ARYA, the climate-focused project development subsidiary of GPS Renewables, India's top biogas (CBG) technology and engineering company, has secured Rs 100 crore in mezzanine financing from InCred Opportunities Fund and Spark Capital. This funding is part of a larger Rs 200 crore round that ARYA is actively raising.
The capital will propel ARYA's CBG (Compressed Biogas) projects, developed in collaboration with Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation Limited (BPCL). As GPS Renewables' dedicated climate infrastructure arm, ARYA focuses on advancing sustainable biofuels and driving industrial decarbonisation, all part of its commitment to India's Net Zero goals. By developing and operating climate-positive projects with GPS Renewables as its execution partner, ARYA aims to establish impactful contributions toward green energy.
GPS Renewables previously raised USD 50 million (approximately Rs 411.5 crore) in debt from prominent financial institutions, including Punjab National Bank, HDFC, Yes Bank, HSBC, Kotak Mahindra Bank, and ICICI Bank, along with USD 20 million in equity from investors such as Neev Fund II, Hivos-Triodos Fund, and Caspian Impact Investments.
Mainak Chakraborty, CEO of GPS Renewables and Chairman of ARYA, expressed enthusiasm about the financing, saying, "This round will enable us to fast-track our joint venture projects with Indian Oil Corporation and Bharat Petroleum, which are pivotal in India's shift to green energy. Over the coming year, our focus will be on ramping up capacity and deepening partnerships. We remain committed to mobilising further funds to expand ARYA's projects in alignment with India's clean energy objectives."
GPS Renewables provides comprehensive solutions for the development, production, and distribution of biofuels, positioning itself at the forefront of biogas technology. With over 100 biogas plants across India, including Asia's largest RNG plant based on Municipal Solid Waste in Indore, the company is accelerating fossil fuel replacement with biofuels like CBG, RNG, and SAF (Sustainable Aviation Fuel).
