KhanLex advised Asian Development Bank and the Leading Asia’s Private infrastructure Fund (LEAP) on their USD 18.7 million loan facility to Tenuun Gerel Construction LLC (TGC) for building, operating, and maintaining a 15 MW solar power plant in Mongolia.
The solar power plant is located near the new Ulaanbaatar International Airport near Ulaanbaatar.
The solar project will generate clean electricity totaling 22.3 gigawatt-hours annually in Mongolia, while lowering the country’s carbon emissions by 26,400 tons per year. It will help the Mongolian Government increase the share of renewable energy in total installed capacity from 12% in 2017 to a targeted 20% by 2023 and 30% by 2030.
“This project uniquely incorporates climate-resilient technical solutions from the private sector to accommodate Mongolia’s cold and dry climate,” said Director General of ADB’s Private Sector Operations Department Mr. Michael Barrow.
“We’re happy to continue advising ADB, as a local counsel, on this highly important transaction” said Uchralbayar Iderkhangai, Partner & CEO, who led the KhanLex team on this deal. “We’re also proud to have been part of a project which will result in the greener development in Mongolia”.
Amendments to Banking Act of Mongolia seek to introduce important reforms to both the banking sector and the securities market
On January 29, 2021, the Parliament of Mongolia approved amendments to the 2010 Banking Act