GE Taps Growth in Mongolia by Powering Nation’s First Wind Farm Project

ULAANBAATAR, MONGOLIA - November 17 2011 - GE (NYSE:GE) announced today it signed an agreement with Newcom LLC., (“Newcom”), one of the leading investment companies in Mongolia, to supply advanced technology wind turbines to power the country’s first wind farm. The $100 million project will be located 70 kilometers southeast of Ulaanbaatar, Mongolia’s capital city, and is set to open in 2012. The entry into Mongolia is a strategic move by GE that recognizes the burgeoning demand for renewable energy in growing regions around the world - including Asia, Africa and Latin America. 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. The GE turbines powering Salkhit Wind Farm will generate nearly 5% of Mongolia’s current electricity. 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. GE was represented at the signing ceremony by Vice Chairman and CEO of GE’s Global Growth & Operations, John Rice. He was joined by Bayanjargal Byambasaikhan, CEO of Newcom. “Energy demand in Mongolia is increasing by 8-10% a year,” said Byambasaikhan. “Salkhit will help support Mongolia’s growing demand and also help facilitate further infrastructure development for railway, road and electrical infrastructure.” In 2005, Mongolia’s parliament approved the National Renewable Energy Program, which aims to increase the country’s renewable energy share to 20-25% by 2020. Mongolia’s current installed capacity is roughly 800 MW. “This is a milestone in the development of GE’s relationship with Mongolia and our teaming with Newcom. We are introducing advanced technology that paves the way for renewable energy projects and underscoring our commitment to grow in one of the most challenging yet fastest-growing emerging regions,” Mr Rice said. Mongolia is becoming one of the world’s fastest growing economies, registering the highest growth in the world at 17.3% by 1H 2011 year on year, according to the World Bank. Energy demand is expected to double by 2015. Salkhit Wind Farm will supply 168 million kW.h of clean power to the national grid each year. It will also cut CO2 emissions by 185,000 tons and preserve 1.6 million tons of fresh water annually. The event follows the signing of a Memorandum of Understanding in September 2010 in which GE and Newcom agreed to explore alliances in key areas such as energy, water, mining, aviation, railway, lighting and healthcare. It follows the opening of GE’s representative office in Ulan Bator in May this year. Mongolia is home to some of the world’s largest coal and copper deposits and has vast wind energy potential. Located in northern Asia between China and Russia, Mongolia, about the size of Alaska, has a population of less than three million people. While the Mongolian government pushes its vast reserves of natural resources to help meet the demands of countries such as China, Japan, South Korea, and other growing Asian countries, it is also keen to explore renewable energy sources and cleaner technology to protect its environmental assets and support its growing population. The Salkhit Wind Farm will have an initial installed capacity of 50 MW and will feed into Mongolia’s Central Energy System. GE will supply 1.6 MW wind turbines that will have an 82.5 meter rotor and 80 meter hub height for IEC class IIa wind conditions. The advanced technology machine builds on the success and the global experience of GE’s 1.5 MW wind turbine, the industry’s most widely deployed megawatt-class machine with more than 17,000 installed worldwide. About GE GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com. GE also serves the energy sector by providing technology and service solutions that are based on a commitment to quality and innovation. The company continues to invest in new technology solutions and grow through strategic acquisitions to strengthen its local presence and better serve customers around the world. The businesses that comprise GE Energy - GE Power & Water, GE Energy Management and GE Oil & Gas—work together with more than 90,000 global employees and 2010 revenues of $38 billion, to provide integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; as well as other alternative fuels and new grid modernization technologies to meet 21st century energy needs. About Newcom Newcom is an investor committed to connecting people and bridging distances by bringing global expertise and innovation to Mongolia. The Newcom Group today employs about 2,200 people and has a diverse portfolio of investments across telecommunication, information technology, airline, financial services, renewable energy, real estate and mining services sectors. Tserenpuntsag Boldbaatar is co-founder and Chairman and Bayanjargal Byambasaikhan is Chief Executive Officer of Newcom. The company’s headquarters are in Ulan Bator, Mongolia. Newcom introduced cell phones to Mongolia in 1996 by investing and establishing Mobicom, the country’s premier mobile telecom operator. Newcom launched Eznis Airways in 2006. Eznis today is Mongolia’s leading private airliner flying passengers to all domestic destinations and a few cities in neighboring China and Russia. Newcom is also building Mongolia’s first wind farm which will be commissioned in 2012. For more information, please visit www.newcom.mn. Source: www.breakthroughpr.mn /Bayaraa/
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