EBRD TO GIVE LOAN FOR WIND FARM ERECTION

Ulaanbaatar, Mongolia /MONTSAME/ The European Bank for Reconstruction and Development (EBRD) and the Netherlands Development Finance Company have agreed an USD 85 million loan for Mongolia's first wind farm. It was reported on Friday on the bloomber website. The 50-megawatt Salkhit wind farm will be built southeast of Mongolia's capital Ulaanbaatar and is expected to start working later this year, according to an e-mailed statement on Friday from Norton Rose LLP that advised on the financing. It is supposed to supply five percent of the country's electricity. The project is being developed by Newcom LLC and General Electric Co. is providing the turbines. A Newcom, an investment firm whose portfolio includes telecommunications, information technology, airlines and financial services, is venturing into wind power as part of the government's plan to raise the amount of energy from clean sources to as much as 25 percent by 2020. B.Khuder