EBRD a key player in financing geothermal development in Turkey
The European Bank for Reconstruction & Development (EBRD) has been involved in financing up to 43% of the currently installed geothermal power generation capacity in Turkey. This and more will also be topic at the upcoming IGC Turkey conference in Izmir, June 6-8, 2016.
Presenting at the recently held Iceland Geothermal Conference, Adonai Herrera-Martinez, Senior Manager for Energy Efficiency and Climate Change at EBRD, talked about the newly established PLUTO initiative.
This program was set up as early stage geothermal development support for private sector geothermal development, providing a framework.
The program deploys $25 million of CTF concessional funds to partially mitigate early stage risk and unlock commercial direct financing. It further mobilises $100 million in EBRD financing and over $200 million in private sector resources to finance site and plant development. The program also engages global experts to implement best industry practices at all stages of development in Turkey.
In his presentation as part of the Finance Panel of the conference, he also described EBRD’s experience in the geothermal sector in Turkey.
Today, EBRD has participated in financing eight geothermal power projects, of which seven are in Turkey. The eight was the 40 MW Mutnovsky geothermal project in Kamchatka, in the far east of Russia.
EBRD has been involved in the financing of 279 MW of geothermal power generation capacity. With an installed geothermal power generation capacity of 648 MW as of today (early May 2016), EBRD has been involved in around 43% of the geothermal power generation capacity in Turkey.
EBRD will be holding a workshop in conjunction with IGC Türkiye conference, June 6-8, 2016 in Izmir, Turkey.