Mongolia is partnering with the European Bank for Reconstruction and Development (EBRD) to advance renewable energy development in the country.
Under the collaboration agreement signed during the World Economic Forum in Davos on Tuesday, the EBRD will help implement solar, wind, and energy storage projects through auctions.
Key initiatives under the deal include construction and commencement of up to 300 megawatt (MW) of solar power plants and 200 MW of wind power plants with energy storage, including transmission infrastructure, by 2028.
The EBRD will also assist Mongolia in developing renewable energy strategies and low-carbon pathways.
"This partnership with the EBRD underscores our commitment to transforming Mongolia's energy sector into one that is sustainable, competitive, and aligned with global climate goals," Deputy Prime Minister Dorjkhand Togmid said in a statement.
In 2024, the EBRD invested over 260 million euros ($270 million) in 28 projects in the Mongolia, with the majority being in green transition financing.
($1 = 0.9622 euros)
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