Bengaluru-based biofuels firm GPS Renewables has secured $50 million in debt financing from a consortium of banks and non-banking financial companies to accelerate the nationwide rollout of its Compressed Biogas (CBG) and Renewable Natural Gas (RNG) projects.

Participating institutions in the current financing round include Punjab National Bank, HDFC, Yes Bank, HSBC Bank, Kotak Mahindra Bank, ICICI Bank, Citibank, Vivriti Capital, Northern Arc, Spark Capital, Tata Capital and SIDBI.

The company provides end-to-end solutions for developing, producing, and distributing biofuels, focusing on technologies such as CBG/RNG, 2G ethanol, and green hydrogen.

GPS Renewables has set up over 100 biogas plants nationwide, including Asia’s largest RNG plant based on municipal solid waste in Indore. The company has an order book of $240 million and memorandums of understanding worth $540 million for executing multiple CBG plants.

“At GPS, our aim is to lead the way in India’s clean energy shift. To achieve this goal, we must enhance biofuel production capacity and streamline adoption processes,” said Tilak Minocha, Chief Finance Controller at GPS Renewables. “The current round of funding will allow us to accelerate our expansion efforts and promote India’s transition to sustainable green energy.”

The company has also recently acquired Proweps Envirotech GmbH, a German design and engineering firm specializing in technologies for utilizing municipal and industrial organic waste and agricultural residue for biogas production. Additionally, GPS Renewables plans to develop its own CBG projects through a joint venture with Indian Oil Corporation under its climate infrastructure platform, GPSR Arya.

It had previously raised $20 Million in equity funding from Neev Fund II by SBICap Ventures, Netherlands-based Hivos-Triodos Fund, and Hyderabad-based Caspian Impact Investments.

Earlier this year, natural gas company GAIL and ethanol producer TruAlt Bioenergy announced an investment of $72 million to set up CBG plants through a joint venture.

Additionally, in March, the Ministry of New and Renewable Energy invited proposals for innovative and new designs or material-based small biogas projects with a daily generation capacity of 1 to 25 cubic meters. The ministry sought significant changes to existing designs for simple, efficient, cost-effective village-level biogas usage.