Orb Energy, a Bengaluru-based solar power company, has plans to increase its solar photovoltaic panel production capacity to 250 MW in two years.
Orb Energy CEO Damian Miller said in a press release that the firm imported cells and made the modules at the Bengaluru plant. The current annual production capacity is 60 MW. It will be increased to 250 MW in a couple of years at an investment of ₹25 crore. It has two plants — one to produce the solar photovoltaic panels and another for solar water heating systems.
The 12-year-old firm has installed 50 MW of rooftop solar power systems in commercial, industrial and residential segments. The emerging segment is commercial and industrial rooftop solar systems, he said. It will install about 30 MW in this segment this year.
It has a strong presence in Karnataka and Andhra Pradesh. Orb Energy also provides commercial and industrial customers collateral-free loan for buying its rooftop solar systems. The loans come with a three-to-four year payback period.
The company had recently raised ₹95 crore which would be mainly used for lending.