GPS Renewables Acquires $50 Million in Debt Financing for Clean Energy Expansion

GPS Renewables, a leading clean technology firm based in Bengaluru, has successfully secured $50 million (approximately Rs 411.50 crore) in debt financing. This funding was sourced from a consortium of major banks and financial institutions.

The company, known for its innovative solutions in biofuel technology, intends to use this substantial financial injection to expand its operations across India, specifically focusing on the deployment of compressed biogas (CBG) plants. Tilak Minocha, the Chief Finance Controller of GPS Renewables, emphasized that the new funds would significantly enhance their capabilities to expedite the growth of sustainable green energy throughout the country.

GPS Renewables was founded by Mainak Chakraborty and Sreekrishna Sankar. It has previously garnered $20 million in equity funding from various investors, including Neev Fund II by SBICap Ventures, the Hivos-Triodos Fund from the Netherlands, and Caspian Impact Investments based in Hyderabad.

Adding to its strategic expansions, GPS Renewables recently acquired Proweps Envirotech GmbH, a German firm specializing in the design and engineering of technologies for converting municipal and industrial organic waste, as well as agricultural residues, into biogas.