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Biofuel firm GPS Renewables raises $50 million debt from PNB, HDFC, ICICI Bank, SIDBI, others

Biofuel company GPS Renewables on Tuesday announced $50 million funding in debt from a clutch of private and public lenders, along with non-banking financial companies (NBFCs) such as Punjab National Bank, HDFC, Yes Bank, HSBC Bank, Kotak Mahindra Bank, ICICI Bank, Citibank, Vivriti Capital, Northern Arc, Spark Capital, Tata Capital, and SIDBI.

Founded by Mainak Chakraborty and Sreekrishna Sankar, both alumni of IIM-B, GPS Renewables has previously raised $20 million in equity funding from Neev Fund II by SBICap Ventures, Netherlands-based Hivos-Triodos Fund, and Hyderabad-based Caspian Impact Investments, according to the company’s statement.

Tilak Minocha, Chief Finance Controller at GPS Renewables, commented on the fundraise, stating, “At GPS, our aim is to lead India’s clean energy transition. To achieve this goal, we must expand 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 require not only financial support but also strategic industry collaborations.”

The company provides comprehensive solutions for the development, production, and distribution of biofuels, including compressed biogas/renewable natural gas, 2G ethanol, and green hydrogen, as substitutes for fossil fuels.

GPS Renewables boasts more than 100 biogas plants, including Asia’s largest RNG plant based on Municipal Solid Waste (MSW) in Indore. The company currently has an order book of $240 million and Memorandums of Understanding (MoUs) worth $540 million for the execution of multiple compressed biogas plants in India.

In FY24, GPS Renewables reported a turnover of $60 million, representing a growth of 225% over FY23. The company expanded its operations by acquiring Germany-based design and engineering company Proweps Envirotech GmbH, specializing in technologies for utilizing municipal and industrial organic waste and agri-residue for biogas production.

Through its climate infrastructure platform – GPSR Arya, the company is now focused on developing its own Compressed Biogas (CBG) projects through a joint venture with Indian Oil Corporation.

In 2022, the government amended the 2018 National Biofuel Policy to boost biofuel production in the country, including introducing Ethanol-blended petrol with up to 20% ethanol nationwide.

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