Friday, November 11, 2016

Turkey: CIF and EBRD Provide Financing for Geothermal Energy Development

Tapping Turkey's Geothermal Potential for Renewable Energy (CIF)

Sometimes you need to drill downward to move forward.  Turkey is tapping geothermal heat under the earth’s surface in an effort to meet the country's targets for renewable energy generation.

(Video 3:26 minutes)

Public finance is key to unlocking geothermal potential – worldwide, up to 90 percent of geothermal project investments utilize some aspect of public debt or equity support – because private actors are unwilling or unable to bear the risk.

So the Climate Investment Funds is providing financing and working with the European Bank for Reconstruction and Development to help Turkey to harness its geothermal potential – and in doing so, move towards its seven-year target of generating 30 percent of energy from renewable sources.

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