GPS Renewables Partners with OIL India to Set Up 8 Compressed Biogas Plants Across India
GPS Renewables has announced a 50:50 joint venture with OIL India Ltd. to establish eight compressed biogas (CBG) plants across India. The JV will be responsible for managing the entire lifecycle of the CBG projects, from design to operation, under a design, build, finance, own, operate, and transfer (DBFOOT) model.
November 14, 2024. By Mrinmoy Dey
Under this partnership, OIL India and GPSR will each hold a 50 percent stake in the proposed joint venture which will oversee the establishment and operation of the CBG plants. The joint venture will be responsible for managing the entire lifecycle of the CBG projects, from design to operation, under a design, build, finance, own, operate, and transfer (DBFOOT) model. This approach ensures long-term project sustainability and improves operational efficiency.
Commenting on the MoU, Mainak Chakraborty, CEO and Co-Founder, GPS Renewables, said, “There has been a strong interest from leading Indian oil companies towards biofuels like CBG to enhance energy security and support India’s net-zero goals. Our current partnership with OIL India is yet another step towards increasing the adoption of biofuels in India. OIL India and GPSR have a shared vision of building a nationwide network of CBG plants that will significantly reduce our dependence on fossil fuels and reduce greenhouse gas emissions. We look forward to strengthening this partnership to increase production capacity and meet the country’s growing demand for sustainable energy sources.”
GPS Renewables recently raised INR 100 crore of mezzanine financing from InCred Opportunities Fund and Spark Capital. The company informed that the funds will be used to develop the CBG projects under the Joint Ventures with Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation Ltd. (BPCL) as a part of GPS Renewables’ ARYA vertical.
GPS Renewables has previously raised INR 411.50 crore through debt financing from several leading financial institutions, including Punjab National Bank, HDFC, Yes Bank, HSBC, Kotak Mahindra Bank, ICICI Bank, and others. Additionally, the company had secured USD 20 million in equity funding from Neev Fund II by SBICap Ventures, Hivos-Triodos Fund, and Caspian Impact Investments.
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