The Asian Development Bank (ADB) and Leading Asia’s Private Infrastructure Fund (LEAP) have agreed to provide an $18.7 million loan to support the development of a 15 MW solar project in Mongolia.
A 10 MW solar facility in the Sumber Soum area of Mongolia’s southern Govisümber province has been connected to the grid. The project was financed by the Green Climate Fund and XacBank and takes Mongolia’s installed PV capacity to 35 MW. The pipeline of approved solar schemes has surpassed 700 MW.
The European Bank for Reconstruction and Development (EBRD) and investment partners will provide a $30.7 million syndicated loan to finance a 30 MW power plant, which EBRD says will be the first large-scale solar installation built in Mongolia.
The two projects will be funded by the World Bank and the Scaling-Up Renewable Energy Program under the Strategic Climate Fund
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