Successful first workshop of Turkish Risk Sharing Mechanism for geothermal
As part of the Risk Sharing Mechanism set up for geothermal exploration, the consortium leaders recently held a successful workshop in Izmir on July 5, 2018.
Iceland GeoSurvey (ÍSOR) in a Joint Venture of AF-Consult Switzerland Limited (JV Leader, Switzerland), Icelandic engineering firm Verkís, AF-Mercados (Turkey) and sub-consultant of BBA Legal, were awarded the role of consultants (RSM Unit) to the Risk Sharing Mechanism (RSM) for Geothermal Resource Validation fund earlier this year, as we reported.
Funding of the RSM is provided by a contingent grant from the World Banks Clean Technology Fund (CTF) to the Government of Turkey. It is expected that a total of $38 million will be available for exploration drilling projects by the RSM. The implementing agency will be a dedicated unit (RSM Unit) within the Development Bank of Turkey (TKB).
The objective of the Turkey RSM component of the Turkey Geothermal Development Project is to increase private sector investment in geothermal exploration drilling in Turkey by providing partial coverage of exploration wells’ drilling costs in case of unsuccessful wells.
Icelandic ÍSOR provides four of the key experts in the project. The kick off meeting was in March 2018 and the 1st workshop and call for applications was held in Izmir on 5th of July 2018.