GPS Renewables Secures Rs 411.50 Crore Debt-Financing

GPS Renewables Secures Rs 411.50 Crore Debt-Financing

Bengaluru-based clean energy firm, GPS Renewables has successfully secured Rs 411.50 crore in debt financing. This funding was sourced from a consortium of major banks and financial institutions, according to a statement by GPS Renewables.

Tilak Minocha, the Chief Finance Controller of GPS Renewables, emphasised that the new funds would significantly enhance their capabilities to expedite the growth of sustainable green energy throughout the country. Moreover, the company said that it intends to use this substantial financial injection to expand its operations across India, specifically focusing on the deployment of compressed biogas (CBG) plants.

The round saw participation from Punjab National Bank, HDFC Bank, Yes Bank, HSBC Bank, Kotak Mahindra Bank, ICICI Bank, Citibank, Vivriti Capital, Northern Arc, Spark Capital, Tata Capital and SIDBI. Further, the company plans to utilise the funding for the expansion of CBG plants. In December 2023, secured orders worth Rs 2,000 crore to undertake multiple Compressed Biogas (CBG) projects, also called Renewable Natural Gas (RNG), across the country.

In a recent development, GPS Renewables acquired Germany-based Proweps Envirotech, a leading design and engineering company specialising in technologies for utilising municipal and industrial organic waste and agri-residue for biogas production.

In other news, Total energy-related CO₂ emissions increased by 1.1% in 2023. Far from falling rapidly – as is required to meet the global climate goals set out in the Paris Agreement – CO₂ emissions reached a new record high of 37.4 Gt in 2023, according to the latest report by the International Energy Agency. According to the report, coal has contributed by far the most to the increase of global CO₂ emissions in the post-pandemic era. Global emissions from energy combustion have increased by around 850 Mt since 2019; those from coal have grown by 900 Mt, gas emissions have increased moderately, and oil emissions are still slightly below their 2019 level.