Shell has acquired a stake of almost 20% in Orb Energy Pvt. Ltd, a Bengaluru-based solar power services provider, in the latest bet on an Indian renewable energy company.
Orb Energy said in a statement the investment from Shell’s New Energies business will help it provide lower-cost solar power to more Indian small and medium-sized enterprises (SMEs).
The company offers SMEs credit to invest in rooftop solar systems. This drives Orb Energy’s own sales.
Shell’s investment will power the next phase of companies growth and ensure that more underserved SMEs in India can benefit from clean, lower-cost electricity from solar.
Shell got attracted by Orb Energy’s focus on providing cleaner and affordable energy solutions to SMEs in India. This is a vital and growing sector, with great potential to contribute to the country’s renewable energy ambitions.
The deal is part of Shell’s ambition to provide reliable electricity supply to 100 million people in the developing world by 2030.
Shell, through various arms, has previously invested in at least three Indian-related renewable energy companies namely, Punjab Renewable Energy Systems Pvt. Ltd, Husk Power Systems Pvt. Ltd and Cleantech Solar.
Reference- VCCricle, Economic Times, Shell PR, Mercom India