A Step Towards Greener Energy GPS Renewables’ project development arm, ARYA, has successfully raised ₹100 crore in mezzanine financing from InCred Opportunities Fund and Spark Capital. This funding
GPS Renewables’ project development arm, ARYA, has successfully raised ₹100 crore in mezzanine financing from InCred Opportunities Fund and Spark Capital. This funding is part of a larger ₹200 crore round that ARYA is currently pursuing to bolster its operations in the compressed biogas (CBG) sector.
The funds raised will specifically support the development of CBG projects in collaboration with major players like Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation Limited (BPCL). ARYA operates as a climate infrastructure vertical under GPS Renewables, dedicated to sustainable biofuels and industrial decarbonization initiatives.
With a vision to help India meet its Net Zero targets, ARYA is committed to incubating, developing, and operating projects that positively impact the environment. GPS Renewables acts as the execution partner, ensuring these projects are implemented effectively.
This isn’t the first time GPS Renewables has attracted significant investment. The company previously raised $50 million (approximately ₹411.50 crore) through debt financing from various leading financial institutions, including Punjab National Bank, HDFC, Yes Bank, HSBC, Kotak Mahindra Bank, and ICICI Bank. Additionally, ARYA secured $20 million in equity funding from investors such as Neev Fund II by SBICap Ventures, Hivos-Triodos Fund, and Caspian Impact Investments.
Mainak Chakraborty, CEO of GPS Renewables and Chairman of ARYA, expressed excitement about the recent funding. He stated, “This round will accelerate our efforts toward fast-tracking our joint venture projects with Indian Oil Corporation and Bharat Petroleum. These projects are crucial for India’s transition to sustainable green energy. Over the years, we have led the way in enhancing biofuel production capacity and streamlining adoption processes. Our focus in the coming year will be on expanding capacity and strengthening partnerships with key players.”
Chakraborty emphasized that ARYA will continue to raise funds to support the growth of its projects, aligning with India’s clean energy goals.
The shift towards sustainable energy sources is critical for combating climate change and achieving energy independence. Compressed biogas projects not only provide renewable energy but also contribute to waste management, creating a circular economy. By partnering with established companies like IOCL and BPCL, ARYA is positioning itself at the forefront of India’s clean energy revolution.
With this new funding, ARYA is set to accelerate its initiatives in the biogas sector. The collaboration with IOCL and BPCL will pave the way for innovative solutions in renewable energy. As India aims to reduce its carbon footprint and transition to greener alternatives, projects like those spearheaded by ARYA will play a vital role.
In the next year, ARYA plans to expand its operational capacity while continuing to build strong partnerships within the industry. The ongoing focus on funding will ensure that ARYA can sustain its growth trajectory and contribute effectively to India’s climate objectives.
The ₹100 crore funding raised by ARYA is a significant milestone in its mission to advance renewable energy in India. By focusing on CBG projects and collaborating with major oil corporations, ARYA is making strides towards a sustainable future. With a robust plan for growth and a commitment to clean energy, ARYA is poised to be a key player in transforming India’s energy landscape.
