GE commits $100 mln to Mongolia’s first wind farm project
General Electric (GE) has signed a USD100 million deal with a Mongolian private investment company, Newcom, to help build Mongolia’s first wind energy park, the companies announced last week.
The two companies said Salkhit wind farm, 70km south-east of Ulan Bator, would supply almost five percent of the country’s electricity when it starts operating in the second half of next year.
It highlights GE’s global growth strategy in one of Asia’s fastest growing and richest natural resource countries. Mongolia’s electricity demand is expected to double in the next 15 years.
GE’s involvement in the Salkhit Wind Farm project includes equipment supply and technical assistance in the installation and commissioning of the wind turbine generators for the generation of wind energy.
John Rice, vice-chairman and chief executive of GE’s Global Growth & Operations said while the Salkhit contract is smaller than many others in GE’s energy business, he expects it to become the stepping stone for more business in Mongolia.