Mongolia to get $8.65 million financing for PV project
The Green Climate Fund concluded its last Board meeting of 2017 in Cairo by approving 11 new projects and programs valued at $392 million to assist developing countries respond to climate change.
Mongolia to get $8.65 million financing for PV project. The Green Climate Fund (GCF) concluded its last Board meeting of 2017 in Cairo by approving 11 new projects and programs valued at $392 million to assist developing countries respond to climate change. The approval includes PV project funding of $8.65 million for the ‘Renewable Energy Program 1 – Solar’ in Mongolia with Xac Bank. The Mongolian Renewable Energy Program 1 – Solar project involves the financing of a 10-MW solar park in Sumber soum of Gobisumber province, southern Mongolia. The funding proposal comes from KhasBank LLC. According to GCF documents, the plant will supply about 15,400 megawatt-hours (MWh) of electricity and reduce greenhouse gas emissions by almost 12,300 tonnes per year. Mongolia has a goal of supplying 20% of its energy through renewable by 2020 and 30% by 2030 under its Intended Nationally Determined Contributions (INDC), these being linked to its Paris Climate Accord commitments.
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