DESERT SOLAR POWER ONE LLC (FMO-52834)

Countries
  • Mongolia
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
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
May 1, 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)
$ 10.52 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 10.52 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS Jun 22, 2018


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Project Description

The project objective is to support the development, construction and operation of a 30MW solar photovoltaic power plant to be located approximately 450km to the south east of Ulaanbaatar in the Gobi desert. The FMO website stated that the intended transaction 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
  • Netherlands Development Finance Company (FMO)
Private Actors

Desert Solar Power One LLC (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

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism