Thursday, January 14, 2016

Turkey: US$125 million PLUTO Initiative to Help Develop 60 MW Geothermal Energy

EBRD and CTF give funding boost to Turkey’s geothermal energy (EBRD)

To tap Turkey’s significant geothermal energy potential the European Bank for Reconstruction and Development (EBRD) and the Clean Technology Fund (CTF) are launching a program to support exploratory drilling investments, the partners announced at the 35th Energy Efficiency Forum in Istanbul on January 14.

Geothermal energy projects face high risks particularly in their initial stages, including high investment costs and development risks and very limited access to project finance once drilling has confirmed the resource. The new US$125 million PLUTO initiative will provide finance and advice to private developers to help minimize these risks, according to EBRD.

PLUTO, named after the ruler of the underworld in classic mythology, combines US$ 100 million from the EBRD with US$ 25 million from the CTF, a funding window of the Climate Investment Funds. The programme is part of a global push by multilateral development banks to scale up geothermal energy production.

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