EBRD grants $42 million for Mongolian wind project21 March 2012
The European Bank for Reconstruction and Development (EBRD) has granted a loan of $42.4 million to Clean Energy for building Mongolia's first wind energy project.
The bank, besides the loan, has also invested $4.4 million equity stake in Clean Energy. The bank holds 25% stock in the new company, which it co-owns with Newcom, which holds 75% stake in Clean Energy. The company will build the Salkhit wind farm, which will be built about 70km from Ulaanbaatar, the capitol of Mongolia. The wind farm will feature 31, 1.6MW wind turbines which will be manufactured by the US-based General Electric. The plant will have a generation capacity of 50MW, which will offset approximately 5% of the power requirement of the country. The power plant will supply 168 million kWh of clean power to the national power grid every year. The project will offset emission of carbon dioxide by almost 164,000 tons per annum.