ARYA, the project development division of GPS Renewables, has secured Rs 1 billion in mezzanine financing from InCred Opportunities Fund and Spark Capital. This funding is part of a larger Rs 2 billion round ARYA is raising to advance its Compressed Biogas (CBG) projects in partnership with Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation (BPCL).
As a wholly-owned subsidiary of GPS Renewables, ARYA concentrates on sustainable biofuels and industrial decarbonisation projects designed to contribute to India’s Net Zero goals. The funds will expedite the growth of climate-positive initiatives under the ARYA brand of GPS Renewables, utilizing the company's expertise in technology and engineering.
Mainak Chakraborty, CEO of GPS Renewables and Chairman of ARYA, remarked that the current funding round would enhance their efforts to accelerate joint ventures with Indian Oil Corporation and Bharat Petroleum. He noted that these projects hold significant potential in supporting India's shift toward sustainable green energy. Over the upcoming year, the company aims to expand its capacity and reinforce partnerships with key industry players.
Previously, GPS Renewables, a prominent player in biofuel technology, raised Rs 4.11 billion through debt financing from institutions such as Punjab National Bank, HDFC, and HSBC. The company also secured $20 million in equity from Neev Fund II, managed by SBICap Ventures, along with Hivos-Triodos Fund and Caspian Impact Investments.
GPS Renewables provides comprehensive solutions across the biofuel development, production, and distribution lifecycle, with a focus on Compressed Biogas (CBG), Renewable Natural Gas (RNG), and Sustainable Aviation Fuel (SAF). The company has established over 100 biogas plants, including Asia’s largest RNG facility in Indore, inaugurated by Prime Minister Narendra Modi.
Recently, GPS Renewables expanded its capabilities by acquiring Germany-based Proweps Envirotech GmbH, enhancing its expertise in converting municipal, industrial, and agricultural waste into biogas.
