Orb Energy partners with SBI under the Surya Shakti Solar Finance Scheme to provide solar loans, promoting rooftop solar adoption and supporting India’s 100 GW solar capacity goal by 2030.
Orb Energy, a leading provider of rooftop solar solutions, partners with the State Bank of India (SBI) to become an approved vendor under SBI’s Surya Shakti Finance Scheme. The scheme, launched by SBI, focuses on providing accessible financing for solar installations. This collaboration aims to facilitate the adoption of solar energy across residential, commercial, and industrial sectors, marking a significant step towards promoting sustainable energy solutions in India.
For commercial and industrial customers, SBI will provide loans for up to Rs. 10 crores with a minimum down payment of 20% and extended tenures. For residential customers, SBI offers loans of up to Rs. 10 lakhs for solar installations in residential properties.
The collaboration between Orb Energy and SBI is expected to accelerate the adoption of rooftop solar systems. These systems typically have a payback period of 3-4 years for commercial and industrial customers. For residential customers it has a payback period of 4-5 years. In addition to this, solar panels come with warranties of 25 years or more, ensuring long-term benefits and sustainability.
The partnership supports the rapid adoption of rooftop solar systems, contributing to the Central government’s target of achieving 100 GW of rooftop solar capacity by 2030. This partnership aligns with global sustainability goals and India’s commitment to reducing its carbon footprint as part of the COP26 agreement.
Damian Miller, Co-Founder and CEO of Orb Energy, revealed that the partnership in expanding Orb Energy’s reach and impact will enable more customers to benefit from SBI’s low-cost financing for rooftop solar systems.
According to CRISIL, Orb Energy currently ranks among the top rooftop solar providers, with a capacity of over 300 MW of solar installation.
Surya Shakti Solar Finance Scheme will support the finance of solar projects with a capacity of up to 1 MW. For financing solar projects loans of up to INR 4 crore with a 20% margin requirement. For Flexible Repayment a payback period of up to 10 years, including a 6-month moratorium. The Surya Shakti cell will process established in Mumbai, handles all loan applications, ensuring a hassle-free, digital journey for applicants.
Dinesh Khara, Chairman of SBI, states that this collaboration will not only promote the use of renewable energy but also support India’s commitment to the COP26 agreement in reducing the carbon footprint.
SBI has previously collaborated with Tata Power Solar Systems under the same scheme, indicating a strong focus on fostering partnerships that promote sustainable energy solutions.
