GPS Renewables (GPSR), the world’s largest biogas engineering company, has teamed up with Oil India Ltd (OIL) to form a joint venture aimed at setting up eight compressed biogas (CBG) plants across India.
The joint venture will see both companies holding an equal 50% stake, and will oversee the establishment and operation of the CBG plants. The venture will manage the full lifecycle of the projects, from design to operation, following a DBFOOT (Design, Build, Finance, Own, Operate, and Transfer) model.
Mainak Chakraborty, CEO and Co-Founder of GPS Renewables, said, “There has been significant interest from leading oil companies in biofuels such as CBG to boost energy security and support India’s net-zero goals. Our partnership with Oil India is another important step towards accelerating the adoption of biofuels in India. Both OIL and GPSR share the vision of building a nationwide network of CBG plants that will reduce dependence on fossil fuels and lower greenhouse gas emissions. We are eager to strengthen this partnership to enhance production capacity and meet the country’s growing demand for sustainable energy.”
In a related development, GPS Renewables recently secured ₹100 crore (approximately $12 million) in mezzanine financing from InCred Opportunities Fund and Spark Capital. This funding is part of a larger $100 million fundraising round that GPSR is currently underway with, which also includes $25 million at the ARYA level and an additional $50 million for its step-down subsidiaries. These funds will support the development of the CBG projects under the joint ventures with Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation Ltd (BPCL), as part of GPS Renewables’ ARYA vertical.
