Orb Energy, a provider of solar energy solutions, is looking to raise $15 million (over Rs 100 crore) debt this year to augment its capital base.
The company, last week, raised an undisclosed amount from Shell’s New Energies business by divesting an almost 20% stake in the firm in a Series C round of funding.
The fresh investment will help the company to extend finance to small and medium enterprises, a largely underserved part of the market, to go for installation of solar power. Orb Energy offers SMEs credit to invest in their own rooftop solar systems, driving Orb Energy’s growth in sales.
“The latest round of funding will enable us to increase our portfolio of financing SMEs. During the current financial year, we are looking at extending Rs 50 crore to SMEs,” Damian Miller, Chief Executive Officer, Orb Energy told DH.
