Geothermal Exploratory Drilling Project in Armenia Gets Funding (IISD Reporting Services)
The Scaling Up Renewable Energy Program (SREP) Sub-Committee of the World Bank Climate Investment Fund has approved USD 8.55 million in SREP grant funding for a Geothermal Exploratory Drilling Project in Armenia, submitted by the Government of Armenia and the International Bank for Reconstruction and Development (IBRD).
The funding will advance Armenia's goal of siting a geothermal plant at Karkar, by providing the financial backing for exploratory drilling, the biggest hurdle to private sector investment in the project.
The funding will advance Armenia's goal of siting a geothermal plant at Karkar, by providing the financial backing for exploratory drilling, the biggest hurdle to private sector investment in the project.
