Orb Energy Secures Follow-On Funding from US Development Finance Institution, DFC
BANGALORE, INDIA – 6 October 2022:
Rooftop Solar Installation by Orb Energy
Orb Energy, a vertically integrated provider of solar energy solutions in India, announced today that it had received a $20 million USD follow-on loan from the 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, designs, 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 to support its in-house finance for SMEs.
Ground Mounted Solar Installation by Orb Energy
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 the 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.”