ARYA, the project development arm of GPS Renewables, India’s leading biogas (CBG) technology and engineering company, has raised INR 100 crore of mezzanine financing from InCred Opportunities Fund and Spark Capital. The current funding is part of a larger INR 200 crore round that ARYA is currently raising.

The funds will be used to develop the CBG (Compressed Biogas) projects under the Joint Ventures with Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation Limited (BPCL) as a part of GPS Renewables’ ARYA vertical.

GPS Renewables has previously raised USD 50 million (INR 411.50 crore) through debt financing from several leading financial institutions, including Punjab National Bank, HDFC, Yes Bank, HSBC, Kotak Mahindra Bank, ICICI Bank, and others. Additionally, the company had secured USD 20 million in equity funding from Neev Fund II by SBICap Ventures, Hivos- Triodos Fund, and Caspian Impact Investments.

Mainak Chakraborty, CEO, GPS Renewables and Chairman, ARYA, said, “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. 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.”