The World Bank has granted Turkey two loans worth $300 million to support the development of renewable energy by tapping heat sources deep underground as part of the Geothermal Development Project, Daily Sabah reports citing the Washington-based financial institution.
The financing, additional of two initial loans worth $250 million, will help finance electricity generation, drilling capacity and steam-field development, as well as geothermal direct-use applications, the bank noted.
The project, in addition, plans to finance a total of over 380 megawatts (MW) of new geothermal capacity, mobilize about $555 million of private capital and contribute to the country’s climate commitments by preventing about 30 million tons of carbon emissions over the lifetime of the geothermal projects.
The loans have been backed by a $39.8 million grant from the Clean Technology Fund (CTF) and a $350,000 grant from the Energy Sector Management Assistance Program (ESMAP).
Turkey in recent years has increased initiatives to transition towards renewal energy generation.
Turkey gets $300m loan from World Bank for Geothermal Development Project
