U.S. Markets open in 1 min

Shell Takes 20% Stake in Indian Solar Firm Orb Energy

Jeremy Hodges

(Bloomberg) -- A Royal Dutch Shell Plc division took a 20% stake in Indian solar firm Orb Energy Pvt Ltd. as part of a drive to deliver a reliable source of electricity to 100 million people in the developing world by 2030.

Orb Energy, based in Bengaluru, south India, provides credit to small and medium sized firms to invest in solar panel systems. Founded in 2006, Orb Energy has sold over 160,000 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.

To contact the reporter on this story: Jeremy Hodges in London at jhodges17@bloomberg.net

To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net, Helen Robertson, Rakteem Katakey

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.