Desert Solar Power Project (EBRD-48576)

Countries
  • Mongolia
Where the impacts of the investment may be experienced.
Specific Location
south east of Ulaanbaatar in the Gobi desert
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jan 31, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
DESERT SOLAR POWER ONE LLC
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 10.21 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 47.52 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jan 3, 2018

Disclosed by Bank Dec 21, 2017


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Project Description
According to the bank website, a limited recourse senior secured A/B loan of up to USD 30.7 million to Desert Solar Power One LLC (the "Company") to support the development, construction and operation of a 30MW solar photovoltaic ("PV") power plant to be located approximately 450km to the south east of Ulaanbaatar in the Gobi desert (the "Project"). The operation will contribute to reducing Mongolia's carbon intensity, meeting its increasing power demand and achieving the Mongolian strategic goal of renewable energy accounting for 20 % of all power by 2020, and 30 % by 2030. It will also increase the private share of generation, in a sector still largely state-dominated.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors
The Company is a special purpose limited liability company incorporated in Mongolia for the sole purpose of developing, constructing and operating the Project. The Company is ultimately owned by United Green Group, a group of companies involved in a range of activities including renewable energy projects, and the Tucher Group GmbH
Contact Information
Company Klaus Merz klm@unitedgreen.com +44 7824 508288 www.unitedgreen.com P40, 2 Lansdowne Row Mayfair W1J 6HL United Kingdom ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.