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Renewable Energy Program #1 - Solar

TONNES of CO2 Anticipated tonnes of CO2 equivalent avoided


GCF results area
  • Energy generation and access
UN Sustainable Development Goal
  • #7 Affordable and clean energy

Location & People

  • Asia-Pacific
  • Mongolia MNG

Investment Data

  • Financing:
    • Public
    • Public / Private
    • Private
  • Project size:
    • Micro
    • Small
    • Medium
    • Large
  • E&S Risk category:
    • Category I1
    • Category I2
    • Category I3
Total project investment
GCF Financing
  • Instrument Loan USD
  • Project developers Equity USD

Project owners

Accredited Entity Executing Entity
  • XacBank LLC Mongolia
Renewable Energy Program #1 - Solar Approved October 2017 Est. implementation period 10.0 years Est. completion date 19 January 2029
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.
Document title
Published date
Approved funding proposal FP046 - XacBank LLC. - Mongolia 06 Nov 2017
ESS report FP046 - XacBank - Mongolia 13 Sep 2017
Gender action plan FP046 - XacBank - Mongolia 31 Jan 2018
Gender assessment FP046 - XacBank - Mongolia 31 Jan 2018
Accredited Entity
  • XacBank LLC (XacBank) Tuul Galzagd Tel: +976 7577 1888 (ext.707) Anand Batsukh Tel: +976 7577 1888 (ext.703)
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