Mongolia has secured funding from the Asian Development Bank and other sources to build a 41-megawatt distributed renewable energy system that will provide clean electricity to about 260,000 people living in remote areas in the western part of the country, according to CNBC.
The system will be the first large-scale, combined wind and solar energy project in Mongolia, a country that currently gets 80 percent of its electricity from coal-fired power plants.
The $66.2 million project is being funded through a combination of loans and grant agreements from the Asian Development Bank, the Strategic Climate Fund, the Japan Fund for the Joint Crediting Mechanism, and the government of Mongolia.
Mongolia currently gets just 3 percent of its electricity from renewable sources, primarily from hydropower and biofuels. But the country has set a policy target to produce 20 to 25 percent of its electricity from renewable sources by 2020, and several large wind farms have been built, and many others approved, in recent years.