Shell picks up 20% stake in Bangalore-based Orb Energy

New Delhi: Royal Dutch Shell has picked up a 20 percent stake in Indian solar firm Orb Energy Private Ltd, the company said in an official statement on Thursday. "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 the statement.

What does Orb Energy do?

Bangalore-based Orb Energy provides credit to small and medium-sized firms to invest in solar panel systems.
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It was founded in 2006 and has so far sold over 1,60,000 solar systems in India with a total capacity of 75 megawatts.

Deal aimed at reducing energy poverty

"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," the statement said.