Saudi ACWA to finalize Mongolia energy deals in 2-3 years

Aqua, the Saudi company, clarifies its efforts to invest in the renewable energy market in Mongolia, with expectations of finalizing agreements for large-scale projects within two to three years. The project benefits from Mongolia's abundant solar and wind resources and aims to develop and export electricity to China through advanced infrastructure, including energy storage using batteries, with a targeted production capacity of up to 4.5 gigawatts and storage capacity of 500 megawatt-hours. It is anticipated that Mongolia's market remains in its early stages, facing challenges related to infrastructure and transmission networks, but domestic demand is expected to rise to 4 gigawatts by 2030. There are also growth opportunities focused on exporting clean energy, supporting the mining sector, and regional development through cooperation with neighboring countries.

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