It is done as part of a drive to deliver a reliable source of electricity to 100 million people in the developing world by 2030.
Illustrative image (Source: Internet)
Royal Dutch Shell’s New Energies business on Thursday acquired a 20 per cent stake in Bengaluru-based solar firm, Orb Energy, according to a Bloomberg report.
The report added that it was done as part of a drive to deliver a reliable source of electricity to 100 million people in the developing world by 2030.
“This is a vital and growing sector, with great potential to contribute to the country’s renewable energy ambitions,” Brian Davis, vice-president in the Shell Energy Solutions division said in a statement.
The deal is the latest of several Shell has made in India, aimed at reducing energy poverty through investment in Africa and Asia.
“Small and medium enterprises (SMEs) are woefully underserved in the rooftop solar sector in India. Orb’s unique network of salespeople, channel partners, and installers have an exceptional reach to the SMEs. That coupled with our in-house finance facility for SMEs, means that Orb is unique in providing a total solution to SMEs who would like to invest in lower cost, clean power from solar,” Damian Miller, Orb Energy’s chief executive officer told MercomIndia.
Founded in 2006, Orb Energy provides credit to SMEs to invest in solar panel systems. It has sold over 160,000 solar systems in India with a total capacity of 75 megawatts.
According to Yourstory, Orb Energy has 250 employees in India, and also operates in Kenya, where it is seeking to replicate its India model.
Existing investors in Orb Energy include The Netherlands’ FMO, Luxembourg’s Bamboo Capital Partners, Switzerland’s Rianta Capital, US’ Acumen Capital Market Funds I, and Luxembourg’s Pamiga.
Energy world