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Orb Energy, a vertically integrated provider of solar solutions in India, has secured a $20 million follow-on loan from the U.S. International Development Finance Corporation (DFC) to support its unique in-house financing facility for rooftop and ground-mounted solar customers in India.
“We are delighted that DFC has decided to support Orb Energy once again with a second loan of $20 million. We will use these funds to provide further financing to our SME customers, enabling them to quickly and easily access roof and ground services – Orb Installation solar systems can significantly improve their competitiveness,” said Damian Miller, CEO and co-founder of Orb Energy.
Founded in 2006, Orb Energy manufactures its own line of solar panels, designs, installs and services solar systems, and provides key financing for up to 5 years to its commercial and industrial customers. In a statement, the company claimed that it has sold more than 160,000 solar systems in India, with a cumulative installation of about 170 MW of rooftop solar systems.
“DFC’s second loan to Orb Energy will further expand the use of renewable energy by SMEs in India. Through DFC’s loan, Orb Energy’s work will create more jobs for businesses and reduce energy costs, thereby boosting interest in India economic growth in sectors where development goals are critical,” said DFC Chief Climate Officer Jake Levine.
DFC partners with the private sector to fund solutions to some of the toughest challenges facing developing countries today. DFC also provides financing to small businesses and women entrepreneurs to help them create jobs in emerging markets. DFC invests in compliance with strict guidelines for protecting the environment, human rights and workers’ rights.