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Aditya Birla Finance, the NBFC arm of Aditya Birla Group, has received a ₹1,000-crore term loan for seven years from the International Finance Corporation, a member of the World Bank Group.
The IFC green loan is a rupee loan under Track-III of the Reserve Bank of India’s guidelines for external commercial borrowings. ABFL will use the proceeds to finance renewable energy projects and help the country move towards its target to achieve 175 GW of renewable energy capacity by 2022.
India’s power sector is one of the largest in the world, but the country’s per capita consumption of electricity is less than a fourth of the global average.
With this funding, IFC will help ABFL develop its renewable energy lending book by providing longer-tenor financing, knowledge sharing, and setting of standards.“ABFL will access the expertise that IFC has in this area to make a difference to the energy requirements of our country,” said Ajay Srinivasan, CEO, Aditya Birla Capital.
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