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.
Country updates
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February 25, 2019
55 MW wind project in Mongolia begins commercial operation
The 55 MW Sainshand wind farm, located in the Gobi Desert in Mongolia, has successfully entered commercial operation. The wind park, which is comprised of 25 Vestas V110 2.2 MW wind turbines,...
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February 02, 2019
ADB supports first Distributed Renewable Energy System in Mongolia
The Asian Development Bank’s (ADB) Board of Directors has approved a US$40 million loan to develop a 41 megawatt (MW) distributed renewable energy system—a first-of-its-kind in Mongolia us...
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January 28, 2019
GCF and XacBank finance large-scale solar project
XacBank has become Mongolia’s first private bank to fund the completion of a large-scale, solar plant in a financing partnership with the Green Climate Fund (GCF). The 10MWh solar photovoltaic (...
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September 17, 2018
Sharp completes construction of 16.5 MW solar plant in Mongolia
Sharp Energy Solutions Corporation (SESJ), wholly-owned subsidiary of Sharp Corporation, has announced that it has completed construction of a utility-scale solar power plant in Zamyn Uud, D...
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May 10, 2018
EBRD to finance largest solar project in Mongolia
United Green Group (UGG) and Tucher Group GmbH have secured a US$31.6 million syndicated loan from the European Bank for Reconstruction and Development (EBRD), Triodos Investment Management and FMO fo...
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