October 3 (Renewables Now) - The New Energies business of Royal Dutch Shell Plc (AMS:RDSA) has acquired a stake of nearly 20% in the latest funding round of Indian solar energy solutions provider Orb Energy.
Bangalore-based Orb Energy offers small and medium-sized enterprises (SMEs) credit to invest in rooftop solar installations. The firm has a solar photovoltaic (PV) panel factory and a solar water heating systems production facility in India, as well as operations in Kenya.
Since its inception in 2006, Orb Energy has sold over 160,000 solar systems in India totalling 75 MW. The firm said it will use the fresh funds to grow its in-house finance facility.
Shell Energy Solutions’ vice president Brian Davis commented that the provision of clean energy solutions to SMEs in India is a growing sector, which is what drew the company to Orb Energy.
“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,” Davis stated.
Some of the other investors in Orb Energy include Dutch development bank FMO, Rianta Capital of Switzerland and Pamiga SA of Luxembourg.