IOCL, GPS Renewables Join Hands To Setup CBG Plants
Biofuels conglomerate GPS Renewables has announced securing orders totaling Rs 2,000 crore for the development of multiple Compressed Biogas (CBG) projects throughout India. These CBG plants will be strategically located and would be designed to process 4,000 tonnes per day of agricultural residue and energy crops. There would also be an additional utilization of 300-tonnes per day of Municipal Solid Waste (MSW) processed for biogas, effectively preventing landfill accumulation.
The official statement held that this collective effort is projected to yield a minimum daily output of 350 tonnes per day (TPD) of compressed biogas.
With this substantial order backlog, GPS Renewables is poised to surpass a turnover of Rs 500 crore in the current financial year (2023-24), a notable increase from the previous year’s turnover of Rs 153 crore.
The company, having already established over 100 biogas plants, including Asia’s largest RNG plant based on Municipal Solid Waste (MSW) in Indore, Madhya Pradesh, is making significant strides in the clean energy sector.
GPS Renewables CEO and Co-founder Mainak Chakraborty said, “Today, our company has an order book of Rs 2,000 crore from leading conglomerates in the country. This showcases our commitment towards accelerating the substitution of fossil fuel with bio-energy and playing a key role in mitigating climate change.”
Looking ahead, through its climate infrastructure platform, GPSR Arya, the company aims to develop Compressed Biogas projects in collaboration with Indian Oil Corporation Ltd. In tandem with its growth, GPS Renewables has significantly expanded its workforce from 72 to 175 employees, currently employing 356 full-time professionals. The company maintains its profitability, reporting an EBITDA of Rs 17.5 crore with a PAT of Rs 11 crore in the previous financial year (2022-23).
In a recent partnership with Hasten Ventures, GPS Renewables introduced the “Regenerative Circular Bioenergy System” in Rajasthan. This innovative system, combining forestry and bioenergy, represents a substantial initiative towards addressing critical climate challenges.
BatX Energies has raised Rs 105 crore in a Series A funding round to accelerate…
The government has defended its ethanol blending programme, asserting that it is grounded in extensive…
The 15th India Minerals & Metals Forum was organised by the Indian Chamber of Commerce…
France based Natixis has provided €145 million in project finance refinancing to Greenalia Biomass Power…
India and Japan have elevated their clean energy partnership with the launch of a dedicated…
The Government of India is preparing to introduce a comprehensive policy aimed at boosting compressed…