Wind power in Mongolia: Loan for Wind Farm

The 50-megawatt Salkhit wind farm will be built southeast of the Mongolian capital Ulaanbaatar and it’s expected to start working later this year, according to an e-mailed statement today from Norton Rose LLP that advised on the financing. It’s expected to supply 5 percent of the country’s electricity.

The wind power project is being developed by Newcom LLC and General Electric Co. is providing the wind turbines.

The European Bank for Reconstruction and Development and the Netherlands Development Finance Company agreed an $85 million loan for Mongolia’s first wind farm.