Solar equipment maker Orb Energy raises $15 million from OPIC, others

Solar equipment manufacturer Orb Energy Private Limited has raised $15 million (Rs 950 million) through a combination of debt and equity from Dutch development bank FMO, the Overseas Private Investment Corporation (OPIC), African finance institution Pamiga, and German development finance institution DEG. Of the total amount, $10 million has been raised as long-term debt from OPIC. The proceeds will be used to augment the in-house finance facility for Indian solar manufacturers (for rooftop solar panels) and for the expansion of Orb’s Kenya operations.