ARYA, a GPS Renewables subsidiary, has secured ₹100 crore in mezzanine financing from InCred Opportunities Fund and Spark Capital as part of a larger ₹200 crore funding round. This capital will accelerate ARYA’s Compressed Biogas (CBG) projects, which are part of its joint ventures with Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation Limited (BPCL), advancing India’s biofuel infrastructure.
The investment will support ARYA’s mission to develop renewable energy projects to bolster India’s climate goals. Mainak Chakraborty, CEO of GPS Renewables and Chairman of ARYA, emphasized the importance of fast-tracking joint ventures with IOCL and BPCL, which play a pivotal role in India’s shift toward green energy. “We are committed to expanding our biofuel production capacity, strengthening partnerships, and raising funds to further our projects under ARYA,” he stated.
ARYA operates over 100 biogas facilities, including Asia’s largest Renewable Natural Gas (RNG) plant based on Municipal Solid Waste (MSW) in Indore. The firm’s efforts focus on sustainable Build-Own-Operate (BOO) models, making biofuel and decarbonization solutions more accessible across industries.
Credit: This article is based on information from InCred, Spark Capital, and GPS Renewables.
Key Highlights:
- ARYA raised ₹100 crore from InCred and Spark Capital to advance biofuel projects.
- Funds will support CBG projects with IOCL and BPCL, crucial for India’s green energy goals.
- ARYA, founded in 2022, operates Asia’s largest RNG plant in Indore.