Biofuel firm GPS Renewables and Dubai-based SAF One join hands

23 May 2024 CW Team

According to an official involved in the agreement process who spoke to ET Infra, SAF One has Novus Aviation Capital as one of its two shareholders. Novus is described as a reputed, large aircraft leasing and financing platform. Therefore, the official stated that SAF One has good visibility regarding potential tie-ups with Indian airlines to whom sustainable aviation fuel could be supplied. Deepak Munganahalli, the Co-Founder and Director at SAF One, said that this collaboration with GPS Renewables adds to SAF One's growing pipeline of projects globally and is a cornerstone of their strategy to support and transform the aviation sector. Munganahalli explained that GPS' extensive experience in green energy projects in India and SAF One's expertise in the development of sustainable aviation fuels, while capitalising on its principals' track record in aviation and the circular economy, make for an ideal partnership. Srishti Ahuja, Partner of Investment Banking at EY India, stated that EY was the merger and acquisition investment banker representing GPS Renewables on this transaction. Ahuja described SAF One as a pioneer in space and said that GPS Renewables has mastered the technology for such projects, making it a great partnership.

For the purpose of building and developing sustainable aviation fuel projects in India, Dubai-based SAF One, a provider of sustainable aviation fuel solutions, and Bengaluru-based GPS Renewables have teamed up. As part of the collaboration, SAF One and GPS Renewables' project platform ARYA will work together to co-develop a 20?30 million-litre plant annually that will employ lignocellulosic waste feedstock to produce bioethanol. A strategy for the integration of sustainable aviation fuel into the Indian aviation industry has been established by the government. Specifically, 1% of aviation turbine fuel will be blended with SAF by 2027, and 2% will be added for international flights in 2028. According to Mainak Chakraborty, the Chief Executive Officer and Co-Founder of GPS Renewables, as India moves towards mandating 1-5% blended usage of Sustainable Aviation Fuel (SAF) starting in 2027, more collaborative efforts are needed to address the challenges associated with SAF production. He stated that the collaboration with SAF One is a step in that direction, and he expressed looking forward to a fruitful partnership to accelerate the production of SAF and help India become a leader in sustainable aviation fuel. The adoption of SAF by the Indian aviation industry will be necessary to be in compliance with the International Civil Aviation Organisation?s Carbon Offsetting and Reduction Scheme for International Aviation, or CORSIA obligations, a carbon offset and reduction schem, that will come into effect for most aircraft operators, including Indian airlines, for international operations from 2027 onwards. According to an official involved in the agreement process who spoke to ET Infra, SAF One has Novus Aviation Capital as one of its two shareholders. Novus is described as a reputed, large aircraft leasing and financing platform. Therefore, the official stated that SAF One has good visibility regarding potential tie-ups with Indian airlines to whom sustainable aviation fuel could be supplied. Deepak Munganahalli, the Co-Founder and Director at SAF One, said that this collaboration with GPS Renewables adds to SAF One's growing pipeline of projects globally and is a cornerstone of their strategy to support and transform the aviation sector. Munganahalli explained that GPS' extensive experience in green energy projects in India and SAF One's expertise in the development of sustainable aviation fuels, while capitalising on its principals' track record in aviation and the circular economy, make for an ideal partnership. Srishti Ahuja, Partner of Investment Banking at EY India, stated that EY was the merger and acquisition investment banker representing GPS Renewables on this transaction. Ahuja described SAF One as a pioneer in space and said that GPS Renewables has mastered the technology for such projects, making it a great partnership.

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