Mongolia's first wind farm nails finance with help of $85m loans

Salkhit will use GE 1.6MW wind turbines

Mongolia’s first wind farm achieved financial close this week with the help of loans from the European Bank for Reconstruction and Development (EBRD), say lawyers working on the deal.

The 50MW Salkhit wind farm, 70km southeast of the capital Ulaanbaatar, is expected to supply up to 5% of Mongolia’s electricity when it becomes operational later this year.

EBRD and the Netherlands Development Finance Company (FMO) have put up $85m of debt financing for the $122m project, says legal group Norton Rose, which advised the institutions.

The Salkhit wind farm is being developed by Mongolian project company Clean Energy. It will use GE 1.6MW wind turbines, ordered last year.

EBRD, FMO and GE Pacific Private acquired equity interests in Clean Energy in Log in to read complete article.

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