SME Solar Powerhouse: Orb Energy's $50M Bet on Small Businesses

Bengaluru-based Orb Energy is planning to raise $50 million (₹435 crore) to scale up its solar power capacity, with a focus on small and medium enterprises (SMEs).

Having already installed over 300 megawatts (MW) of solar capacity and sold approximately 1.7 lakh systems, Orb Energy is one of India’s top players in the rooftop solar market.

“We’re looking to raise $20 million through equity and $30 million through debt. We expect this to be our final fundraising round, Series D, which we hope 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, has already been sold out and will be fully commissioned this year. The company is now working on a 50 MW solar park in Karnataka, with another planned for Gulbarga, where land procurement is underway. The common infrastructure for this project is expected to be completed by July-August 2025.

Looking ahead, Orb Energy aims to add 300 MW of new capacity, in addition to the 100 MW already in the pipeline. The company is focusing on expanding into Maharashtra, Andhra Pradesh, Tamil Nadu, and Karnataka.

“We plan to enter Maharashtra, Tamil Nadu, and Andhra Pradesh right away, where we already have a solid customer base in rooftop solar. We are also raising funds to support in-house financing, which has been key to our growth strategy,” Miller added.

Focus on SMEs and Solar Financing

Since its inception in 2007, Orb Energy has targeted SMEs, identifying a gap in power purchase agreements (PPAs) for smaller businesses.

“The SME market was largely overlooked because many businesses lack the BBB+ credit rating typically required for PPAs. However, we had already established a strong network through our off-grid solutions, so we saw an opportunity to cater to SMEs,” Miller explained.

To overcome financing challenges, Orb Energy created a comprehensive solar solution that includes system design, installation, servicing, and financing.

“We launched this model seven years ago and successfully navigated through COVID with minimal risk. During the pandemic, less than 1% of our portfolio had overdue payments beyond 90 days. This highlights the robustness of the SME market for solar,” Miller emphasized.

With fresh capital, Orb Energy aims to accelerate solar park development and SME financing, further solidifying its position in India’s clean energy sector.

News by Rahul Yelligetti