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.

Total project value

 

Tonnes of emissions avoided

 

Theme

Mitigation

Result areas

Project timeline

Pipeline

15 Mar 2017 - 202 days

Funding proposal received

15 Mar 2017

Cleared by iTAP

13 Sep 2017

Approved

02 Oct 2017 - 110 days

Approved by GCF Board

02 Oct 2017

FAA executed

11 Nov 2017

Under implementation

19 Jan 2018 - 766 days so far

FAA effective

19 Jan 2018

Disbursement - USD 8,650,050

16 May 2018

Annual Performance Report

28 Feb 2019

Completed

19 Jan 2029 - 3,254 days to go

One region

  • Asia-Pacific

One country

USD  
  • Financing
    • Private sector
    • Public sector
  • Size
    • Micro
    • Small
    • Medium
    • Large

GCF financing49% disbursed

InstrumentAmount
LoanUSD 8,650,050

Cofinancing

CofinancerInstrumentAmount
Co-FinancingEquityUSD 8,906,870

GCF Project Team

General media inquiries

GCF Communications
Phone +82 32 458 7751
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Request for information

GCF Information Disclosure
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Project complaints and grievances

GCF Independent Redress Mechanism (IRM)
Phone +82 32 458 6157
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Integrity issues

GCF Independent Integrity Unity (IIU)
Phone +82 32 458 6155
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Accredited Entity

National Designated Authority

News + Stories

GCF is supporting Mongolia’s ambition to pursue a low-emission future

10 Apr 2019 / And helping it adjust to the growing pains of rapid urbanisation