Shell has acquired a near 20 per cent stake in Orb Energy, a Bengaluru-based solar solutions provider. Orb Energy offers credit to SMEs to invest in their rooftop solar systems. The existing investors in Orb Energy include FMO (the Netherlands), Bamboo Capital Partners (Luxembourg), Rianta Captial (Switzerland), Acumen Capital Market Funds I (USA) and Pamiga SA (Luxembourg).
Orb Energy was incorporated in 2006, with funding from a UK-based venture capital firm. The company first targeted the distributed off-grid solar market in India, starting off as a provider of solar water heating and pumping systems. It gradually expanded into the rooftop solar space, which now constitutes over 70 per cent of Orb Energy’s business. Read the company story on Orb Energy here:
In September 2019, Punjab Renewable Energy Systems Private Limited (PRESPL), an Indian biomass-based energy company, raised private equity investment of over Rs 360 million from Shell.