GPS Renewables Secures $50 Million Debt Funding to Propel India’s Clean Energy Agenda

• ByStartupStory     |    April 17, 2024

In a significant move towards bolstering India’s renewable energy landscape, biofuel innovator GPS Renewables has announced the successful procurement of $50 million in debt funding. The financing, orchestrated by a consortium of esteemed private and public lenders alongside non-banking financial entities, marks a pivotal milestone in GPS Renewables’ journey towards driving sustainable energy solutions across the nation.

The funding, spearheaded by notable institutions including Punjab National Bank, HDFC, ICICI Bank, and SIDBI, underscores the growing recognition and support for initiatives aimed at revolutionizing India’s energy sector. The infusion of capital will empower GPS Renewables to expand its biofuel production capacity and streamline adoption processes, paving the way for a cleaner and greener future.

Tilak Minocha, Chief Finance Controller at GPS Renewables, articulated the company’s vision, stating, “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.”

Founded by Mainak Chakraborty and Sreekrishna Sankar, alumni of IIM-B, GPS Renewables has emerged as a trailblazer in the renewable energy domain. With a focus on offering end-to-end solutions for the development, production, and distribution of biofuels, the company is poised to catalyze the transition from fossil fuels to sustainable alternatives.

Highlighting the company’s achievements, GPS Renewables boasts over 100 biogas plants, including Asia’s largest RNG plant based on MSW (Municipal Solid Waste) in Indore. With an impressive order book of $240 million and MoUs worth $540 million, GPS Renewables is set to execute multiple plants of compressed biogas across India, solidifying its position as a frontrunner in the renewable energy space.

The company’s commitment to innovation and sustainability is further underscored by its recent acquisition of 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, this strategic move reinforces GPS Renewables’ position as a global leader in the renewable energy sector.

Moreover, through its climate infrastructure platform – GPSR Arya, the company is embarking on a joint venture with Indian Oil Corporation to develop Compressed Biogas (CBG) projects. This initiative aligns seamlessly with the government’s amended National Biofuel Policy of 2022, which aims to increase biofuel production in the country, including the introduction of Ethanol-blended petrol with up to 20 per cent ethanol nationwide.

With a turnover of $60 million for FY24, marking a remarkable growth of 225 per cent over FY23, GPS Renewables is poised to scale new heights in its mission to drive India’s clean energy agenda forward. As the nation accelerates its transition towards sustainable energy sources, GPS Renewables stands at the forefront, catalyzing change and shaping a brighter, more sustainable future for generations to come.

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