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

Signed on 30 September in New Delhi, the deal represents the largest single-bank debt raise and the first fully non-recourse financing in the CBG sector. The plants, to be located in Haryana (four), Uttar Pradesh (three), and one each in Chhattisgarh, and Andhra Pradesh will each produce 15 tonne of CBG per day from paddy straw and are set for commissioning by 2026. 

IGRPL CEO Devendra Singh Sehgal highlighted the significance of securing a sanctioned loan without corporate collateral, underlining Indian Oil’s credibility and the sector's potential. GPS Renewables' Deepak Agarwal emphasized the move as a key step toward building a national network of CBG plants to reduce fossil fuel reliance and emissions. The venture supports IOCL's 2046 net-zero target and India's 2070 climate goals.