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Orb Energy, a vertically integrated provider of solar energy solutions in India, has received $20 million follow-on loan from United States international development finance corporation (DFC) to support its unique in-house financing facility for rooftop and ground mounted solar customers in India.
“We are delighted that the DFC has decided to back Orb Energy again with a second loan of $20 million. We will be using these funds to extend further finance to our SME customers to enable them to gain quick and easy access to rooftop and ground-mounted solar systems from Orb that can dramatically improve their competitiveness,” said Damian Miller, CEO and co-founder, Orb Energy.
Founded in 2006, Orb Energy manufactures its own range of solar panels, design, installs and services solar systems, and also provides critical finance for up to 5 years to its commercial and industrial customers. The company has sold more than 160,000 solar systems in India, with cumulative installations of approximately 170MW of rooftop solar systems, claimed by the company in a statement.
“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, chief climate officer, DFC.
DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. DFC also provides finance to small businesses and women entrepreneurs in order to help them create jobs in emerging markets. DFC investments adhere to strict guidelines that protect the environment, human rights, and worker rights.