Orb Energy, a leading provider of solar energy solutions in India, announced today that Shell's New Energies business has acquired an almost 20% stake in the firm in its latest funding round. The fresh investment will help more Indian SMEs - a largely underserved part of the market - benefit from lower-cost solar power.
Orb Energy offers SMEs credit to invest in their own rooftop solar systems, driving Orb Energy's growth in sales and helping Indian businesses boost their competitiveness.
"In the last decade, we have cemented our position as one of India's most trusted solar companies. We are therefore delighted that Shell New Energies has recognized our work and decided to invest in a close to 20% stake", said Damian Miller, Orb Energy's Chief Executive Officer. "Shell's investment will power the next phase of our growth and ensure that more underserved SMEs in India can benefit from clean, lower-cost electricity from solar."
Brian Davis, Vice President, Shell Energy Solutions, commented: "We were attracted by Orb Energy's focus on providing cleaner and affordable energy solutions to SMEs in India. This is a vital and growing sector, with great potential to contribute to the country's renewable energy ambitions."
"We look forward to supporting this company in reaching its potential, as we move closer to Shell's energy access ambition. That is, to provide a reliable electricity supply to 100 million people in the developing world by 2030."
Existing investors in Orb Energy include FMO (The Netherlands), Bamboo Capital Partners (Luxembourg), Rianta Capital (Switzerland), Acumen Capital Market Funds I (USA), and Pamiga SA (Luxembourg).