The new wind farm, Sainshand Salkhin Park LLC, is located in the Gobi desert more than 450 km southeast of the capital of Ulaanbaatar and consists of 25 Vestas wind turbines with a total capacity of 55MW.
The first turbine has now been erected, and the remaining 24 are expected to be in place by the end of 2018.
The total investment of USD 120m is financed by French energy company ENGIE, German project developer Ferrostaal Industrial Projects GmbH, the Danish Climate Investment Fund and local investor Radnaabazar Davaanyam. The European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) contribute with loan financing, of which part of the EIB’s share of USD 47m is guaranteed by Denmark’s Export Credit Agency, EKF.
– Sainshand is a very interesting project, which contributes to growth in a poor country and also reduces CO2 emissions. We are therefore very pleased that the Danish Climate Investment Fund has contributed to realising the project, which I am certain will greatly impact Mongolia in the future, said Tommy Thomsen, CEO of IFU.