BackOrb Energy raises $20 mn follow-on loan from US DFC
The company will use the money to support its in-house financing facility for rooftop and ground-mounted solar customers.
PremiumNew Delhi: Orb Energy, Bengaluru based solar energy systems company, on Thursday said it has received a $20 million follow-on loan from the United States International Development Finance Corporation (DFC).
The company will use the money to support its in-house financing facility for rooftop and ground-mounted solar customers, it said in a statement..
Orb Energy had received its first loan of $10 million from the DFC to support its in-house finance to SME customers.
Bengaluru-based Orb is a vertically integrated provider of solar energy solutions since 2006. It manufactures its own range of solar panels, designs, installs, and services solar systems, and also provides critical finance for up to five years to its commercial and industrial customers.
“We are delighted that the DFC has decided to back Orb Energy again with a second loan of $20 mn. We will be using these funds to extend further finance to our SME customers to enable them to gain quick and easy access to the rooftop and ground-mounted solar systems from Orb that can dramatically improve their competitiveness," said Damian Miller, CEO and co-founder, Orb Energy.
The US DFC is America’s development finance institution (DFI) and a part of the US government. It is also the world’s largest development finance institution and provides debt financing, equity investments, feasibility studies, investment funds, political risk insurance and technical assistance.
“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.
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