Aditya Birla Finance gets $150 Million from IFC for Solar Investment

In Clean News, Environment, News, Renewable Energy, Solar

Aditya Birla Finance Limited (ABFL) will receive an investment of $150 million from International Finance Corporation (IFC), a member of the World Bank Group.

ABFL is a 100 percent subsidiary of Aditya Birla Capital Limited (ABCL), which is the holding company for all the financial services businesses of the Aditya Birla Group (ABG).

The IFC will make the investment through Non-Convertible Debentures (NCDs) issued by ABFL or INR External Commercial Borrowings (ECB) loan which would comply with the guidelines set by country’s apex banking body, the Reserve Bank of India (RBI). The NCD issuance shall comply with the guidelines set by the Securities and Exchange Board of India (SEBI)  for green bonds.

The loan amount would be utilized by ABFL to fund solar projects in select states of the country. This will be the first dedicated climate finance funding for ABFL and will give it an opportunity to foray into the global climate finance market.

The IFC’s engagement with ABFL will support the latter’s commitment to the renewable energy sector, sending a positive signal to the market, and is likely to attract other local and international financial institutions to increase their investment in this sector.

As reported earlier, IFC, the private investment arm of the World Bank, has been actively involved in the developing countries, providing them with the required investments and advisories to promote private sector’s development.

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