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					</table><p><a href="https://www.mercomindia.com/sprng-energy-ntpcs-1-gw-hybrid-auction" target="_blank" rel="noopener"><strong>Sprng Energy</strong><strong>, </strong><strong>AMPIN Energy Transition</strong><strong>, </strong><strong>Juniper Green Energy</strong><strong>, </strong><strong>ReNew Solar Power</strong><strong>, and </strong><strong>Avaada Energy</strong><strong> have won </strong><strong>NTPC’s</strong><strong> auction for the supply of 1,000 MW</strong></a> power from inter-state transmission system-connected wind-solar hybrid power projects anywhere in India under Tranche V. Sprng Energy secured 150 MW with a tariff of ₹3.41 ($0.0407)/kWh, while AMPIN Energy secured an equal capacity at ₹3.42 ($0.0408)/kWh. Juniper clinched the same capacity at a slightly higher tariff of ₹3.43 ($0.0410)/kWh.</p>
<p><a href="https://www.mercomindia.com/solar-auctions-surge-q1-2024" target="_blank" rel="noopener"><strong>Auctioned solar capacity in India surged to over 25 GW in the first quarter (Q1) of 2024 from 820 MW in Q1 2023, primarily due to the new bidding guidelines</strong></a> mandating that auctions be conducted within 110 days of bid submission dates. According to Mercom India Research data, solar auctions increased by 229% quarter-over-quarter (QoQ) from 7.62 GW and 2,957% year-over-year. Solar tenders floated by various agencies during Q1 2024 rose 122% YoY to over 30.7 GW and 92.2% QoQ.</p>
<p><a href="https://www.mercomindia.com/global-wind-installations-2023" target="_blank" rel="noopener"><strong>Global cumulative wind power capacity surpassed the 1 TW mark in 2023, achieving a YoY growth of 13%, according to the Global Wind Energy</strong></a> Council’s Global Wind Report 2024. Onshore wind witnessed 106 GW of capacity added to the grid in 2023, achieving a 54% YoY growth. For the first time, more than 100 GW of new onshore wind capacity was installed globally in a single year. China and the U.S. remained the world’s two largest markets for onshore wind additions, followed by Brazil, Germany, and India.</p>
<p><a href="https://www.mercomindia.com/gps-renewables-raises-50-million" target="_blank" rel="noopener"><strong>Bengaluru-based biofuels firm </strong><strong>GPS Renewables</strong><strong> has secured $50 million in debt financing from a consortium of banks and non-banking financial companies</strong></a> to accelerate the nationwide rollout of its Compressed Biogas and Renewable Natural Gas projects. The company provides end-to-end solutions for developing, producing, and distributing biofuels, focusing on technologies such as CBG/RNG, 2G ethanol, and green hydrogen. It had previously raised $20 Million in equity funding.</p>


Daily News Wrap-Up: NTPC’s 1 GW Wind-Solar Hybrid Auction


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					</table><p>Bengaluru-based biofuels firm <a href="https://gpsrenewables.com/" target="_blank" rel="noopener">GPS Renewables</a> has secured $50 million in debt financing from a consortium of banks and non-banking financial companies to accelerate the nationwide rollout of its Compressed Biogas (CBG) and Renewable Natural Gas (RNG) projects.</p>
<p>Participating institutions in the current financing round include <a href="https://www.pnbindia.in/" target="_blank" rel="noopener">Punjab National Bank</a>, <a href="https://www.hdfcbank.com/personal" target="_blank" rel="noopener">HDFC</a>, <a href="https://www.yesbank.in/" target="_blank" rel="noopener">Yes Bank</a>, <a href="https://www.hsbc.co.in/" target="_blank" rel="noopener">HSBC Bank</a>, <a href="https://www.kotak.com/en/home.html" target="_blank" rel="noopener">Kotak Mahindra Bank</a>, <a href="https://www.icicibank.com/" target="_blank" rel="noopener">ICICI Bank</a>, <a href="https://www.online.citibank.co.in/" target="_blank" rel="noopener">Citibank</a>, <a href="https://www.vivriticapital.com/" target="_blank" rel="noopener">Vivriti Capital</a>, <a href="https://www.northernarc.com/" target="_blank" rel="noopener">Northern Arc</a>, <a href="https://sparkcapital.in/" target="_blank" rel="noopener">Spark Capital</a>, <a href="https://www.tatacapital.com/" target="_blank" rel="noopener">Tata Capital</a> and <a href="https://www.sidbi.in/" target="_blank" rel="noopener">SIDBI</a>.</p>
<p>The company provides end-to-end solutions for developing, producing, and distributing biofuels, focusing on technologies such as CBG/RNG, 2G ethanol, and green hydrogen.</p>
<p>GPS Renewables has set up over 100 biogas plants nationwide, including Asia&#8217;s largest RNG plant based on municipal solid waste in Indore. The company has an order book of $240 million and memorandums of understanding worth $540 million for executing multiple CBG plants.</p>
<p>&#8220;At GPS, our aim is to lead the way in India&#8217;s clean energy shift. To achieve this goal, we must enhance biofuel production capacity and streamline adoption processes,&#8221; said Tilak Minocha, Chief Finance Controller at GPS Renewables. &#8220;The current round of funding will allow us to accelerate our expansion efforts and promote India&#8217;s transition to sustainable green energy.&#8221;</p>
<p>The company has also recently acquired Proweps Envirotech GmbH, a German design and engineering firm specializing in technologies for utilizing municipal and industrial organic waste and agricultural residue for biogas production. Additionally, GPS Renewables plans to develop its own CBG projects through a joint venture with Indian Oil Corporation under its climate infrastructure platform, GPSR Arya.</p>
<p>It had previously raised $20 Million in equity funding from Neev Fund II by SBICap Ventures, Netherlands-based Hivos-Triodos Fund, and Hyderabad-based Caspian Impact Investments.</p>
<p>Earlier this year, natural gas company GAIL and ethanol producer TruAlt Bioenergy <a href="https://www.mercomindia.com/gail-trualt-announce-72-million-cbg-jv" target="_blank" rel="noopener">announced</a> an investment of $72 million to set up CBG plants through a joint venture.</p>
<p>Additionally, in March, the Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/mnre-small-biogas-projects" target="_blank" rel="noopener">invited</a> proposals for innovative and new designs or material-based small biogas projects with a daily generation capacity of 1 to 25 cubic meters. The ministry sought significant changes to existing designs for simple, efficient, cost-effective village-level biogas usage.</p>


Biofuels Firm GPS Renewables Raises $50 Million in Debt Financing

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