EBRD has financed the 50 MW Salkhit wind farm in Mongolia, which was the first ever renewable energy project in the country. Now, it is backing a 30 MW PV plant, what will become the largest solar power project in the Asian country. (Photo Credit: Energy Regulatory Commission of Mongolia)
- Desert Solar Power Project of 30 MW capacity in Mongolia is the first PV project to be selected by EBRD For funding
- Total funding of $31.6 million will come in the form of $10.5 million loans each from EBRD, Triodos Investment Management and FMO Dutch Development Bank
- The PV project will sell power to the state-backed National Power Transmission Grid (NPTG)under a 20-year PPA for a fixed offtake tariff of $0.16 per kWh
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The European Bank for Reconstruction and Development (EBRD) has selected its first solar power project in Mongolia. A 30 MW solar power plant in the Asian country will receive $31.6 million as syndicated loan. EBRD provides its A loan of $10.5 million, the B loan will come from Triodos Investment Management and Dutch Development Bank FMO, which will provide $10.5 million each.
The Desert Solar Power Projectis located 460km southeast ofUlaanbaatar (UB) near the city of Sainshand at the border of the Gobi desert. It is being developed for an estimate $54 million. The project will sell power to the state-owned National Power Transmission Grid (NPTG)under a 20-year power purchase agreement (PPA) for a fixed offtake price of $0.16per kWh, according to EBRD.
The financing will be given to Desert Solar Power One LLC (DSP), a special purpose company owned by United Green Group (UGG) and Tucher Group GmbH. It will finance the 30 MW PV project under its Green Economy Transition approach (GET) that aims to dedicate 40% of its annual investments to climate finance by 2020.
Mongolia’s main energy supply comes from coal fired combined heat and power plants, as per EBRD. This 30 MW project will be the first utility-scale PV plant in the country.
In January 2017, a 10 MW solar power project in Darkhan city was commissioned. It uses modules from Japan’s Sharp Corporation and was developed as a joint project between local Mongolian company Solar Power International LLC and Japanese trading firm Shigemitsu Shoji Co., Ltd. Sharp stated back then that it was Mongolia’s first ever large-scale solar power plant.
Previously, EBRD also is a pioneer in the field of wind power in Mongolia. It was the original seed investor in the country’s first ever renewable energy project, the 50 MW Salkhit wind farm; ultimately it financed three wind farms.