The fresh investment will help more Indian SMEs – a largely under served part of the market – benefit from lower-cost solar power
Orb Energy, a leading provider of solar energy solutions in India, has announced 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 under served part of the market – benefit from lower-cost solar power.
“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 recognised our work and decided to invest in a close to 20% stake”, said Damian Miller, Orb Energy’s CEO.
“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,” said Brian Davis, vice president, Shell Energy Solutions.
He added, “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).