Ulaanbaatar
‘Green Guarantee’ for the Engineering, Procurement and Construction contract issued for Moron solar PV in Mongolia
Economy
Ulaanbaatar/MONTSAME/. Top international and domestic
companies have been selected as the general contractor for the EPC contract for
10MW Moron solar PV, which is being implemented by the Ministry of Energy and
funded by the Asian Development Bank (ADB) within the framework of the
Upscaling Renewable Energy Sector Project. In accordance with the terms of the
contract, Golomt Bank, in cooperation with the Industrial and Commercial Bank
of China, issued Green guarantee on behalf of the General Contractor.
The project will support the Government of Mongolia’s policy
of decarbonizing the energy system in remote and less-developed regions; and
strengthen institutional capacity to implement the State Policy on Energy,
2015–2030, and Mongolia’s Nationally Determined Contribution under the Paris
climate accord, which set the targets of increasing the share of renewable
energy capacity in total installed capacity to 20 percent by 2023, and to 30
percent by 2030. The project will develop 40.5MW first-of-its-kind distributed
renewable energy system with a variety of renewable energy technologies
supplying clean electricity and heat in geographically scattered load centers
in the less-developed region of western Mongolia. The subprojects will be
implemented in two phases: core subprojects with 25.5MW of capacity in the
first batch (2019–2022), and noncore subprojects with 15MW of capacity in the
second batch (2020–2024).
Among ADB’s developing member countries, Mongolia has the
largest energy dependence on coal and 93 percent of Mongolia’s energy
production comes from combined heat and power plants that generate energy by
burning coal. Once completed, the project will generate 99 gigawatt-hours of
clean electricity annually, enabling the country to reduce its carbon dioxide
(CO2) emissions by 82,789 tons per year, thereby delivering clean electricity
to 70,000 households.
Golomt Bank continues to support domestic and foreign green
projects with customized financing structures and services within the framework
of an environmentally friendly and sustainable financing policy.
Source: Golomt bank
