Source: Bloomberg

While its untapped mineral-resource-based economy grew 21 percent last quarter alone, this largess obscures an above ground treasure also waiting investors. Mongolia has the potential to generate 2.6 million megawatts of wind, solar, geothermal, and hydropower.

That figure is seven times the capacity of all the world's operable nuclear reactors combined, explained B. Byambasaikhan, acting chief executive officer of Newcom Group. In contrast, Mongolia's current power capacity is less than that of one large coal plant, just 878 megawatts. Of its total renewable energy potential, 40 percent is in wind, and Byambasaikhan is eager to harness it.

Newcom, a cross-industry investment group that owns part of leading mobile phone network Mobicom, is investing in a renewable future. The group has six wind-power plant projects that are due to bring 1,000 megawatts online in the country by 2020. In the United States, that would be enough to power about 800,000 homes. In Mongolia's economy, it would stretch much further.

Winds blow on average at least 25 feet a second in parts of the Gobi desert, which also ranks third globally in terms of solar generation potential. Newcom and its partners, which include General Electric, expect to commission a 50-megawatt wind park next year. This plant will be Mongolia's first independent power producer and the first private investment in the industry.

The project will annually save the burning of 160,500 metric tons of coal and thus 200,000 tons of carbon dioxide emissions and, most importantly for a desert country, preserve about 370 million gallons of clean water. Some of those wind-blown electrons may be transmitted the same place as Mongolia's coal, iron, and other minerals: south to China. That would be one way for Mongolia to diversity its resource-based economy while retaining ties with its biggest trading partner.