Odyssey Energy Solutions
BIO has granted a EUR 7.0M loan to Odyssey Energy Solutions Procure VI, a special purpose vehicle (“SPV”) registered in India and fully owned by the Odyssey Energy Solutions Pvt. Ltd. the Indian subsidiary of the Odyssey group.
Amount
€ 7,000,000.00
Type of investment
Debt
Development impacts
- Local economic growth
- Private sector consolidation/innovation
- Fight against climate change
Beneficiary locations
Investment field
Infrastructure
Activity
Odyssey is a climate-tech and financing company dedicated to accelerating the deployment of distributed renewable energy projects in emerging markets, with a strong focus on solar technologies. The group’s core strategy addresses the working capital constraints faced by medium sized solar Engineering Procurement and Construction companies (“EPCs” and solar project developers within the framework of solar C&I projects by providing them with procurement and construction credits.
Odyssey Energy Solutions Pvt. Ltd. is the Indian subsidiary of Odyssey Energy Solutions Inc., the holding company of the Odyssey Group, founded in 2017. The group was created by Emily McAteer and Piyush Mathur, two entrepreneurs with extensive experience in the solar C&I market.
The funds under this facility will be utilized for the procurement of equipment for distributed renewable energy projects across India. This EUR 7.0 M project aims at facilitating the construction of more than 206 MW of solar installations, resulting in producing green and affordable electricity for 400+ companies in India, in line with government strategic priorities of reaching 500 GW of non-fossil fuel energy installed by 2030.
Development impacts
-
Local economic growth
Facilitating Indian enterprises access to renewable energy infrastructure (solar) by financing the EPC's construction phase of Solar PV C&I solutions. Today, Odyssey globally has done 95 projects (54 active and 41 completed) with 34 clients (mostly SMEs) and foresees to more than double its activities in the next 3 years by expanding to larger EPCs (55 clients with 561 projects). Odyssey offers a tailored financing product that is more flexible and adapted to the sector than what is offered both by local banks (generic, unflexible, not adapted to the cash flow of the underlying projects) and by NBFCs (on balance sheet lending). Indirect job creation due to power enabling effects is estimated (through JIM) at 400+ jobs created by 2027 in the (downstream) value chain of Odyssey.
-
Private sector consolidation/innovation
Odyssey is a highly specialized player in the sector, offering EPCs a unique value proposition. Odyssey's offering combines off-balance financing and comprehensive project support (handling logistics end-to-end, offering a platform for tracking asset performance and construction progress), while ensuring the market's quickest execution timeline (disbursement within 2 weeks of final approval). Enabling end-beneficiaries (Indian commercial and industrial companies) to access significantly cheaper and cleaner electricity than what provided through the national grid: solar power is 30%-60% cheaper than grid tariffs (depending on the state).
-
Fight against climate change
Climate mitigation: systems financed through Odyssey are 100% solar PV projects. To date, the company enabled the construction of 56 MW of solar plants resulting in 25.1 GWh of electricity generated. The avoided GHG emissions are estimated at 19,500 t CO₂ eq. Contributing to low-carbon transition by enabling EPC clients to substitute non-renewable energy sources (national energy mix is 81% coal and oil) for a share of their consumption, thus also helping regulated industrial clients reduce CO₂ emissions in line with compliance requirements.
E&S classification of the project:
B - Medium, as all of the projects will be installed on the premises of the end-beneficiaries (rooftop or ground mounted depending on available space) – no land acquisition needed.
View more of our investments in this region
Excelsior Capital Vietnam Partners II
15,000,000.00
Vietnam
11/12/2025
Equity
