- Mongolia partners with EBRD to develop up to 300 MW of solar and 200 MW of wind power by 2028.
- EBRD will support renewable energy strategies and low-carbon pathways in Mongolia.
- The collaboration builds on EBRD’s $270 million investment in Mongolia’s green transition in 2024.
Mongolia has partnered with the European Bank for Reconstruction and Development (EBRD) to drive renewable energy development. The agreement, signed at the World Economic Forum in Davos on Tuesday, focuses on solar, wind, and energy storage projects. The partners will implement these through competitive auctions.
The partnership aims to build up to 300 megawatts (MW) of solar and 200 MW of wind power. The initiative will also include energy storage and the necessary transmission infrastructure. The projects will be completed by 2028.
The EBRD will provide technical and financial support to develop renewable energy strategies in Mongolia. The bank will also help establish low-carbon pathways to meet global climate targets.
Deputy Prime Minister Dorjkhand Togmid emphasised the importance of the agreement. “This partnership with the EBRD highlights our commitment to transforming Mongolia’s energy sector,” he said. He added that the country aims to make its energy sector more sustainable, competitive, and aligned with global climate goals.
In 2024, the EBRD invested significantly in Mongolia. The bank allocated over 260 million euros ($270 million) across 28 projects. A large portion of this funding supported green transition projects.
The collaboration with the EBRD marks a key step in Mongolia’s broader strategy to shift towards clean energy. As part of the agreement, the EBRD will assist with developing the infrastructure and technologies needed for the renewable energy transition.
The projects will address Mongolia’s growing demand for electricity. With rapid economic growth, the country increasingly needs reliable and sustainable energy sources. The renewable energy plants planned under this partnership will help meet that demand.
The partnership also supports Mongolia’s climate commitments. The country has pledged to reduce carbon emissions and increase its share of renewable energy in the power sector. These efforts align with Mongolia’s broader environmental and sustainability goals.
The collaboration with the EBRD builds on past successes. In recent years, the EBRD has funded and provided expertise for numerous green energy projects in Mongolia. This includes investments in renewable energy, energy efficiency, and infrastructure projects that support the country’s transition to a greener economy.
Mongolia will rely on the EBRD’s support as it develops its renewable energy sector. The bank’s experience in financing and implementing large-scale energy projects will help ensure the success of these initiatives.
Overall, the partnership between Mongolia and the EBRD marks a significant step toward a more sustainable energy future. It highlights the growing importance of international cooperation in addressing climate change and accelerating the global transition to renewable energy.
This collaboration also demonstrates the EBRD’s continued commitment to supporting green energy projects in Central Asia. As part of its broader strategy, the EBRD has actively helped countries in the region transition to low-carbon economies.
By 2028, this partnership’s solar and wind projects will significantly contribute to Mongolia’s energy mix. With the EBRD’s expertise and investment, the country stands well-positioned to expand its renewable energy capacity and meet its climate goals.