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GE in deal to build wind farm in Mongolia

GE has agreed a deal to help build a wind farm in Mongolia which it hopes will be a stepping stone to further business in the region.

The $100m Salkhit wind farm will be built in co-operation with Newcom, a Mongolian conglomerate which also has transportation and telecoms divisions, and is intended to supply almost 5 per cent of the country’s electricity.

John Rice, chief executive of GE’s Global Growth & Operations, told the Financial Times: “Our order volume in Mongolia exceeds $100m in the near term, with this project accounting for about half of that.”

Last month the European Bank for Reconstruction and Development revealed it was considering providing up to $133m for wind projects in Mongolia’s neighbouring Kazakhstan.