As per the startup, it has received the first tranche of a $20 Mn loan from US-based Development Finance Corporation (DFC)
Orb Energy will use the funds to bolster its in-house financing facility dedicated to its commercial and industrial customers in India
Earlier, Orb received a $10 Mn loan from DFC to offer its financial solutions to small and medium enterprises
Bengaluru-based solar startup Orb Energy has received the first tranche of a $20 Mn loan from US-based Development Finance Corporation (DFC).
Orb Energy will use the funds to bolster its in-house financing facility dedicated to its commercial and industrial customers in India.
“DFC’s second loan to Orb Energy will further expand renewable energy use by SMEs across India. With DFC’s loan, Orb Energy’s work will create additional jobs and cut energy costs for businesses, boosting economic growth in a sector that is key to India’s development goals,” said Jake Levine, chief climate officer of DFC.
Founded in 2006 by Damian Miller and NP Ramesh, Orb Energy manufactures solar panels, photovoltaic panels, and services solar systems. It also offers financing solutions to commercial and industrial customers for up to five years. It has an employee headcount of 250 in India.
Earlier, Orb received a $10 Mn loan from DFC to offer its financial solutions to small and medium enterprises.
“We are delighted that DFC has decided to back Orb Energy again with a second loan of $20 Mn. We will be using these funds to extend further finance to our SME customers to enable them to gain quick and easy access to rooftop and ground-mounted solar systems from Orb that can dramatically improve their competitiveness,” said Damian Miller, CEO and cofounder of Orb Energy.
Orb claims to have sold over 160K solar systems and installed about 170MW (megawatt) in India. It further states that it has a subsidiary in Kenya, which serves the African market.
In 2019, Shell’s New Energies acquired a 20% stake in Orb Energy for an undisclosed sum.
Orb has raised over $13.6 Mn funding to date. Its cap table includes FMO, Bamboo Capital Partners, Rianta Capital, Acumen Capital Market Funds I and Pamiga SA.
In the solar industry, it faces competition from the likes of ReNew Power, SolarTown Energy and ZunRoof, among others.
According to a report, the Indian solar power industry is anticipated to grow by $240.42 Bn from 2021 to 2026. The sector is expected to expand at a CAGR of 35.24% during 2022-2026.
