The European Bank for Reconstruction and Development (EBRD) has mobilized a €5 million loan from the Clean Technology Fund (CTF) for the early stage development of the Prosin-Dikili geothermal power plant near the coastal town of Dikili in the Izmir province of Turkey, EBRD said on Monday.
The joint EBRD and CTF $125 million initiative aims to provide finance and advice to private developers to help minimize the risks in geothermal activities.
"Under the program, the private developer Prosin Enerji, a subsidiary of Guney Yildizi Petroleum, has received financing to expand its exploration of the hitherto mostly unexplored Bergama-Dikili Graben and prepare the site for drilling," the bank stated.
The company has successfully concluded surface, geological and geophysical surveys.
If the drilling is successful, the EBRD is expected to support the development of an initial 10 to 20 megawatts (MW) geothermal power plant.
The country has pledged to develop 30 percent of its total installed capacity from renewable sources by 2023. The objective is to add 34 gigawatts (GW) of hydropower, 20 GW of wind energy, 5 GW of solar energy, 1 GW of biomass and 1 GW of geothermal power.
As of May 2017, about 851 MW of geothermal capacity has been installed in the country – equivalent to 19 percent of the country’s potential for geothermal power production, currently estimated at 4.5 GW.
By Gulsen Cagatay