The World Bank’s Board of Directors today approved an International Bank for Reconstruction and Development (IBRD) loan of US$250 million and a Clean Technology Fund Grant of US$39.8 million for a Geothermal Development Project in Turkey which will help create renewable energy by tapping heat sources deep in the ground..
The Geothermal Development Project aims to encourage private sector investment in geothermal energy development in Turkey by reducing risks for investors through a Risk Sharing Mechanism (RSM) and by providing access to long term financing.
The project includes: Establishment of a Risk Sharing Mechanism for Resource Validation, to support the exploration and test drilling stages; and Setting up of a Loan Facility for Resource Development that will support the power plant development phase.
