GPS Renewables raises Rs 635 Cr Series C funding from multiple investors
Renewable oil and gas company GPS Renewables (GPSR) has raised Rs 635 crore in a Series C funding round from multiple investors.
PixelSky Capital, with participation from Spectrum Impact Family Office and other investors, led the Rs 125 crore equity funding round. Additionally, the company has tied up Rs 200 crore in equity for its asset-holding platform, Arya, from a leading Korean conglomerate, following an earlier Rs 310 crore investment from Sojitz Corporation for its asset platform business.
The fresh funds will be deployed to support GPS Renewables’ next phase of growth, expand its bioenergy infrastructure portfolio, and fund ongoing and upcoming projects through GPSR Arya, the company said in a press release.
According to the Bengaluru-based company, over the past decade, it has developed expertise across technology, engineering, EPC, operations, maintenance, and project development. The company, which employs more than 800 people and generates annual revenue of approximately Rs 1,000 crore, has delivered several projects, including solid waste-based compressed biogas (CBG) plants in Indore and Barabanki.
GPS Renewables said that the investment reflects growing confidence in the renewable natural gas sector and will enhance the company’s ability to execute a rapidly expanding project pipeline.
The company claims that it currently has more than 30 operational or near-complete projects and visibility on over 200 CBG projects being developed with oil marketing companies. It recently secured an EPC contract from NTPC to build India’s first Ethanol-to-Jet Sustainable Aviation Fuel plant, further expanding its role in India’s clean energy transition.
The company claims that it currently has more than 30 operational or near-complete projects and visibility on over 200 CBG projects being developed with oil marketing companies. It recently secured an EPC contract from NTPC to build India’s first Ethanol-to-Jet Sustainable Aviation Fuel plant, further expanding its role in India’s clean energy transition.
