Two geothermal projects in Turkey receive awards for their achievements

Two geothermal projects in Turkey receive awards for their achievements Pamukören plant, Turkey (source: Verkís)
Alexander Richter 10 Feb 2016

EBRD has awarded two geothermal projects in Turkey. The Pamukören geothermal power plant received an award for the largest geothermal plant and Gümü?köy geothermal power plant for the best outreach project.

In a ceremony in Istanbul today, the European Bank for Reconstruction and Development (EBRD) and partners have awarded the best energy efficiency and renewable energy projects financed in Turkey through the Mid-size Sustainable Energy Financing Facility (MidSEFF).

The EBRD-led programme, supported by the European Union (EU) and the European Investment Bank, provides funds to Turkish banks in the form of loans and capital market instruments for on-lending to private sector companies to invest in more efficient use of energy. In response to high demand the EBRD is expanding the programme with an additional €500 million.

The awards ceremony recognised 11 companies for promoting energy efficiency and energy generation from renewable sources.

Since MidSEFF was launched in 2011, 43 Turkish companies have received financing through seven local banks – Akbank, Denizbank, Finansbank, Garanti Bank, Isbank, Vakifbank and Yap? Kredi. All MidSEFF partner banks were also awarded as part of the ceremony for their continued commitment to financing sustainable energy projects.

Nick Tesseyman, EBRD Managing Director, Financial Institutions, said: “The EBRD has already provided close to €1.3 billion for sustainable energy investments through credit lines to Turkish banks, MidSEFF being one of them. Today we are celebrating MidSEFF’s achievements and at the same time announcing €500 million in new financing for the next generation of green projects.”

Of the 11 companies/ projects receiving awards were two geothermal energy projects.

The Award for the Largest Geothermal Power Plant was taken by the Pamukören geothermal power plant whose effective stakeholder engagement stood out. It was financed with a EUR37.4 million ($42 million) loan from Vakifbank.

The Best Outreach Project Award was taken by Gümü?köy geothermal power plant for capturing its CO2emissions, using them in local greenhouses and selling them to industrial gas consumers. The plant was financed with a EUR15.9 million ($17.7 million) loan from Yapikredi.

Source: EBRD release