EBRD supports international conference on geothermal energy in Turkey
Operators, developers and investors to discuss Turkey’s hot power potential at IGC Turkey, in Izmir on 6-8 June 2016. The event is supported by EBRD.
The European Bank for Reconstruction and Development (EBRD) is supporting one of Turkey’s largest conferences on geothermal energy generation, IGC Turkey 2016. The three-day event will take place on 6-8 June 2016 in Izmir, at the heart of Turkey’s geothermal industry.
The conference will also explore ways to expand the use of geothermal energy, including the carbon dioxide that it sometimes produces, to such sectors as agriculture, fish farming, and district heating.
A leading investor in renewable energy in Turkey, the EBRD will host a half-day workshop on 6 June to discuss financing of geothermal projects in the country. To date, the EBRD has financed seven geothermal power plants in Turkey, including Efeler, the largest in Turkey and the second largest in Europe.
Earlier this year the Bank and the Clean Technology Fund (CTF) launched a programme to support exploratory drilling investments. Under the new US$ 125 million PLUTO initiative, named after the ruler of the underworld in classic mythology, the Bank and the CTF are providing finance and advice to private developers to help minimise the risks at the initial stages.
Turkey has seen unprecedented growth of geothermal power generation capacity from 30MW in 2008 to currently 648 MW. At this pace, Turkey will soon join the top five geothermal electricity-generating countries with 1 GW in installed capacity.
Turkey has pledged to develop 30 per cent of its total installed capacity from renewable sources by 2023. The objective is to add 34 GW of hydropower, 20 GW of wind energy, 5 GW of solar energy, 1 GW of biomass and 1 GW of geothermal.
The EBRD has helped the Turkish Ministry of Energy and Natural Resources develop an action plan to meet these targets. Developing support mechanisms such as financing geothermal projects in the early stages, is among measures laid out in the plan.