
XacBank first Mongolian bank to finance renewable energy
GCF can now provide USD 8.7 million in loans, following the signing of a Funded Activity Agreement (FAA) with the Mongolian bank. The FAA covers a USD 17.6 million project to build Mongolia’s second large-scale solar plant with a capacity of 10 MW.
The signing of the agreement, which is a prerequisite for GCF’s disbursal of funds, comes soon after the GCF Board approved this project at its most recent 18th meeting, last month.
Mongolia is committed to generating 30 percent of the country’s power using renewable energy by 2030, as part of its climate action plan under the Paris Agreement.
source: Green Climate Fund