Arya, the project development division of GPS Renewables has raised Rs 100 crore in mezzanine financing from InCred Opportunities Fund and Spark Capital. This funding is part of a larger effort to raise a total of Rs 200 crore.
The capital will be allocated to the development of compressed biogas (CBG) projects in collaboration with Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation (BPCL) under the Arya vertical.
As a fully owned subsidiary of GPS Renewables, Arya focuses on sustainable biofuels and industrial decarbonisation, contributing to India’s net zero targets by incubating, developing, and operating climate-positive projects, with GPS Renewables acting as the execution partner.
Previously, GPS Renewables secured USD 50 million (approximately Rs 411.5 crore) through debt financing from prominent financial institutions, including Punjab National Bank, HDFC, Yes Bank, HSBC, Kotak Mahindra Bank, and ICICI Bank. The company has also attracted USD 20 million in equity investment from Neev Fund II by SBICap Ventures, Hivos-Triodos Fund, and Caspian Impact Investments.
Mainak Chakraborty, Chief Executive Officer of GPS Renewables and Chairman, Arya, remarked, "This funding round will accelerate our joint venture projects with Indian Oil Corporation and Bharat Petroleum, which are crucial to India's sustainable energy transition. Over recent years, we have enhanced biofuel production capacity and streamlined adoption processes. In the coming year, we aim to expand our capacity and strengthen partnerships, while continuing to secure funding to support the growth of our projects under the Arya vertical.”
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