IGRPL Secures ₹836 Crore Debt from Indian Bank for Nine India-wide CBG Projects

IndianOil Corporation Ltd (IndianOil) and GPS Renewables have formed a 50:50 joint venture, IOC GPS Renewables Private Limited (IGRPL), which has raised INR 836 crore (approximately USD 95 million) in debt financing from Indian Bank to develop nine Compressed Biogas (CBG) projects across India. This financing represents the largest single-bank debt raise in the CBG sector and is the first fully non-recourse debt facility in this area, reflecting strong credibility and investor confidence in the biofuels industry. The projects include four plants in Haryana, three in Uttar Pradesh, and one each in Chhattisgarh and Andhra Pradesh, each with a production capacity of 15 tonnes of CBG per day using paddy straw as feedstock, with all expected to be commissioned by 2026. IGRPL aims to scale India's biogas infrastructure to reduce fossil fuel dependence, lower greenhouse gas emissions, and support India’s clean energy transition and net-zero targets by 2070. This fundraise is a significant step in positioning India as a leading producer of renewable energy and promoting energy security by utilizing organic waste to produce cleaner, sustainable fuel alternatives. The joint venture's efforts align with IndianOil’s long-term low-carbon development strategy and contribute to the rural economy and environmental sustainability.