World Bank approves US$54.4 million project to develop first large-scale PV plant in Mongolia

Facebook
Twitter
LinkedIn
Reddit
Email
The project will also help design and build the first large-scale PV project in Mongolia, a 10MW installation outside the Central Energy system. Image: Bernd Thaller / Flickr

The World Bank announced last week that its Board of Executive Directors approved the Second Energy Sector Project, which will help strengthen Mongolia’s electric grid and develop a 10MW installation within the country.

The project will contribute US$54.4 million in financing to help the Mongolian government upgrade its energy distribution services by retooling aging assets and expanding distribution capacity.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

James Anderson, World Bank country manager for Mongolia, said: “More reliable access to electricity will improve the lives of families and help businesses thrive. The World Bank is committed to continuing our partnership with Mongolia to strengthen the power sector and explore options for renewable energy to help the country pursue sustainable development.”

The Second Energy Sector Project will finance investments to upgrade and expand the capacity of power distribution infrastructure in the Baganuur-Southeast and the Erdenet-Bulgan distribution network – which provides energy to nine of Mongolia’s 21 provinces.

The project will also help design and build the first large-scale PV project in Mongolia, a 10MW installation outside the Central Energy system. The plant will supply affordable and clean energy to the country’s western region, which currently imports 70% of its power supply.

Peter Johansen, senior energy specialist of the World Bank, said: “We are encouraged by the government’s target to increase the share of renewables to 30% by 2030. With its abundant solar and wind power resources, the country is now considering to more effectively and efficiently incentivize renewable energy investment to fully use its potential.”

The Second Energy Sector Project will be funded by a US$42 million loan on concessional terms from the World Bank’s International Development Association and a US$12.4 million grant from the Scaling-Up Renewable Energy Program under the Strategic Climate Fund.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

Read Next

August 8, 2025
This week several solar developers have raised funds for projects around the world, including BRUC in Europe, Greenalia in the US, Qair in Mauritius and CREC in Philippines.
August 8, 2025
German solar inverter manufacturer SMA Solar posted losses in the first half of 2025, as demand in the residential and corporate & industrial (C&I) solar sectors 'remains weak'.
August 8, 2025
US solar tracker manufacturer Array Technologies has posted revenue of US$362.2 million in the second quarter of this year.
Premium
August 6, 2025
PV Talk: LevelTen’s Andrés Acosta discusses how an oversupply of clean projects is shaping Europe’s PPA market.
August 6, 2025
Independent power producer (IPP) Scatec has secured BRL150 million (US$27 million) for its 142MW solar PV plant in Minas Gerais, Brazil. 
August 5, 2025
China’s leading polysilicon firms are reportedly considering shutting down one third of the country’s polysilicon capacity and restructuring the sector, following years of overcapacity and tumbling prices.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines