The startup plans to offer collateral-free solar loans to its commercial and industrial customers
Bengaluru-Headquartered solar startup Orb Energy recently announced that it has secured the first tranche of a $20 Million loan from the US-based Development Finance Corporation (DFC). The startup said that it will utilize the proceeds to expand and energize its in-house financing facility in India. It must be noted that Orb offers financial solutions to its commercial and industrial customers.
CEO and co-founder of Orb Energy, Damian Miller commented: “We are delighted that DFC has decided to back Orb Energy again with a second loan of $20 Million. We will be using these funds to extend further finance to our SME customers to enable them to gain quick and easy access to the rooftop and ground-mounted solar systems from Orb that can dramatically improve their competitiveness.”
It is noteworthy that the startup has raised funding worth more than $13.6 Million in the past, with Acumen Capital Market Funds I, Bamboo Capital Partners, FMO, Pamiga SA, and Rianta Capital lacing its cap table.
Chief Climate Officer of DFC, Jake Levine stated: “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.”
In addition to providing financing solutions to commercial and industrial customers, 2006-born Orb Energy manufactures solar panels, photovoltaic panels, and services solar systems. Orb has installed about 170MW (megawatt) in India, with around 160K solar systems sold overall. It also has a subsidiary in Kenya.
US International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today.
