GCF, XacBank fund 10-MW solar project in Mongolia

Mongolian lender XacBank has provided financing for the construction of a 10-MW solar park at home under a partnership with the Green Climate Fund (GCF).

The Sumber photovoltaic (PV) park, located in Mongolia’s southern province of Govisuumber, was put on stream at the end of last year, the GCF said on Monday. Its construction required an overall investment of USD 17.6 million (EUR 15.4m), some USD 8.7 million of which was funded with a concessional loan from the GCF.

Being operated by Mongolia-based ESB, the photovoltaic (PV) plant uses 31,000 panels assembled by Japan’s Sankou Seiki. Their output is expected to be around 15,395 MWh per year, which will save 12,270 carbon dioxide (CO2) emissions annually.

Under its green development policy, approved in 2014, Mongolia aims to make renewables account for 20% of its installed power capacity by 2020 and 30% by 2030.

(USD 1.0 = EUR 0.874)

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