ARYA, the project development arm of GPS Renewables, has raised Rs.100 Crores of mezzanine financing from InCred Opportunities Fund and Spark Capital.

According to a press statement, the funding is part of a larger Rs.200 Crores funding move which the company is raising to develop compressed biogas projects, in collaboration with Bharat Petroleum Corporation Limited and Indian Oil Corporation. 

Accelerating India's Energy Transition Journey

Established to support India's net-zero initiatives, ARYA is 100 percent owned subsidiary of GPS Renewables. The company incubates, develops, and operates climate-positive projects, with GPS Renewables as the execution partner. 

"The current round will accelerate our efforts towards fast-tracking our joint venture projects with Indian Oil Corporation and Bharat Petroleum. These projects have the potential to play a key role in India's transition to sustainable green energy," said Mainak Chakraborty, CEO of GPS Renewables and Chairman of ARYA. 

He added: "Over the last few years, we have been at the forefront of enhancing biofuel production capacity and streamlining adoption processes. Over the next year, our focus will be on expanding our capacity and strengthening partnerships with key players. We will continue to raise funds for the growth of our projects under the ARYA vertical to support India's clean energy goals." 

The funding news comes just a few days after India's Central Electricity Authority revealed that the country's total renewable capacity crossed 200 gigawatts as of October 01, 2024. 

CEA added that India's renewable energy-based electricity generation capacity currently stands at 201.45GW, accounting for 46.3 percent of the nation's total installed capacity.

By deploying various renewable energy projects including solar, green hydrogen and wind, India eyes acheiving net-zero emissions by 2070. 

Funding History

In April, GPS Renewables raised $50 million in debt financing from leading private and public sector banks and prominent NBFCs, including Punjab National Bank, HDFC, Yes Bank, HSBC Bank, Kotak Mahindra Bank, ICICI Bank, Citibank, and Vivriti Capital. 

The company had also raised $20 million in equity funding from Neev Fund II by SBICap Ventures, Hivos-Triodos Fund, and Caspian Impact Investments.