Solar energy systems maker Orb Energy has raised over Rs 95 crore ($15 million) in a part-equity and part-debt round from the Dutch development bank FMO, self-sustaining US government agency Overseas Private Investment Corporation (OPIC), African finance institution Pamiga and Germany’s development finance institution DEG.
With this, the total capital raised by the company stands at $26 million. With over $10 million of this round raised as long-term debt from OPIC, Orb is looking to use the capital to grow its in-house finance facility of rooftop solar panels for Indian SMEs and to further expand its Kenya operations.
Orb’s in-house platform provides finance to SMEs looking to reduce electricity costs through ownership of a rooftop solar system. To make the adoption of solar panels easier, Orb offers finance packages without collateral. Read More…
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