Renewable Energy Program #1 - Solar (GCF-FP046)

  • Mongolia
Where the impacts of the investment may be experienced.
Specific Location
Sumber soum of Govisumber province
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
  • Green Climate Fund (GCF)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
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.
XacBank LLC
The holder of the loan, grant, or other investment.
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 8.70 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)
$ 17.60 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 @ GCF website

Updated in EWS Jan 12, 2018

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Project Description
This program finances a 10MW solar photovoltaic (PV) power plant, which will be the second large-scale solar PV in the country, in Sumber soum of Govisumber province (southern Mongolia). As part of Mongolia’s Intended Nationally Determined Contributions (INDC), the country aims to supply 20% of the country’s energy through renewable energy by 2020, and 30% by 2030. Though Mongolia’s historical contribution to the current level of GHG emissions is small, the annual per capita emission of GHG of 14.5 tons of CO2 (as of 2013) per Mongolian is relatively high compared to other countries, and is almost three times the world average (4.996 tons per capita as of 2013).
Investment Description
  • Green Climate Fund (GCF)
Private Actors
Contact Information
Tuul Galzagd XacBank LLC Email address Telephone number +976-7577-1888 ext. 701 ACCOUNTABILITY MECHANISM OF GREEN CLIMATE FUND The Independent Redress Mechanism (IRM) is the independent complaint mechanism for a person or people who have been or believe they are likely to be adversely affected by a project or programme funded by the Green Climate Fund. If you submit a complaint to the IRM, it may seek to address the issues raised by facilitating a problem-solving dialogue or, if that is not possible, conducting an independent investigation into whether the GCF has complied with its environmental and social policies. The IRM is newly created and is still in the process of developing its procedures and website. More information about the IRM and how you can file a complaint is forthcoming. You can contact the IRM at