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

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Orb Energy has raised a second loan of $20 million from US Development Finance Institution DFC. It will use these funds to extend further finance to SME customers of its rooftop and ground-mount solar systems.

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.