The Asian Development Bank (ADB) and the Leading Asia’s Private Infrastructure Fund (LEAP) signed an $18.7 million loan with Sermsang Power Corporation Public Company Limited (SSP) and Tenuun Gerel Construction LLC (TGC) to build, operate, and maintain a 15 MW solar power plant located in the Khushig valley at Tuv aimag (province) Sergelen soum (county) which delivers power to an area accounting for over 80% of the country’s energy demand. The solar project will generate clean electricity totaling 22.3 gigawatt-hours annually in Mongolia, while lowering the country’s carbon emissions by 26,400 tons per year.
The loan agreement for the Sermsang Khushig Khundii Solar Project marks ADB’s first cofinancing with LEAP in Mongolia’s renewable energy sector. The Canadian Climate Fund for the Private Sector in Asia provided a technical assistance grant to offset first mover costs and to catalyze the financing of ADB’s first private sector solar power project in Mongolia.
TGC is owned by Sermsang Power Corporation Public Company Limited (SSP) in Thailand, Sharp Energy Solutions Corporation (SESJ) in Japan, and AMOE Solar LLC and SH Energy Solution LLC in Mongolia.
