October 29, 2024: ARYA, a wholly-owned subsidiary of GPS Renewables, has raised Rs 100 crore, as part of a larger Rs 200 crore targeted round.
The full-stack biofuels firm, plans to deploy the fresh capital to augment the CBG (Compressed Biogas) projects under its joint ventures with Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation Limited (BPCL) as a part of ARYA’s climate infrastructure vertical.
Mainak Chakraborty, CEO of GPS Renewables and Chairman, ARYA said “The current round will accelerate our efforts towards fast-tracking our joint venture projects with Indian Oil Corporation and Bharat Petroleum. These projects have the potential to play a key role in India’s transition to sustainable green energy.”
“Over the last few years, we have been at the forefront of enhancing biofuel production capacity and streamlining adoption processes. Over the next year, our focus will be on expanding our capacity and strengthening partnerships with key players. We will continue to raise funds for the growth of our projects under the ARYA vertical to support India’s clean energy goals,” Chakraborty added.
ARYA to incubate and develop climate-positive projects
By focusing on developing sustainable biofuelsand industrial decarbonisation projects, ARYA incubates and develops climate-positive projects, with GPS Renewables as the execution partner.
With more than 100 biogas plants, including Asia’s largest RNG plant based on MSW (Municipal Solid Waste) in Indore, GPS Renewables offers end-to-end solutions for the development, production, and distribution of biofuels.
The company launched Arya in 2022 to commission BOO (Build-Own-Operate) projects, reinforcing its climate impact ambitions. Bengaluru-headquartered GPS Renewables previously raised $50 million (Rs 411.50 crore) through debt financing from financial institutions such as Punjab National Bank, HSBC, HDFC, Yes Bank, and Kotak Mahindra Bank, among others.
In addition, the firm had secured $20 million in equity funding from Neev Fund II by SBICap Ventures, Hivos-Triodos Fund, and Caspian Impact Investments.
The latest mezzanine financing was raised from InCred Opportunities Fund and Spark Capital.
