Clean Energy Asia LLC together with its shareholders, Newcom LLC and SB Energy Corp, has signed financing agreements with the Japan International Cooperation Agency (JICA) and the European Bank for Reconstruction and Development (EBRD) to construct a 50 MW wind farm in southern Mongolia.
The new Tsetsii wind farm, planned to start its operations in December 2017, will help supply Mongolia’s power demand with clean, eco-efficient electricity by harnessing the country’s vast and inexhaustible wind resources. It is also expected to help contribute to sustainable economic development and the mitigation of climate change.
Mongolia is believed to be the first country to sign a memorandum with Japan on the Joint Crediting Mechanism (JCM) to reduce greenhouse gas emissions. This wind farm project is the first dollar-denominated project finance debt transaction by JICA through its Private Sector Investment Finance scheme in the renewable energy field, and the second renewable energy project in Mongolia for Newcom and EBRD following the 50 MW Salkhit Wind Farm, which is said to be the first wind farm and first private power generator in Mongolia that began its operations in 2013.
Clean Energy Asia is 51 percent owned by Newcom LLC, a Mongolian company with activities in telecommunications, property and energy; and the remaining 49 percent is owned by a subsidiary of SB Energy Corp, a subsidiary of SoftBank Group Corp, a telecommunications and technology company.