GPS Renewables, a full-stack technology and engineering company dedicated to clean fuels, has raised $50 million in debt financing from leading private and public sector banks and prominent NBFCs. Participating institutions in the current financing round include 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, alumni of IIM-B, GPS Renewables previously raised $20 million in equity funding from Neev Fund II by SBICap Ventures, the Netherlands-based Hivos-Triodos Fund, and Hyderabad-based Caspian Impact Investments.
Tilak Minocha, Chief Finance Controller, GPS Renewables, said, “The current round of funding will allow us to accelerate our expansion efforts and promote India’s transition to sustainable green energy."
In recent developments, GPS Renewables acquired Germany-based Proweps Envirotech GmbH, a leading design and engineering company specializing in technologies for utilising municipal and industrial organic waste and agri-residue for biogas production. Looking ahead, through its climate infrastructure platform, GPSR Arya, the company plans to develop its own compressed biogas (CBG) projects via a joint venture with Indian Oil Corporation (IOCL).
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India has been focusing extensively on renewable energy. The country aims to achieve net zero emissions by 2070 and use 50 percent of its electricity from renewable sources by 2030. Investment in the sector has also grown. Union Power and New & Renewable Energy Minister R K Singh, in an interview with PTI, said, “India is likely to witness 25 GW of renewable energy capacity addition entailing an investment of Rs 1,37,500 crore (about $16.5 billion) in the 2024 calendar year, which would be higher than 13.5 GW with an investment of Rs 74,250 crore (nearly $9 billion) seen in 2023." As per Blackridge Research and Consulting, “As of June 2023, India's installed renewable capacity ranked fourth worldwide, with 176.5 GW.”
With a focus on renewable energy, GPS Renewables (“GPSR”) is a full-stack biofuels firm offering technology and project solutions for climate-positive biofuel projects. Starting from captive biogas plants, GPSR has scaled up to set up some of the world’s largest RNG plants, according to a company statement.
