Turkey:

European Bank to Boost Turkey's Geothermal Energy in '15 (Anadolu Agency)

(Courtesy Gurmat Electricity Generation Co.)

The European Reconstruction and Development Bank (EBRD)'s two investment funds for 2015 in Turkey's underdeveloped geothermal energy will help expand this sector in the country, according to the bank's director for power and energy.

The EBRD is planning to finance the development of a greenfield 123 MW geothermal power plant by the Gurmat Electricity Generation Co. in Germencik in the western province of Aydin which is set to become the second largest geothermal plant in the world when completed, EBRD Director for Power and Energy Nandita Parshad told The Anadolu Agency.

Aydin is the most geothermal-rich province in Turkey and already has a number of energy companies operating power plants in the region.

The $970 million Germencik Geothermal Power Plant is under construction and will completed by mid this year, and the EBRD will finance the plant with $150 million.

In addition to this project for the Germencik power plant, Parshad said that the Bank is due to put aside a $125 million for a program to support the early stage of geothermal development in Turkey. When approved by EBRD’s board of directors, the framework will combine the $100 million from EBRD’s funds with $25 million from the Clean Technology Fund, she said.

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