The European Bank for Reconstruction and Development and the Netherlands Development Finance Company agreed an $85 million loan for Mongolia’s first wind farm.
The 50-megawatt Salkhit wind farm will be built southeast of the Mongolian capital Ulaanbaatar and it’s expected to start working later this year, according to an e-mailed statement today from Norton Rose LLP that advised on the financing. It’s expected to supply 5 percent of the country’s electricity.
The project is being developed by Newcom LLC and General Electric Co. is providing the turbines. Newcom, an investment firm whose portfolio includes telecommunications, information technology, airlines and financial services, is venturing into wind power as part of the government’s plan to raise the amount of energy from clean sources to as much as 25 percent by 2020.
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