Wednesday, June 8, 2016

Turkey: PLUTO will Help Minimize Upfront Risks of Geothermal Exploration

EBRD presents financing scheme for geothermal projects at Izmir conference (EBRD)

The European Bank for Reconstruction and Development (EBRD) has presented its innovative financing scheme in support of geothermal energy projects at a three-day IGC Turkey conference which concluded in Izmir today.

The new US$ 125 million PLUTO initiative provides finance and advice to private developers at exploratory stages in a move to tap Turkey’s significant potential for geothermal energy and help the country meet growing demand for electricity.

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 existence of the resource. PLUTO, named after the ruler of the underworld in classical mythology, helps minimize these risks.