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Orb Energy Raises $20 Million Follow-on Loan from US DFC

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Orb Energy Raises $20 Million Follow-on Loan from US DFC

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Orb Energy, a solar energy solutions provider in India, has been operating since 2006. Orb Energy manufactures its own solar panels and designs, installs, and services solar systems.

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It also provides critical financing for commercial and industrial customers for up to five years. Orb provides long-term financing for small and medium enterprises (SMEs) that are unable to obtain traditional finance for rooftop or ground-mounted solar. Orb was awarded a $10mln USD loan by DFC to help with its in-house financing for SMEs.

Orb also has a subsidiary in Kenya serving the African market.

Damian Miller, the CEO and co-founder of Orb Energy, stated that “we are thrilled that the DFC decided to support Orb Energy again by providing a second loan in the amount of $20mln USD. These funds will be used to provide additional finance to our SME clients to allow them quick access to rooftop or ground-mounted solar systems from Orb, which can significantly improve their competitiveness.

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Jake Levine is Chief Climate Officer at DFC. He stated that “DFC’s second loan for Orb Energy will expand the use of renewable energy by SMEs in India.”

Orb Energy’s efforts will generate additional jobs and lower energy costs for businesses. This is a key sector to India’s development goals, he added.

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