IOCL-GPS Renewables Joint Venture IGRPL Bags USD 95 Mn from Indian Bank The financing will enable IGRPL to build four plants in Haryana, three in Uttar Pradesh, one in Chhattisgarh, and one in Andhra Pradesh.
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IndianOil Corporation Ltd (IOCL) and GPS Renewables-backed joint venture, IOC GPS Renewables Private Limited (IGRPL), has raised INR 836 crore (approx. USD 95 million) in debt financing from Indian Bank.
The funds will support the development of nine Compressed Biogas (CBG) projects across India. The facility agreements were signed on 30th September in New Delhi by Indian Bank and IGRPL, represented by CEO Devendra Singh Sehgal and CFO Punit Jain.
According to official statements, this represents the largest single-bank debt raise in the CBG sector, also known as Renewable Natural Gas. It is additionally the first instance of a fully non-recourse debt arrangement in the sector.
The financing will enable IGRPL to build four plants in Haryana, three in Uttar Pradesh, one in Chhattisgarh, and one in Andhra Pradesh. Each plant is designed to produce 15 tonnes of CBG per day using paddy straw as the primary feedstock. Completion and commissioning of all nine projects are expected by 2026.
Devendra Singh Sehgal, CEO of IGRPL, said, "IGRPL was formed with an aim to scale India's biogas infrastructure and drive wider adoption. This funding gives us the momentum to accelerate that mission."
"This is the first time that an OMC joint venture has secured a sanctioned loan for CBG projects without any corporate collateral, indicating IOCL's strong credibility and the sector's massive potential," he added.
"Securing the largest single-bank funding in the CBG sector underscores the scale of the opportunity that exists. As the country makes significant strides towards a clean energy transition, our vision is to drive biofuel production and position India as a leading producer of renewable energy," noted Deepak Agarwal, Managing Director of GPSR Arya, the asset platform of GPS Renewables.
Established in 2024, IGRPL is a 50:50 joint venture between IndianOil and GPS Renewables Arya. The company focuses on converting organic waste into renewable energy, contributing to India's net-zero targets by 2070 and IndianOil's operational net zero by 2046.
GPS Renewables, headquartered in Bengaluru, has previously partnered with multiple oil companies to set up CBG plants and advance India's clean energy objectives.
