Orb Energy Secures Follow-On Funding from US Development Finance Institution, DFC – EQ Mag Pro
Orb Energy receives the first tranche of DFC’s most recent loan of $20 million USD for its Unique In-House Finance Facility for Rooftop and Ground-Mounted Solar
BANGALORE, INDIA : Orb Energy, a vertically integrated provider of solar energy solutions in India, announced today that it has received a $20 million USD follow-on loan from United States International Development Finance Corporation (DFC) to support its unique in-house financing facility for rooftop and ground mounted solar customers in India.
Orb Energy is a vertically integrated provider of solar energy solutions in India, operational since 2006. The company manufactures its own range of solar panels, design, installs and services solar systems, and also provides critical finance for up to 5 years to its commercial and industrial customers. Notably, Orb is unique in providing to SMEs (small to medium scale enterprises) who find it difficult to otherwise secure long-term finance for rooftop and ground mounted solar. Orb received its first loan from DFC for $10mln USD, also to support its in-house finance for SMEs.
Damian Miller the CEO and co-founder of Orb Energy explained “We are delighted that the DFC has decided to back Orb Energy again with a second loan of $20mln USD. 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”
Jake Levine, DFC’s Chief Climate Officer said, “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.”
U.S. International Development Finance Corporation (DFC) is America’s development finance institution. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. DFC makes investments in a variety of industries, including energy, healthcare, critical infrastructure, and technology. DFC also provides finance to small businesses and women entrepreneurs in order to help them create jobs in emerging markets. DFC investments adhere to strict guidelines that protect the environment, human rights, and worker rights.
About Orb Energy
Orb Energy was founded in 2006 by Damian Miller and NP Ramesh and, since inception has sold more than 160,000 solar systems in India, with cumulative installations of approximately 170MW of rooftop solar systems. Orb is head-quartered in Bangalore, where it also manufacturers its own range of solar photovoltaic panels. Orb employs 250 people in India. Orb also has a subsidiary in Kenya serving the African market.