Hogan Lovells has advised General Electric on the financial aspects of a $122 million wind farm in Mongolia, the country’s first independent renewable energy power project.
Located in Salkhit – 70 km southeast of Ulaanbaatar – the 50MW wind farm is part of Mongolian investment firm Newcom LLC’s initiative to help reduce the country’s dependence on coal. Newcom holds a majority stake in Mongolian renewable energy company Clean Energy LLC. GE Pacific Private acquired an equity interest in Clean Energy in March this year, and debt financing for the project was finalised in July.
In a display of cross border expertise, Hogan Lovells’ team was led by Ulaanbaatar managing partner Michael Aldrich, alongside partner Jamie Barr in Hong Kong, Singapore-based partner James Harris, and Ulaanbaatar partner Chris Melville, who relocated to the city from the firm’s London office in April this year.
“We have a long-standing relationship with GE in the U.S. and across our international network, and we are pleased to augment this relationship with our capabilities in Mongolia,” said Aldrich in a statement.
The project is predicted to commence operations later this year, and is expected to supply about 5 percent of Mongolia’s electricity.
Kanishk Verghese is North Asia journalist at ALB. Follow us on Twitter: @ALB_Magazine.
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