May 9 (Renewables Now) - Mongolia-based Desert Solar Power One LLC will get USD 31.6 million (EUR 26.7m) in debt financing for the construction of a 30-MW solar park in Mongolia.
The funds are being provided as a syndicated loan from the European Bank for Reconstruction and Development (EBRD), Triodos Investment Management and Dutch Development Bank FMO, EBRD said on Tuesday. The financing package will consist of an EBRD A loan and a B loan from impact investor Triodos Investment Management and FMO. Each of the three lenders is providing USD 10.5 million.
The project company is owned by United Green Group and Tucher Group GmbH. EBRD previously said construction of the solar photovoltaic (PV) park near Sainshand city in Dornogobi Province is expected to start in 2018. The total cost of the project is estimated at USD 47.5 million.
The solar park, which EBRD says will be the biggest one in Mongolia, will support Mongolia’s 20% renewables target for 2020.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.