The European Bank for Reconstruction and Development and the Netherlands
Development Finance Company agreed an $85 million loan for Mongolia’s first
wind farm.

The 50-megawatt Salkhit wind farm will be built southeast of the Mongolian
capital Ulaanbaatar and it’s expected to start working later this year,
according to an e-mailed statement today from Norton Rose LLP that advised on
the financing. It’s expected to supply 5 percent of the country’s electricity.

The project is being developed by Newcom LLC and General Electric Co. is
providing the turbines. 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.