Bengaluru-based Orb Energy is planning to raise $50 million (₹435 crore) to expand its installed solar power capacity, focusing on small and medium enterprises (SMEs).
The company, which has already installed over 300 megawatts (MW) of solar capacity and sold around 1.7 lakh systems, is one of the leading domestic players in the rooftop solar segment.
“We aim to raise $20 million through equity and $30 million via debt. Hopefully, this will be our final fundraising round, Series D, which we expect to close by April-May,” said Damian Miller, Co-founder and CEO of Orb Energy.
Orb Energy’s first 35 MW solar park for SMEs in Arsikere, Karnataka, is already sold out and will be fully commissioned this year. The company is now investing in a 50 MW solar park in Karnataka, with another planned for Gulbarga, where land procurement has begun. The common infrastructure for this project is expected to be ready by July-August 2025.
Looking ahead, Orb Energy plans to add 300 MW of new capacity, in addition to the 100 MW currently in the pipeline. The company is eyeing Maharashtra, Andhra Pradesh, Tamil Nadu, and Karnataka for further expansion.
“We want to enter Maharashtra, Tamil Nadu, and Andhra Pradesh immediately, where we already have a strong rooftop solar customer base. We are also raising funds for in-house financing, which has been a key part of our growth strategy,” Miller added.
Focus on SMEs and Solar Financing
Since its inception in 2007, Orb Energy has focused on SMEs, recognizing a gap in power purchase agreements (PPAs) for smaller businesses.
“The SME market was largely ignored because many lack a BBB+ credit rating, which is typically required for PPAs. But since we had already built an extensive network through our off-grid solutions, we saw an opportunity to serve SMEs,” Miller explained.
To address financing challenges, Orb Energy developed a full-stack solar solution, including system design, installation, servicing, and financing.
“We launched this model seven years ago and even navigated through COVID with minimal risk. Less than 1% of our portfolio had overdue payments beyond 90 days during the pandemic. That’s how strong the SME market is for solar,” Miller emphasized.
With fresh capital, Orb Energy aims to accelerate its solar park development and SME financing, further strengthening its position in India’s clean energy sector.