EIB invests in Mongolia’s green future

The European Investment Bank (EIB) has agreed to help finance a large-scale windfarm in Mongolia as part of the country’s plans to embrace renewable energy. In cooperation with the European Bank for Reconstruction and Development, French energy company ENGIE, German industrial services provider Ferrostaal, and the Danish Climate Investment Fund, the EIB has pledged more than €100 million in financing the Sainshand wind farm. Located 460km south-east of Ulaanbaatar, Sainshand will be Mongolia’s third privately financed windfarm. The investment plans to add 54MW to the country’s energy mix.

Jonathan Taylor, Vice President, EIB, said: “The European Investment Bank is committed to supporting climate-related investment across Asia and is pleased to support development of wind power in Mongolia, which provides an alternative to coal use. The Sainshand wind farm will use world-class technology and demonstrate that wind power can be successfully harnessed in remote regions facing a harsh climate.”

Mongolia’s energy development roadmap aims to develop wind energy as the most important energy resource by 2020. Jonathan Taylor will brief Asia House corporate members on the EIB’s activities in Asia on 8 September.