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ADB loan for combined energy storage in Mongolia

Mon, 11/12/2018 - 00:00 -- Hugh Finzel
ADB Country Director for Mongolia Ms. Yolanda Fernandez Lommen (seated, left) with Minister of Finance Mr. Khurelbaatar Chimed (seated, right) during the signing of the projects

The Mongolian government has signed loan agreements with the Asian Development Bank (ADB) worth a total of US$85.6 million, part of which will be used to deploy batteries in developing the country’s first distributed renewable energy system.

The $40m ADB renewable energy loan will be supplemented by $14.6m from the Strategic Climate Fund and $6m from the Japan Fund for the Joint Crediting Mechanism; Mongolia’s government will contribute $5.6m to the project.

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