The project
Before Salkhit
Mongolia had no operating wind farm and no precedent for financing one. Every element — the power purchase framework, the currency and offtake risk allocation, the lender security package — had to be constructed from scratch and made acceptable to international capital.
The outcome
Salkhit opened on 20 June 2013 as Mongolia’s first wind farm: 31 turbines totalling 50 MW, roughly 168.5 GWh a year, about 70 km south-east of Ulaanbaatar. It was built with US$47.5 million of debt and equity from the EBRD matched by FMO, into Clean Energy LLC — owned by Newcom (51%), the EBRD (14%), FMO (14%) and General Electric (21%).
Why it still matters
Salkhit proved that a Mongolian renewable project could be structured, financed and connected on international terms. Every wind and solar project financed in the country since has followed the trail it cut — including the hybrid and storage projects on this page.
On site
Photographs of the operating wind farm courtesy of Gaia Climate.
In the news
Independent coverage of the project and the transaction.