Orb Energy, a solar company headquartered in Bangelore, India, has announced that Shell has acquired an almost 20 percent 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.
Courtesy of Orb Energy
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.
“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,” said Damian Miller, Orb Energy’s Chief Executive Officer.
Brian Davis, Vice President, Shell Energy Solutions, added, “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.”
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).
Unitus Capital acted as the exclusive financial advisor to Orb Energy for this transaction.