A Royal Dutch Shell Plc division took a 20 per cent stake in Indian solar firm Orb Energy Pvt Ltd as part of a drive to deliver a reliable source of electricity to 10 crore people in the developing world by 2030.
Orb Energy, based in Bengaluru, provides credit to small and medium-sized firms to invest in solar panel systems. Founded in 2006, Orb Energy has sold over 1.6 lakh solar systems in India with a total capacity of 75 megawatts.
This is a vital and growing sector, with great potential to contribute to the country’s renewable energy ambitions, Brian Davis, Vice President in the Shell Energy Solutions division said in a statement.
The deal is the latest of several Shell has made in India, aimed at reducing energy poverty through investment in Africa and Asia. In 2018, the oil major invested in an Indian company that builds and installs miniature power grids.