production from organic waste and agricultural residue.
Through their climate infrastructure platform, GPSR Arya, they are actively pursuing the development of new compressed biogas (CBG) projects in collaboration with Indian Oil Corporation, a leading Indian energy company.
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