India’s Orb Energy has announced receipt of a US$20 million follow-on loan from the United States International Development Finance Corporation (DFC), to support its unique in-house financing facility for rooftop and ground mounted solar customers in the subcontinent.
The company manufactures its own range of solar panels and designs, installs and services solar systems, also providing critical finance for its commercial and industrial customers.
CEO and co-founder Damian Miller commented: “We are delighted that the DFC has decided to back Orb Energy again with a second loan of US$20m, funding which we will use to extend further finance to our SME customers, to enable them to gain quick and easy access to our rooftop and ground-mounted solar systems.”
Jake Levine, the DFC’s Chief Climate Officer, added:“The DFC’s second loan to Orb Energy will further expand renewable energy use by SMEs across India. The loan will enable the company to continue its work, creating additional jobs and cutting energy costs for businesses, boosting economic growth in a sector that is key to India’s development goals.”