Bengaluru-based renewable energy firm GPS Renewables has raised USD 50 Million (INR 411.50 Crores) in debt financing from a clutch of private and public sector banks, and non-banking financial companies including Punjab National Bank, HDFC, Yes Bank, and HSBC Bank among others.
The funds will be used for its nationwide execution of compressed biogas plants.
GPS Renewables provides end-to-end solutions for the development, production, and distribution of biofuels.
It has set up over 100 biogas plants and has an order book of USD 240 Million (INR 2,000 Crore) and MoUs worth USD 540 Million (INR 4,500 Cr) for the execution of multiple compressed biogas (CBG) plants across the country.
Founded by Mainak Chakraborty and Sreekrishna Sankar, alumni of the Indian Institute of Management, Bangalore, GPS Renewables has in the past raised USD 20 million in equity funding from Neev Fund II by SBICap Ventures, Netherlands-based Hivos-Triodos Fund, and Hyderabad-based Caspian Impact Investments.
“To further accelerate our efforts, we not only need financial backing but also strategic industry collaborations. The current round of funding will allow us to accelerate our expansion efforts and promote India’s transition to sustainable green energy,” said Tilak Minocha, Chief Finance Controller, of GPS Renewables.
Last August GPS Renewables acquired Germany-based Proweps Envirotech GmbH, a design and engineering company specializing in technologies for utilizing 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).
The company has a turnover of over USD 60 Million (INR 500 Cr) in FY 2023-24. “Whilst registering a 225% growth over FY 2022-23. During the same period, the company increased its full-time employee strength from 72 to 500+,” the company said in a press statement, adding that it continues to stay net profitable despite a steep growth of over 2500% in turnover since FY21.
