OIL India Ltd (OIL) and GPS Renewables (GPSR) have entered into a 50-50 joint venture to develop eight Compressed Biogas (CBG) plants across India. The partnership will oversee the complete lifecycle of these plants under a Design, Build, Finance, Own, Operate, and Transfer (DBFOOT) model.
The initiative aligns with increasing interest in CBG as a renewable energy source in the country, with the plants expected to contribute to reducing dependence on fossil fuels and cutting greenhouse gas emissions.
GPS Renewables, which recently secured Rs 100 crore (approximately USD 12 million) in mezzanine financing from InCred Opportunities Fund and Spark Capital, is pursuing a larger USD 100 million fundraising plan to support its ongoing CBG projects, including partnerships with Indian Oil Corporation and Bharat Petroleum Corporation.
The company emphasized the importance of biofuels in diversifying India’s energy mix and improving energy security. According to Mainak Chakraborty, CEO and Co-Founder of GPS Renewables, this collaboration with Oil India reflects a shared goal of creating a nationwide CBG network.
The new venture forms part of broader efforts to scale up renewable energy infrastructure in India.