News

ThinkGeoEnergy featured news on Turkish geothermal development

IGC Turkey (source: ThinkGeoEnergy)
Parker O'Halloran 19 May 2017

Turkish news outlet Anadolu Agency highlighted the IGC Turkey event that will begin on Monday May 22 and Turkey’s progressive efforts to expand their geothermal development.

 

Turkish news outlet Anadolu Agency highlighted the IGC Turkey event that will begin on Monday May 22 and Turkey’s progressive efforts to expand their geothermal development.

Here are some excerpts from the press release:

Geothermal energy is experiencing continuous growth in Turkey, with an installed power generation capacity of 858 megawatts (MW). The country is a trailblazer in this sector’s development, according to ThinkGeoEnergy on Thursday.

Turkey has an additional 800 MW in various stages of development and is on track to be a world leader. The country generates more geothermal energy than key markets such as New Zealand, Italy, and Mexico.

Alexander Richter, the principal of ThinkGeoEnergy, an Iceland-based geothermal-focused advisory firm, said that Turkey ranked seventh with an installed capacity of 858 MW.

“Turkey was ranked 14th on the list of countries with installed geothermal power generation capacity back in 2008. Making great progress, the country has now moved up, according to figures by JESDER, the Geothermal Power Plant Operators Association of Turkey,” Richter told Anadolu Agency.

Turkey’s energy demand continues to be strong, he added. The country’s strategy to supply most of its energy needs from domestic resources such as solar, wind, geothermal and hydro, have been supported with government initiatives and subsidies.

The government initiated various incentives to encourage power generation using national resources. This was the stimulus needed to greatly expand geothermal resources in the country’s western regions. Turkey is now able to tap into a local, natural resource that provides them with clean and sustainable energy, independent from imports and price fluctuations, Richter said.

The country instituted a progressive and favorable feed-in-tariff mechanism, along with financial support from institutions such as the World Bank, World Bank member International Finance Corporation and the European Bank for Reconstruction and Development.

Turkish Renewable Energy Resources Support Mechanism offers a feed-in tariff of $0.073 per kilowatt-hour (kWh) for wind and hydropower projects, $0.105 for geothermal facilities and $0.133 for solar energy and biomass geothermal plants.

The tariffs are currently available for renewable energy projects that will be operational at the latest by year-end 2020.

This allowed the country to be able to push for faster development of geothermal projects compared to geothermal development in other countries.

“A favorable legal framework, with support from Turkish banks, in conjunction with the aforementioned funding from the World Bank and EBRD, enabled Turkish developers to drive rapid and continuous progress for the past 8-10 years,” Richter said.

The World Bank had created an additional incentive for development through a $290 million funding package intended specifically for geothermal development. This money is designated for Turkish banks so that they may offer competitive loans that will encourage further exploration and expansion of geothermal energy. This support is set to strengthen the international position of Turkey’s geothermal industry.

At the IGC Turkey – International Geothermal Conference – in Izmir starting May 22, the World Bank will host a workshop to present the key elements of its support to Turkey’s geothermal sector, the risk sharing mechanisms for resource confirmation and loan facilities for resource development.

 

For more information: IGC Turkey (English) IGC Türkiye 2017 (Turkish)

Source: Turkey set to become leader in geothermal energy, pioneers global development