GPS Renewables secures $50M debt funding

GPS Renewables has obtained $50 million in debt funding from a consortium comprising banks and non-banking financial institutions. This funding aims to expedite the nationwide expansion of its compressed biogas (CBG) projects. Punjab National Bank, HDFC, Yes Bank, HSBC Bank, Kotak Mahindra Bank, ICICI Bank, Citibank, Vivriti Capital, Northern Arc, Spark Capital, Tata Capital, and SIDBI are among the financial institutions taking part in the current funding round.

The company offers comprehensive solutions for the development, production, and distribution of biofuels, with a particular emphasis on technologies like CBG, 2G ethanol, and green hydrogen. It has established more than 100 biogas plants across the country, including Asia’s largest RNG plant utilising municipal solid waste located in Indore. The company currently holds an order book totaling $240 million and has secured MoUs valued at $540 million for the execution of several CBG plants.

In December 2023, GPS Renewables successfully obtained contracts worth Rs 20 billion for the execution of various CBG projects across India.