Dutch development bank FMO has proposed an additional equity investment of €1 million ($1.11 million or Rs 7.91 crore) in Orb Energy Pte. Ltd, a solar photovoltaic and solar thermal solutions provider.
FMO said in a disclosure it intends to purchase the equity stake from an early-stage impact investor in Orb. This will give FMO a “greater opportunity” to influence Orb’s development, especially with regards to corporate governance practices.
FMO feels that Orb had positioned itself with a unique combination of manufacturing capabilities, engineering, procurement and construction services, strong distribution networks and in-house financing services for solar thermal and photovoltaic systems.
This extensive expertise Orb has built over the years serving SME customers will assist the company’s strategy to increase its presence in the economically viable and attractive commercial rooftop solar market across India.
Orb was co-founded in 2006 by Damian Miller and NP Ramesh, who function as the company’s chief executive officer and chief operating officer, respectively.
It claims that it has sold 160,000 rooftop solar systems in India with cumulative capacity of about 75 MW since inception.
This is an Agency News Feed; edited by Clean-Future Team