Orb Energy
TypePrivate Limited
IndustryPhotovoltaics, Solar Power
Founded2006
FounderDamian Miller and NP Ramesh
Headquarters
Bangalore
,
India
Area served
India, Kenya
Key people
Damian Miller (CEO)
NP Ramesh (COO)
Guda Srinivas (CFO)
Herre Hoekstra (Chairman)
Number of employees
250 (2019)[1]
Websitewww.orbenergy.com

Orb Energy is a solar energy company headquartered in Bangalore, India, founded by Damian Miller and NP Ramesh in 2006.[2]

History

Orb Energy was founded in 2006 by Damian Miller and NP Ramesh in Bangalore, India. The company opened its first branch in Kumta, India.[3][4] The company reached 100 branches in Karnataka by 2015.[2]

The company offers collateral free solar loans to small and medium sized firms to help adopt rooftop solar systems.[5]

Till October, 2019 the company has installed over 160,000 solar systems in India with 160 megawatts megawatts as total capacity.[5][6]

Funding

In 2017, the company raised $15 million (INR 95 crores) from The Netherlands Development Finance Company (FMO), The US Government’s Overseas Private Investment Corporation (OPIC), and The German Investment Corporation (DEG).

In 2019, Shell acquired 20% stake in Orb Energy.[7][8]

The company also received funds from Bamboo Capital Partners (Luxembourg), Rianta Capital (Switzerland) and Pamiga SA (Luxembourg).[9]

International operations

Orb Energy started its operations in Africa in 2014.[10] The company launched its own subsidiary in Kenya to replicate its Indian Business model in Africa. The company works with local banks to make solar loans available to residential and commercial customers.[11][12]

Awards and recognition

  • The company was runner-up in the Zayed Future Energy Prize in 2012.[13][14]
  • In 2014, Orb Energy received Gold Standard (GS) rating from LRQA.[15]
  • Orb Energy moves to 3rd place in India in 2021 in terms of megawatts of rooftop solar installed[6][16]
  • Orb Energy wins Mercom India's 2021 award for "Best C&I Project" under the rooftop solar category[17]

References

  1. ↑ "CNN's new weekday programme to start with Micromax CEO". Indian Television Dot Com. 17 November 2016. Retrieved 1 February 2018.
  2. 1 2 "Orb Energy crosses 100-branch mark in Karnataka - Times of India". The Times of India. Retrieved 1 February 2018.
  3. ↑ ":: WELCOME TO InSolTherm Times ::". mnre.gov.in.
  4. ↑ "List of Manufacturers empanelled under CapitalSubsidy scheme only forSolar lighting system implemented through NABARD" (PDF). mnre.gov.in.
  5. 1 2 "Shell takes 20 per cent stake in Indian solar firm Orb Energy". @businessline.
  6. 1 2 "India Solar Map | December 2021". BRIDGE TO INDIA.
  7. ↑ "Shell Takes 20% Stake in Indian Solar Firm Orb Energy". Bloomberg.com. 2 October 2019. Retrieved 14 November 2020.
  8. ↑ "Shell acquires 20% stake in Bengaluru-based solar firm Orb Energy - ET EnergyWorld". ETEnergyworld.com.
  9. ↑ "Indian solar company Orb Energy secures investment from Shell in latest funding round". Renewable Energy World. 3 October 2019.
  10. ↑ Kairu, Pauline (15 February 2018). "Kenya: Funds Flowing in for Solar Projects". allAfrica.com.
  11. ↑ "Orb Energy Secures Funding to Replicate Indian Business Model in Kenya". Lighting Africa. 6 February 2015.
  12. ↑ "Orb Energy secures funds to expand Kenya operations - Business Today News". businesstoday.co.ke. Retrieved 1 February 2018.
  13. ↑ "Power to the People: The Impact of Off-Grid Renewable Energy". Triple Pundit: People, Planet, Profit. 14 August 2012. Retrieved 1 February 2018.
  14. ↑ "Zayed Future Energy Prize delivers a big energy boost". The National. Retrieved 1 February 2018.
  15. ↑ "LRQA verifies Orb Energy's Solar Project against Gold Standard | LRQA India & Sri Lanka". www.lrqa.in. Retrieved 1 February 2018.
  16. ↑ "India Solar Rooftop Map 2020" (PDF). bridgetoindia.com.
  17. ↑ "C&I Project (Rooftop) of the Year: Orb Energy's Rooftop Solar Project in Karnataka". Mercom India. 16 April 2021.
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