Green Climate Fund approves funding for 10-MW solar park in Mongolia

The Green Climate Fund (GCF) has approved funding for 11 climate finance initiatives, including USD 8.65 million (EUR 7.4m) for a solar project in Mongolia.

The 11 projects and programmes, with a total value of USD 392.86 million, were approved at a three-day meeting of the fund's board in Cairo that wrapped on Monday.

The Mongolian project, called Renewable Energy Programme #1 – Solar, involves the financing of a 10-MW solar park in Sumber soum of Govisumber province, southern Mongolia. The funding proposal comes from XacBank LLC.

According to GCF documents, the plant will supply about 15,400 MWh of electricity and reduce greenhouse gas emissions by 12,270 tonnes per year. Mongolia has a goal of supplying 20% of its energy through renewables by 2020 and 30% by 2030 under its Intended Nationally Determined Contributions (INDC).

(USD 1 = EUR 0.850)

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