FP046
Renewable Energy Program #1 - Solar
Renewable Energy Program #1 - Solar
Financing a 10MW solar photovoltaic (PV) power plant to support Mongolia’s renewable energy transition.
Mongolia is committed to supply 30% of the country’s energy through renewable energy by 2030, as part of its NDC targets. However renewable energy investments in the country are limited by barriers to finance including high interest rates, and prohibitively short tenors, which make renewable projects more expensive than coal-fired power plants. The project will enable the development, construction, commissioning and operation of a 10MW solar power plant, which will be the second large-scale solar PV in the country.
The project has an estimated lifespan of 10 years.
Project timeline
Pipeline
15 Mar 2017 - 202 days
Funding proposal received
15 Mar 2017
Cleared by iTAP
13 Sep 2017
Approved
02 Oct 2017 - 106 days
Approved by GCF Board
02 Oct 2017
FAA executed
11 Nov 2017
Under implementation
15 Jan 2018 - 2,079 days so far
Legal opinion on AE's Internal Approval
15 Jan 2018
FAA effective
19 Jan 2018
Disbursement - USD 8,650,050
16 May 2018
Annual Performance Report
28 Feb 2019
Completed
19 Jan 2029 - 1,944 days to go
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Financing
- Private sector
- Public sector
-
Size
- Micro
- Small
- Medium
- Large
GCF financing100% disbursed
| Instrument | Amount |
|---|---|
| Loan | USD 8,650,050 |
| Total GCF Financing |
|---|
| USD 8,650,050 |
Co-financing
| Co-financer | Instrument | Amount |
|---|---|---|
| Co-Financing | Equity | USD 8,906,870 |
| Total Co-Financing |
|---|
| USD 8,906,870 |
GCF Contacts
General media inquiries
GCF CommunicationsPhone +82 32 4458 6338 (KST)
Send e-mail
Request for information
GCF Information DisclosureRequest information about this project
Project complaints and grievances
GCF Independent Redress Mechanism (IRM)Phone +82 32 458 6186 (KST)
File a complaint
Integrity issues
GCF Independent Integrity Unity (IIU)Phone +82 32 458 6155 (KST)
Send e-mail
Accredited Entity
XacBank LLC (Mongolia)
Director, Eco Banking Department
XacBank Headquarters Building, Post Branch 20A, P.O. Box 72, Ulaanbaatar, Mongolia
Project Development Officer
XacBank Headquarters Building, Post Branch 20A, P.O. Box 72, Ulaanbaatar, Mongolia
More contacts
National Designated Authority
Ministry of Environment and Tourism
15160 Government building 2, United Nation's street 5/2, Chingeltei district, Ulaanbaatar, Mongolia
Documents
| Title | Type | Date |
|---|---|---|
| 2020 Annual Performance Report for FP046: Renewable Energy Program #1 - Solar | Annual Performance Report | 26 Feb 2021 |
| 2018 Annual Performance Report for FP046: Renewable Energy Program #1 - Solar | Annual Performance Report | 28 Feb 2019 |
| Gender assessment for FP046: Renewable Energy Program #1 - Solar | Gender assessment | 31 Jan 2018 |
| Gender action plan for FP046: Renewable Energy Program #1 - Solar | Gender action plan | 31 Jan 2018 |
| Renewable energy program #1: Solar | Approved funding proposal | 06 Nov 2017 |
| Environmental and social safeguards (ESS) report for FP046: Renewable Energy Program #1 - Solar | Environmental and Social Safeguards report | 13 Sep 2017 |
News + Stories
GCF supports Mongolia's ambition to pursue a low-emission future
29 Apr 2019 / What makes FP046, the Green Climate Fund's (GCF) Sumber Solar Plant project in Mongolia with Xacbank, extraordinary? When Sumber Solar Plant went online, it marked two firsts: the first completion of a solar plant funded by GCF, and the first solar power plant financed by a local Mongolian bank.
