ADB signs loan agreement with the Mongolian government

The Asian Development Bank (ADB) has signed a loan agreement with the Government of Mongolia to provide $60.6 million for the development of distributed renewable energy projects in the country. These include a 41 MW renewable energy system, which will comprise solar PV and wind energy projects with advanced battery storage technology and energy management systems. After completion, the project will supply clean electricity to over 260,000 people living in western Mongolia. The project will be co-financed by the Strategic Climate Fund, which will provide a grant of $14.6 million. Meanwhile, the Japan Fund and the Government of Mongolia are disbursing $6 million and $5.6 million, respectively, to set up this project.

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