April 3, 2017
On March 9, internationally renowned project finance magazine IJ Global (head office: UK) held its IJGlobal Awards 2016* in Singapore to honor excellent financing projects in the energy and infrastructure fields. Winning in the wind power development project division in the Asia Pacific region was the Tsetsii Wind Farm Project, which is being implemented in Mongolia with private sector investment financing support from JICA.
Participants of the IJGlobal Awards ceremony
* IJGlobal Awards: Awards are given to projects in 14 sectors, including thermal power, solar power, wind power, airports and roads for projects signed in that fiscal year that are models that can be extended to other countries and other sectors.
The project is the second wind farm project in Mongolia for promoting the spread of renewable energy in the country, which faces the challenge of meeting a pressing demand for power. A special-purpose company, Clean Energy Asia LLC (CEA), was established in Mongolia by the Mongolian company Newcom LLC and SB Energy Corp. of Japanese company Softbank Group Corp. to construct and operate a 50MW wind power station. The wind farm is slated to begin operation in December 2017.
JICA and the European Bank for Reconstruction and Development, an international development financial institution, are financing CEA with the required funds in US dollars. This is the first time JICA has provided private sector investment financing in the renewable energy field, and it is expected that it will contribute to sustainable economic development in Mongolia, mitigate climate change, and play a part in the Partnership for Quality Infrastructure being promoted by the Government of Japan due to the emphasis in the project on lifecycle costs, and the environmental and social effects of the project.