ARYA secures Rs 1 billion to develop CBG projects with IOCL and BPCL

ARYA, a subsidiary of GPS Renewables, has raised Rs 1 billion in mezzanine financing as part of a Rs 2 billion funding round aimed at establishing compressed biogas (CBG) projects in collaboration with Indian Oil Corporation Limited (IOCL) and Bharat Petroleum Corporation Limited (BPCL). The financing was provided by InCred Opportunities Fund and Spark Capital, supporting ARYA’s mission to advance biofuel production and contribute to India’s net zero objectives.

In the coming year, ARYA plans to expand its CBG capacity and strengthen its partnerships with key industry players, furthering India’s transition to sustainable energy sources. GPS Renewables, ARYA’s parent company, has previously raised Rs 4.11 billion in debt from Punjab National Bank, HDFC, and HSBC and secured $20 million in equity funding from SBICap Ventures’ Neev Fund II, Hivos-Triodos Fund, and Caspian Impact Investments. GPS Renewables currently operates over 100 biogas plants across India.

In August 2023, GPS Renewables expanded its expertise in waste-to-biogas technology with the acquisition of German-based Proweps Envirotech GmbH, a firm specializing in biogas production from municipal, industrial, and agricultural waste.