Norton Rose advises on first Mongolian renewable energy independent power project
26 March 2012
International legal practice Norton Rose LLP is advising the European Bank for Reconstruction and Development (EBRD) and the Netherlands Development Finance Company (FMO) on the financing of Mongolia’s first renewable energy independent power project (IPP).
The 50MW Salkhit wind farm is located 70km south east of the capital Ulaanbaatar and part of a renewable energy programme intended to reduce the country’s dependence on coal. The financing of the project is due to close next month and the project will become operational in 2013.
London based partners Jeffery Barratt and Richard Hill, senior associate Chris Down and associates Christina MacGilp and Kate Freeman are advising EBRD and FMO on the project, together with Beijing based partner Tom Luckock.
Jeffery Barratt, partner, Norton Rose LLP, commented:
“Interest is growing in the Mongolian power sector. The Mongolian government has put in place a number of important legal and regulatory measures to support the development of the renewables sector and attract further private sector investment.”
“This project is helping to pave the way for future projects, creating a bankable structure for further renewable and thermal projects. We’re pleased to advise EBRD and FMO on what is a pathfinder deal and a first for Mongolia.”
For further information please contact:
Jane Lougher, PR Manager, Norton Rose LLP
Tel: 44 (0)20 7444 2063 Mob +44 (0)7595 886 200