DBT, World Bank sign agreement on renewable energy investment

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Development Bank of Turkey (DBT) and the World Bank (IBRD) signed a grant agreement for the utilization of funds in the amount of USD 39.8 million provided from the Clean Technology Fund (CTF), to promote private sector development of renewable geothermal energy investments and a new loan agreement, with an amount of USD 100 million, regarding the financial support for geothermal energy investments.

In the scope of the grant agreement, Development Bank of Turkey is the implementing agency of the risk-sharing mechanism which will be created to share the risk with geothermal explorers of failing to validate a geothermal energy resource in the early stage of geothermal exploratory and confirmation drilling stages.

The loan in the amount of USD 100 million, provided under repayment guarantee of the Republic of Turkey Undersecretary of Treasury, will be used to support geothermal projects at (a) the capacity/production drilling stage and (b) the steam gathering, power plant, or direct use facility construction stage.

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