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 - 110 days
Approved by GCF Board
02 Oct 2017
FAA executed
11 Nov 2017
Under implementation
19 Jan 2018 - 806 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 - 3,213 days to go
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Financing
- Private sector
- Public sector
-
Size
- Micro
- Small
- Medium
- Large
GCF financing49% disbursed
| Instrument | Amount |
|---|---|
| Loan | USD 8,650,050 |
Cofinancing
| Cofinancer | Instrument | Amount |
|---|---|---|
| Co-Financing | Equity | USD 8,906,870 |
GCF Contacts
General media inquiries
GCF CommunicationsPhone +82 10 4458 7751
Send message
Request for information
GCF Information DisclosureRequest information about this project
Project complaints and grievances
GCF Independent Redress Mechanism (IRM)Phone +82 32 458 6157
File a complaint
Integrity issues
GCF Independent Integrity Unity (IIU)Phone +82 32 458 6155
Send e-mail
Accredited Entity
XacBank LLC
Director, Eco Banking Department
XacBank Headquarters Building, Post Branch 20A, P.O. Box 72, Ulaanbaatar, Mongolia
Senior Project Development Officer, Eco Banking Department
XacBank Headquarters Building, Post Branch 20A, P.O. Box 72, Ulaanbaatar, Mongolia
National Designated Authority
Ministry of Environment and Tourism
National Focal Point for the GCF
Suite 203, Margad Center 8th Khoroo, Student Street, Ulaanbaatar, Mongolia
Carbon and Climate Finance Specialist
Suite 203, Margad Center 8th Khoroo, Student Street, Ulaanbaatar, Mongolia
