The State Bank of India (SBI) and Orb Energy, a top supplier of solar solutions have announced their collaboration. By virtue of this arrangement, Orb Energy is recognized as an authorized seller for SBI’s Surya Shakti Solar Finance Scheme.
The Surya Shakti scheme, launched by the nation’s biggest lender, intends to improve the financing alternatives for solar power projects. As a result of this partnership, SBI will make solar financing available to residential, business, and industrial clients of Orb Energy, making rooftop solar system installation easier.
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In accordance with this agreement, SBI will provide solar loans for the installation of rooftop solar systems to residential, commercial, and industrial clients of Orb Energy. SBI will offer loans up to Rs. 10 crores for commercial and industrial clients, with a 20% minimum down payment and longer terms. SBI provides loans for residential customers to install solar systems up to Rs. 10 lakhs.
With more than 300MW built to date and rapidly expanding, Orb Energy has been a pioneer in India’s rooftop solar market. It is consistently listed among the top 5 rooftop suppliers by CRISIL (Bridge to India). Orb Energy’s expansion will now hopefully be further fueled by the SBI agreement, which will also provide Orb’s clients with more alternatives when it comes to financing rooftop solar purchases.
Damian Miller, Co-Founder and CEO, Orb Energy said: “Signing with the State Bank of India is a tremendous milestone for Orb Energy and its customers. We look forward to enabling more of our customers to benefit from SBI’s low-cost, innovative financing for rooftops, to support SBI’s hugely beneficial ‘Surya Shakti Solar Finance Scheme.”
About Orb Energy
Founded in 2006 by Damian Miller and NP Ramesh, Orb Energy is a vertically integrated solar energy solutions provider – including manufacturing solar photovoltaic panels in Bengaluru and financing SME customers.
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