The European Bank for Reconstruction and Development (EBRD) said it plans to invest around $50 million in new wind projects in Mongolia, following the completion of the country”s first commercial wind farm.

Clean Energy, the company that developed the 50MW Salkhit project, received $47.5 million in EBRD financing, an amount that was matched by Dutch development bank FMO.

While controlled by Mongolian technology holding company Newcom, Clean Energy also counts the EBRD, FMO and project turbine supplier GE among its shareholders.

The wind farm uses 1.6MW GE turbines and is expected to supply about 5% of Mongolia”s power needs, primarily met now by coal-fired power plants.

“Salkhit wind farm has awakened interest in wind power in Mongolia from other investors, both local and international,” said Nanita Parshad, EBRD director for power and energy, noting that the EBRD is now assessing several follow-on wind farm projects in the country.

Mongolian president Tsakhia Elbegdorj has said the country aims to become a regional renewable hub, producing a quarter of energy from renewable sources and potentially exporting both wind and solar-generated power.