India’s clean energy sector received a major boost as IOC GPS Renewables (IGRPL) secured USD 95 million in debt financing from an Indian bank.

This funding, the largest single-bank debt in India's compressed biogas (CBG) sector, will be used to develop nine CBG plants across Haryana, Uttar Pradesh, Chhattisgarh, and Andhra Pradesh. The plants aim to produce 135 tonne of biogas daily, and will process paddy straw to produce renewable natural gas, addressing both air pollution caused by stubble burning and contributing to India’s green energy transition.

With the project’s projected completion by FY27, the venture also plans expansion, with additional projects in the pipeline. The deal is significant for its non-recourse loan structure, reflecting investor confidence in India’s circular economy and renewable energy efforts.