Monday
October 10
2022

Shell-Backed Orb Energy Raises $20 Million

By Priyal Mahtta

Shell Plc-backed integrated solar energy solutions provider Orb Energy Pvt. Ltd on Thursday, announced raising about $20 million in a follow-on funding round from the US International Development Finance Corporation (DFC).

The company has received the first tranche of the loan, amounting $10 million, on Thursday.

Orb Energy plans to deploy these funds to strengthen its in-house financing facility for rooftop and ground-mounted solar customers in India.

“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,” said Jake Levine, DFC’s chief climate officer.

Photo courtesy of Knut-Erik Helle.

Source: VCCircle (link opens in a new window)

Categories
Energy
Tags
funding, renewable energy, small business, SMEs, solar energy