EIB to Invest in Mongolia

The European Investment Bank has agreed to help finance a large-scale wind farm in Mongolia, as part of the East Asian country’s plans to embrace renewable energy, euractiv reported. Mongolia’s Sainshand wind farm, which will be built in the Gobi Desert 460km from the capital, Ulaanbaatar, will be the country’s third privately financed wind farm. The Luxembourg-based EIB, the European Bank for Reconstruction and Development and a group of international investors have pledged more than €100 million in financing for the project, which hopes to add 54MW to the country’s energy mix.