Green Gold Rush: ₹836 Crore Fuels 9 IOC-GPS Biogas Projects

IOC GPS Renewables (IGRPL)—a 50:50 joint venture between Indian Oil Corporation Ltd. (IOCL) and Bengaluru-based GPS Renewables—has secured ₹836 crore in debt financing from Indian Bank to develop nine compressed biogas (CBG) plants across India.

Signed on 30 September in New Delhi, the agreement marks the largest single-bank debt raise and the first fully non-recourse financing in the CBG sector, highlighting growing investor confidence in sustainable energy infrastructure.

The upcoming plants will be located in Haryana (4), Uttar Pradesh (3), and one each in Chhattisgarh and Andhra Pradesh, with each facility designed to process paddy straw and produce 15 tonnes of CBG per day. All units are scheduled for commissioning by 2026.

IGRPL CEO Devendra Singh Sehgal noted the significance of securing funding without corporate guarantees, attributing it to Indian Oil’s strong track record and the sector’s rising potential. GPS Renewables Co-founder Deepak Agarwal called the deal a critical step toward establishing a national CBG network, aligned with India's broader goals of reducing fossil fuel dependency and lowering emissions.

The initiative supports IOCL’s 2046 net-zero goal and contributes to India’s 2070 climate commitments, marking a milestone in the country's transition to cleaner energy alternatives.

News by Rahul Yelligetti.