Odyssey Energy Solutions raises $74 million

Mumbai: Odyssey Energy Solutions, a platform for financing distributed renewable energy projects in emerging markets including India, raised $74 million from a clutch of investors.

The funding consists of a $27 million equity round and $47 million debt, the company told ET.

New equity investors include the Broadscale Group, FMO and Al Mada Ventures, with participation from existing investors including Union Square Ventures, Equal Ventures, Abstract Ventures, Twelve Below, FJ Labs, MCJ and Transition Ventures.


Debt financiers include British International Investment, BIO, the Facility for Energy Inclusion represented by Cygnum Capital and the Energy Entrepreneurs Growth Fund represented by TripleJump.

The company said the financing will support continued expansion of its platform, which connects more than 6,000 solar installers and engineering, procurement, and construction (EPC) companies with financiers and equipment suppliers in more than 50 countries in Africa, Asia, and Latin America.

Odyssey’s procurement platform, launched in 2024, aggregates equipment procurement across its network of EPC contractors, offering these small- to medium-size companies access to volume pricing with embedded supply chain credit. The platform has unlocked 1.5 GW of projects to date, the company said.

Distributed renewable energy projects are small facilities generating power near its users.

“The focus of financing for distributed renewable energy has historically been on post-construction capital — funding that flows once a project is built," said cofounder and CEO Emily McAteer.

"That has left a significant gap upstream, where thousands of small and medium EPCs and installers lack the working capital needed to procure equipment, complete construction, and unlock customer payments. Odyssey bridges this gap directly, providing companies with the equipment pricing and financing they need to accelerate project delivery.”

In India, where Odyssey's platform has more than tripled over the past 12 months, new domestic manufacturing requirements for solar components are reshaping supply chains and driving demand for procurement and financing infrastructure, it said.

"Rapid data centre construction across India, driven by rising AI compute demand, is further increasing electricity demand at a pace grid infrastructure is struggling to meet, adding urgency to distributed solar and storage as a complement to centralised power supply," the company said.

The latest funding follows Odyssey's $15 million Series A round, announced in May 2023, bringing the total capital raised by the company to $94 million.