Orb Energy secures $20 million in follow-on funding from DFC

Share

Orb Energy, a Bengaluru-based vertically integrated provider of solar energy solutions in India, has received a $20 million follow-on loan from United States International Development Finance Corporation (DFC) to support its in-house financing facility for rooftop and ground-mounted solar customers in India.

Orb manufactures PV panels and provides finance for small and medium-scale enterprises (SMEs) through a collateral-free loan that matches the payback period for its solar systems. It received its first loan of $10 million from DFC, also to support its in-house finance for SMEs.

Orb Energy was founded in 2006 by Damian Miller and NP Ramesh. Since its inception, it has sold more than 160,000 solar systems in India, with cumulative installations of approximately 170 MW of rooftop solar systems.

Orb is headquartered in Bengaluru, where it also manufacturers its own range of solar photovoltaic panels. It also has a subsidiary in Kenya serving the African market.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

Will Indian solar manufacturers go back-contact to the future?
08 October 2024 Indian PV manufacturers are looking beyond tunnel oxide passivated contact (TOPCon) solar. Back-contact (BC) devices are an enticing prospect but many...