Shell’s business unit that focuses on new fuels and power generation has bought a 20% stake in Indian solar company Orb Energy.
Founded in 2006, Orb Energy has sold more than 160,000 rooftop solar power systems in India, with a total capacity of around 75MW.
Brian Davis, Vice President, Shell Energy Solutions, said: “We were attracted by Orb Energy’s focus on providing cleaner and affordable energy solutions to SMEs in India. This is a vital and growing sector, with great potential to contribute to the country’s renewable energy ambitions.”
“We look forward to supporting this company in reaching its potential as we move closer to Shell’s energy access ambition. That is, to provide a reliable electricity supply to 100 million people in the developing world by 2030.”
Damian Miller, Chief Executive Officer of Orb Energy added the investment from Shell New Energies will help the company provide additional financing to SMEs in India so they can benefit from “clean, lower cost electricity” from solar.