Bengaluru based GPS Renewables has announced that it has secured $50 million (Rs 410 crore) in debt financing from a consortium of banks and non-banking financial companies (NBFCs) for the development of biogas plants in India. The funding round saw involvement from various institutions including Punjab National Bank, HDFC Bank, Yes Bank, HSBC Bank, Kotak Mahindra Bank, ICICI Bank, Citibank, Vivriti Capital, Northern Arc, Spark Capital, Tata Capital, and SIDBI.
GPS Renewables – top cleantech start-up – said that the capital infusion is earmarked for expanding the company’s operations and supporting its growth initiatives, particularly in the nationwide deployment of compressed biogas plants.
Established in 2012 by Mainak Chakraborty and Sreekrishna Sankar, GPS Renewables specializes in providing comprehensive solutions for the development, production, and distribution of biofuels.
Tilak Minocha, Chief Finance Controller at GPS Renewables, said, “At GPS, our aim is to lead the way in India’s clean energy shift. To achieve this goal, we must enhance biofuel production capacity and streamline adoption processes. Through our extensive projects nationwide, GPS Renewables has effectively addressed these challenges. To further accelerate our efforts, we not only need financial backing but also strategic industry collaborations.”
Previously, GPS Renewables had raised $20 million from investors such as SBICap Ventures, Hivos-Triodos Fund, and Caspian Impact Investments. GPS Renewables boasts a portfolio of over 100 biogas plants and holds a robust order book valued at $240 million.
GPS Renewables had also inked multiple Memoranda of Understanding (MoUs) totaling $540 million for the rollout of compressed biogas plants across India.
In a bid to further its expansion endeavors, GPS Renewables acquired Germany-based design and engineering firm Proweps Envirotech in August of the previous year. The fundraising initiative aligns with the burgeoning growth observed in India’s indigenous cleantech sector, driven by escalating demand for and adoption of sustainable energy solutions.
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