Mongolia and ADB sign loans to boost Renewable Energy
1 долоо хоног, 2 өдөр өмнө
- The renewable energy project will install 125 megawatts of advanced BESS making it among the largest battery storage systems globally
The Asian Development Bank (ADB) and the Government of Mongolia on Thursday signed two loans to mitigate the severe health and economic impacts of the novel coronavirus disease (COVID-19) pandemic and one loan and grant to install the country’s first large-scale advanced battery energy storage system (BESS). The loans and grant comprise of USD 100 million loan for the COVID-19 Rapid Response Program, USD 30 million additional financing for the Fifth Health Sector Project to further strengthen the country’s preparedness and response to COVID-19, and USD 100 million loan and USD three million grant for the First Utility Scale Energy Storage Project. The renewable energy project will install 125 megawatts of advanced BESS making it among the largest battery storage systems globally. The BESS will be resilient to Mongolia’s extremely cold climate and equipped with a battery energy management system enabling it to be charged entirely by renewable electricity. This will then discharge clean electricity to supply peaking power in the central energy system grid. The project will also provide a regulation reserve to integrate additional renewable energy capacity in the transmission grid.