Orb Energy raises $20 Mn loan from DFC

Orb Energy, a vertically integrated provider of solar energy solutions in India, has raised a $20 million follow-on loan from United States International Development Finance Corporation (DFC) to support its in-house financing facility for rooftop and ground mounted solar customers in India.

The Bengaluru-based firm had received its first loan of $10 million from the DFC. Previously, it had raised $26 million including a $15 million debt and equity round in 2018.

Orb Energy manufactures its own range of solar panels, designs, installs and services solar systems, and also provides finance for up to five years to its commercial and industrial customers. 

Since its inception, the company has sold over 160,000 solar systems in India, with cumulative installations of approximately 170 MW of rooftop solar systems.

Besides India, Orb Energy also has a subsidiary in Kenya serving the African market. It competes with Zunroof, CleanMax Solar, Oorjan, Freyr Energy, among others.