From: Mercom India
Odyssey Energy Solutions, a platform for financing distributed renewable energy projects in emerging markets, has raised $74 million in new financing, comprising $27 million in equity and $47 million in debt.
The equity round included new investors Broadscale Group, FMO, and Al Mada Ventures. Existing investors Union Square Ventures, Equal Ventures, Abstract Ventures, Twelve Below, FJ Labs, MCJ, and Transition Ventures also participated.
The debt financing came from British International Investment, BIO, the Facility for Energy Inclusion represented by Cygnum Capital, and the Energy Entrepreneurs Growth Fund represented by TripleJump.
According to Odyssey, the financing will be used to expand its platform, which connects more than 6,000 solar installers and engineering, procurement, and construction companies with financiers and equipment suppliers in more than 50 countries across Africa, Asia, and Latin America.
The company also plans to expand its equipment procurement platform, which aggregates equipment orders across smaller buyers to improve supplier terms and offers embedded supply chain credit.
Odyssey raised a $15 million Series A funding round announced in May 2023. The company said the new financing brings its total capital raised to $94 million.
The company said its business in India grew 205% over the past 12 months. According to Odyssey, new domestic manufacturing requirements for solar components are reshaping supply chains and driving demand for the procurement and financing infrastructure. Rapid data center construction across India, driven by rising AI compute demand, is further increasing electricity demand.
Total Solar corporate funding, including venture capital and private equity funding, public markets, and debt financing in 1H 2026 totaled $16.9 billion, up 56% YoY compared to the $10.8 billion raised in 1H 2025. The number of deals increased 23% YoY, with 96 deals in 1H 2026 compared to 78 during the same period last year, as per Mercom’s recently released 1H and Q2 2026 Solar Funding and M&A Report.
In 2026, CrossBoundary Access, a company that finances and operates distributed renewable energy projects across Africa, secured a $10 million equity investment from the International Finance Corporation.
