IOCL-GPS Renewables JV IGRPL Secures USD 95 Million from Indian Bank for Compressed Biogas Projects
This marks the largest single-bank debt raise in India’s CBG sector
IOC GPS Renewables Private Limited (IGRPL), a joint venture between IndianOil Corporation Ltd. (IOCL) and GPS Renewables, has raised INR 836 crore (approximately USD 95 million) in debt financing from Indian Bank to execute nine Compressed Biogas (CBG) projects across India.
The financing facility agreements were signed on September 30 in New Delhi between Indian Bank and IGRPL, represented by CEO Devendra Singh Sehgal and CFO Punit Jain.
This marks the largest single-bank debt raise in India’s CBG sector and the first fully non-recourse debt financing in the space, underscoring the growing confidence in biofuels as part of India’s clean energy transition.
9 Projects Across 4 States
The funding will support the development of nine CBG plants — four in Haryana, three in Uttar Pradesh, one in Chhattisgarh, and one in Andhra Pradesh. Each facility will produce 15 tonnes of CBG per day using paddy straw as the primary feedstock. All projects are slated for completion and commissioning by 2026.
Leaders’ Statements
Commenting on the milestone, Devendra Singh Sehgal, CEO, 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 corporate collateral, reflecting IOCL’s strong credibility and the sector’s immense potential.”
Deepak Agarwal, MD of GPSR Arya (GPS Renewables’ asset platform), added: “Securing the largest single-bank funding in the CBG sector underscores the scale of opportunity. As India advances in its clean energy journey, our vision is to build a nationwide network of CBG plants, reduce fossil fuel dependence, and cut greenhouse gas emissions.”
A Push for Renewable Gas
Compressed Biogas, also known as Renewable Natural Gas (RNG), is expected to play a crucial role in India’s energy diversification strategy. With IOCL’s backing and GPS Renewables’ execution expertise, IGRPL aims to establish itself as a leading player in this fast-growing sector.
