Friday
October 7
2022

Solar Player Orb Energy Secures Additional USD $20 Million Loan From United States International Development Finance Corporation

This loan will also create additional jobs and cut energy costs for businesses, boosting economic growth in a sector that is key to the countrys development goals. Orb Energy was founded in 2006 by Damian Miller and NP Ramesh and, since inception, it has sold over 1,60,000 solar systems in the country, with cumulative installations of around 170 MW of rooftop solar systems. Headquartered in Bengaluru, Orb manufactures its own range of solar photovoltaic panels and employs 250 in the country.

The United States International Development Finance Corporation (DFC) has doubled down its exposure to domestic solar energy player Orb Energy with an additional investment of USD 20 million (about Rs 163.73 crore) in a follow-on loan.

Bengaluru-based Orb will use the money to support its in-house financing facility for rooftop and ground-mounted solar customers, the company said in a statement on Thursday.

Photo courtesy of torsmedberg.

Source: Devdiscourse (link opens in a new window)

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Energy
Tags
clean energy, economic, economic development, energy access, loan, renewable energy, solar