GPS Renewables Secures $50 Million to Fuel India’s Clean Energy Future

GPS Renewables Secures Funding
Preeti Bali / 12:59 pm / April 17, 2024

GPS Renewables, a leading biofuel company in India, has taken a significant step towards bolstering the country’s renewable energy landscape by securing $50 million in debt funding. This funding, facilitated by a consortium of prominent private and public lenders alongside non-banking financial institutions, marks a critical milestone in GPS Renewables’ mission to become a driving force for sustainable energy solutions across India.

Financial Backing Strengthens Clean Energy Ambitions

The funding, led by prestigious institutions like Punjab National Bank, HDFC, ICICI Bank, and SIDBI, signifies the growing importance and support for initiatives that aim to revolutionize India’s energy sector. This capital injection will empower GPS Renewables to significantly expand its biofuel production capacity and streamline adoption processes, paving the way for a cleaner and greener future.

Leading the Charge in Clean Energy Transition

Tilak Minocha, Chief Finance Controller at GPS Renewables, emphasized the company’s vision: “At GPS Renewables, we are committed to spearheading India’s transition towards clean energy. To achieve this, it’s crucial to enhance biofuel production capacity and simplify adoption processes. Through our nationwide projects, we have demonstrably addressed these challenges. However, to truly accelerate our efforts, we require not only financial backing but also strategic collaborations within the industry.”

Pioneering Sustainable Biofuel Solutions

Founded by IIM-Bangalore alumni Mainak Chakraborty and Sreekrishna Sankar, GPS Renewables has emerged as a frontrunner in the renewable energy sector. The company offers comprehensive solutions encompassing the entire biofuel lifecycle, from development and production to distribution. This comprehensive approach is poised to catalyze the nation’s shift from dependence on fossil fuels to sustainable alternatives.

A Track Record of Success and Innovation

GPS Renewables boasts a network of over 100 biogas plants across India, including Asia’s largest RNG plant based on municipal solid waste (MSW) in Indore. Their impressive track record is further bolstered by a $240 million order book and MoUs worth $540 million for compressed biogas (CBG) plants across the country. These achievements solidify their position as a leading player in the renewable energy domain.

Strategic Acquisition Reinforces Global Leadership

GPS Renewables’ commitment to innovation and sustainability is further underscored by their recent acquisition of Proweps Envirotech GmbH, a German design and engineering company specializing in technologies that utilize municipal and industrial organic waste and agricultural residue for biogas production.This calculated action solidifies GPS Renewables’ standing as a world leader in the renewable energy industry.

Collaboration for a Sustainable Future

In order to build CBG projects, the business is forming a joint venture with Indian Oil Corporation through its climate infrastructure platform, GPSR Arya. This initiative aligns perfectly with the government’s recently amended National Biofuel Policy of 2022, which aims to significantly increase biofuel production in India, including the introduction of 20% ethanol-blended petrol nationwide.

Scaling New Heights in Clean Energy

With a remarkable 225% growth in turnover to $60 million for FY24 compared to FY23, GPS Renewables is well-positioned for continued growth as it drives India’s clean energy agenda forward. As the nation progresses towards sustainable energy sources, GPS Renewables stands at the forefront, catalyzing positive change and shaping a brighter, more sustainable future for all.

More Stories