Odyssey Energy Solutions, a platform focused on financing distributed renewable energy (DRE) projects in emerging markets, has raised $74 million in new financing, comprising $27 million in equity and $47 million in debt.
The equity round was backed by new investors including Broadscale Group, FMO and Al Mada Ventures, alongside continued participation from existing investors such as Union Square Ventures, Equal Ventures, Abstract Ventures, Twelve Below, FJ Labs, MCJ and Transition Ventures.
The debt financing was provided by British International Investment, BIO, the Facility for Energy Inclusion represented by Cygnum Capital, and the Energy Entrepreneurs Growth Fund represented by TripleJump.
The new funding will support the expansion of Odyssey’s procurement and financing platform, which connects more than 6,000 solar installers and EPC companies with financiers and equipment suppliers across more than 50 countries in Africa, Asia and Latin America.
According to the company, its platform has facilitated access to $3.6 billion in capital for distributed energy projects. Its procurement platform, launched in 2024, aggregates equipment purchases across its EPC network, providing smaller companies with volume pricing and embedded supply chain credit. The platform has unlocked 1.5 GW of projects to date.
Odyssey said the new capital will enable further expansion of the procurement platform and help address working capital constraints faced by installers and distributed energy developers. The financing is intended to allow companies to procure equipment and undertake more projects simultaneously, accelerating project deployment.
The company said demand for distributed renewable energy is increasing across its core markets amid falling solar and battery costs, rising oil prices and evolving government policies.
In India, Odyssey’s platform has grown 205% over the past 12 months, according to the company. It said domestic manufacturing requirements for solar components are reshaping supply chains, while rapid data centre development and rising electricity demand are further driving demand for distributed solar and storage.
The latest financing follows Odyssey’s $15 million Series A round announced in May 2023, taking the company’s total capital raised to $94 million.
The company said the funding will help strengthen the procurement, financing and technology infrastructure available to EPCs and distributed energy developers as demand for clean energy continues to grow across emerging markets.
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