MUMBAI: International Finance CorporationNSE 0.00 % (IFC), a World Bank group member, Wednesday extended a seven-year long-term loan of Rs 1,000 crore to Aditya Birla Finance (ABFL).

ABFL, the NBFC arm of Aditya Birla Capital, would use the proceeds to finance renewable energy projects and help the country move towards its target of 175 GW of renewable energy capacity by 2022.

"This is not just about a loan but also about being able to access the expertise that IFC has in this area and together making a small difference to the energy requirements of our country," Aditya Birla Capital's chief executive Ajay Srinivasan, said in a release.

The government plans to increase the country's renewable energy capacity to 175 GW, comprising solar, wind, biomass, and small hydro, by 2022.

With this funding, IFC would help ABFL develop its renewable energy program by providing longer-tenor financing, knowledge sharing, and setting of standards.

IFC brings to the partnership its deep understanding of the renewable energy sector.

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