Renewable Energy Program #1 - Solar

Renewable Energy Program #1 - Solar

  • Status Under implementation
  • Date approved 02 Oct 2017 at B.18
  • Est. completion 19 Jan 2029
  • ESS Category Intermediation 2

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




Result areas

Project timeline


15 Mar 2017 - 202 days

Funding proposal received

15 Mar 2017

Cleared by iTAP

13 Sep 2017


02 Oct 2017 - 106 days

Approved by GCF Board

02 Oct 2017

FAA executed

11 Nov 2017

Under implementation

15 Jan 2018 - 2,343 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

To be completed

19 Jan 2029 - 1,680 days to go

One region

  • Asia-Pacific

One country

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

GCF financing100% disbursed

LoanUSD 8,650,050
Total GCF Financing
USD 8,650,050


Co-FinancingEquityUSD 8,906,870
Total Co-Financing
USD 8,906,870

GCF Contacts

General media inquiries

GCF Communications
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GCF Information Disclosure
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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 6714 (KST)
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Accredited Entity

XacBank JSC (Mongolia)
Ms. Tuul Galzagd

Director, Eco Banking Department
XacBank Headquarters Building, Post Branch 20A, P.O. Box 72, Ulaanbaatar, Mongolia
Phone +976 7577 1888
Mr. Enkh-Erdene Erdenekhuyag

Project Development Officer
XacBank Headquarters Building, Post Branch 20A, P.O. Box 72, Ulaanbaatar, Mongolia
Phone +976 7577-1888
More contacts

National Designated Authority

Ministry of Environment and Tourism
Ms. Choikhand Janchivlamdan Primary
15160 Government building 2, United Nation's street 5/2, Chingeltei district, Ulaanbaatar, Mongolia

News + Stories

GCF in Mongolia: Towards a climate-resilient future

16 May 2019 / The Green Climate Fund (GCF) is assisting Mongolia in its transition to renewable energy by catalysing local private sector capital to enable local solutions to climate change and open markets for big investors in renewable energy.

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.

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

Ulaanbaatar: Live Better, Breathe Easier

09 Apr 2019 / A GCF project is helping Ulaanbaatar city shift to a low-emission, climate-resilient development path.