- The World Bank has approved a $54.4 million loan to help Mongolia improve reliability and sustainability of its electricity services
- It will also support the development of the country’s first large-scale PV plant outside the Central Energy System
- Out of $54.4 million, $42 million on concessional terms will be provided from the bank’s International Development Association
- Another $12.4 million will come from the Scaling-Up Renewable Energy Program of the Strategic Climate Fund
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Solar industry in Mongolia is getting financial support from the World Bank, which has approved a Second Energy Sector Project for the Asian country. A total of $54.4 million in financing is supposed to help Mongolia improve reliability and sustainability of its electricity services as well as the development of a 10 MW solar power project.
The 10 MW project is the country’s first large-scale PV plant outside the Central Energy System. The solar system is aimed at supplying clean energy to the country’s western region, which currently imports 70% of its power supply, stated the World Bank.
“We are encouraged by the government’s target to increase the share of renewables to 30% by 2030,” said Peter Johansen, Senior Energy Specialist of the World Bank. “With its abundant solar and wind power resources, the country is now considering to more effectively and efficiently incentivize renewable energy investment to fully use its potential,” he added.
A $42 million loan on concessional terms will be given to Mongolia from the World Bank’s International Development Association (IDA), along with a $12.4 million grant from the Scaling-Up Renewable Energy Program under the Strategic Climate Fund.
The World Bank support is aimed at helping Mongolia finance investments to upgrade and expand the capacity of power distribution infrastructure in Baganuur-Southeast and the Erdenet-Bulgan distribution networks, which supply electricity to nine out of 21 provinces in the country.