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					</table><p><a href="https://www.orbenergy.com/" target="_blank" rel="noopener">Orb Energy</a>, a vertically integrated provider of solar energy solutions in India, announced it had received a $20 million follow-on loan for a tenor of up to 10 years from the United States International Development Finance Corporation (<a href="https://www.dfc.gov/" target="_blank" rel="noopener">DFC</a>).</p>
<p>The company aims to utilize the loan to finance the construction of a 25 MW ground-mounted solar power park and a portfolio of rooftop solar power projects in Karnataka.</p>
<p>The project was reviewed under DFC’s 2020 Environmental and Social Policy and Procedures and was determined to be categorically eligible.</p>
<p>Orb Energy received its first loan from DFC for $10 million to support its in-house finance for small and micro enterprises (SMEs). The company so far has sold more than 160,000 solar systems in India, with cumulative installations of approximately 170MW of rooftop solar systems.</p>
<p>“We are delighted that the DFC has decided to back Orb Energy again with a second loan of  $20 million. We will be using these funds to extend further finance to our SME customers to enable them to gain quick and easy access to the rooftop and ground-mounted solar systems from Orb that can dramatically improve their competitiveness,” Damian Miller, CEO and co-founder of Orb Energy said.</p>
<p>U.S. International Development Finance Corporation (DFC) is America&#8217;s development finance institution that partners with the private sector to finance solutions to critical challenges facing today&#8217;s developing world.</p>
<p>Jake Levine, DFC’s Chief Climate Officer, said, “DFC’s second loan to Orb Energy will further expand renewable energy use by SMEs across India. With DFC’s loan, Orb Energy&#8217;s work will create additional jobs and cut energy costs for businesses, boosting economic growth in a sector that is key to India’s development goals.”</p>
<p>In June, World Bank <a href="https://mercomindia.com/world-bank-165-million-residential-rooftop-india/" target="_blank" rel="noopener">approved</a> $165 million to accelerate the adoption of rooftop solar by residential consumers in India by making it more affordable.</p>
<p>According to Mercom’s <a href="https://mercomindia.com/top-rooftop-solar-installers-1h-2021/" target="_blank" rel="noopener">India Solar Market Leaderboard 1H 2021 Report</a>, Orb Energy was one of India’s <a href="https://mercomindia.com/top-rooftop-solar-installers-1h-2021/" target="_blank" rel="noopener">top</a> rooftop solar installers in the first half of the calendar year 2021. The company also <a href="https://mercomindia.com/ci-project-orb-energy-karnataka/" target="_blank" rel="noopener">won</a> the award for the ‘Best C&amp;I Project (Rooftop)’ at the Mercom India Solar Summit 2021.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Orb Energy Secures $20 Million to Develop 25 MW Solar Park and Rooftop Solar Projects

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