Orb energy raises $15 million
Bengaluru-based solar energy systems company Orb Energy has raised over $15 million in debt and equity funding. According to a press release by the company the funding will be used to grow the company’s in-house finance facility of rooftop solar for small-and medium-sized enterprises (SMEs) in India and to also expand its Kenya operations, which it started in 2014.
The Netherlands Development Finance Company (FMO) participated with $4 million equity funding. Apart from this Orb also signed a long-term loan agreement of $10 million with the Overseas Private Investment Corporation (OPIC).
The funds will also be used for the growth of Orb’s unique in-house platform in India that provides finance to SMEs looking to reduce electricity costs through ownership of a rooftop solar system.
The new funding now positions Orb for profitable growth in the rooftop solar sector in India. Orb expects its 15MW in annual rooftop solar system sales in FY 17-18 to more than triple in the near future, growing to 50MW annually by FY 19-20.