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Turkey Geothermal Development Project

Abstract*

The development objective of Geothermal Development Project for Turkey is to scale up private sector investment in geothermal energy development. This project has two components. The fist component, Risk Sharing Mechanism (RSM) for Resource Validation, aims to promote private sector development of renewable geothermal energy projects in the early stage geothermal exploratory and confirmation drilling stages by sharing the risk of failing to validate...

* The project abstract is drawn from the PAD, SAR or PGD and may not accurately reflect the project's current nature

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Development Objective

The Project Development Objective is to scale up private sector investment in geothermal energy development in Turkey.

Key Details

Project Details

  • P151739

  • Active

  • Manuel Millan Sanchez , Alan Lee

  • Turkiye Kalkinma ve Yatirim Bankasi A.S. (TKYB),Turkiye Sinai Kalkinma Bankasi A.S. (TSKB)

  • Turkiye

  • January 20, 2015

  • (as of board presentation)

    November 1, 2016

  • February 16, 2017

  • US$ 352.30 million

  • Turkiye Sinai Kalkinma Bankasi A.S. (TSKB),Turkiye Kalkinma ve Yatirim Bankasi A.S. (TKYB)

  • Europe and Central Asia

  • 2017

  • US$ 590.15 million

  • F

  • May 7, 2024

  • December 31, 2027

  • Yes

  • BANK APPROVED

  • Notes

Finances

Financing Plan (US$ Millions)

No data available.
Financier Commitments
Energy Sector Management Assistance Program 0.35
International Bank for Reconstruction and Development 550.00
Borrower/Recipient 77.50
Clean Technology Fund 39.80

Total Project Financing (US$ Millions)

Product Line IBRD/IDA
IBRD Commitment 550.00
IDA Commitment N/A
IBRD + IDA Commitment 550.00
Lending Instrument
Grant Amount 40.15
Total Project Cost** 352.30

Summary Status of World Bank Financing (US$ Millions) as of February 28, 2025

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No data available.
Financier Approval Date Closing Date Principal Disbursed Repayments Interest, Charges & Fees

Detailed Financial Activity as of February 28, 2025

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No data available.
Period Financier Transaction Type Amount (US$)
Feb 15, 2023 IBRD-93190 Int Charges 151.55
Feb 15, 2023 IBRD-93190 Int Charges 1,751.80
Feb 15, 2023 IBRD-93190 Int Charges 188,568.48
Feb 15, 2023 IBRD-93190 Int Charges 9,605.78
Aug 29, 2024 IBRD-93200 Loan Disb 10,000,000.00
Aug 15, 2024 IBRD-93190 Int Charges 68.93
Aug 15, 2024 IBRD-93190 Int Charges 186,009.22
Aug 15, 2024 IBRD-93190 Int Charges 13,256.65
Apr 15, 2024 IBRD-93200 Int Charges 130.06
Apr 15, 2024 IBRD-93200 Int Charges 187,249.66
Feb 15, 2018 IBRD-86520 Int Charges 125,712.34
Feb 15, 2018 IBRD-86520 Int Charges 2,951.66
Mar 15, 2018 IBRD-86530 Int Charges 148,302.23
Mar 15, 2018 IBRD-86530 Int Charges 352,780.34
Aug 15, 2017 IBRD-86520 Int Charges 135,308.20
Aug 15, 2017 IBRD-86520 Int Charges 2,725.01
Sep 15, 2017 IBRD-86530 Int Charges 582.19
Sep 15, 2017 IBRD-86530 Int Charges 169,458.90
Sep 15, 2017 IBRD-86530 Int Charges 180,275.84
Sep 15, 2017 IBRD-86530 Int Charges 46,163.53
Feb 16, 2017 IBRD-86520 Loan Disb 250,000.00
Feb 16, 2017 IBRD-86520 Fee Charges 250,000.00
Feb 16, 2017 IBRD-86530 Loan Disb 375,000.00
Feb 16, 2017 IBRD-86530 Fee Charges 375,000.00
Jun 14, 2017 IBRD-86530 Loan Disb 30,000,000.00
Jun 27, 2018 IBRD-86530 Loan Disb 27,500,000.00
Jun 14, 2018 IBRD-86530 Loan Disb 30,000,000.00
Jun 7, 2018 IBRD-86520 Loan Disb 12,455,000.00
Sep 15, 2018 IBRD-86530 Int Charges 98,294.52
Sep 15, 2018 IBRD-86530 Int Charges 1,162,967.80
May 14, 2018 IBRD-86520 Loan Disb 9,925,000.00
Aug 3, 2018 IBRD-86520 Loan Disb 2,775,460.00
Jun 18, 2018 IBRD-86530 Loan Disb 30,000,000.00
Apr 16, 2018 IBRD-86520 Loan Disb 20,000,000.00
Mar 15, 2019 IBRD-86530 Int Charges 2,044,640.10
Feb 15, 2019 IBRD-86520 Int Charges 228.12
Feb 15, 2019 IBRD-86520 Int Charges 2,473.33
Feb 15, 2019 IBRD-86520 Int Charges 68,598.64
Feb 15, 2019 IBRD-86520 Int Charges 786,725.25
Feb 8, 2019 IBRD-86520 Loan Disb 4,285,000.00
Aug 15, 2018 IBRD-86520 Int Charges 94,650.84
Aug 15, 2018 IBRD-86520 Int Charges 344,533.25
Mar 22, 2019 IBRD-86520 Loan Disb 3,080,000.00
Mar 15, 2019 IBRD-86530 Int Charges 39,826.20
Feb 15, 2020 IBRD-86520 Int Charges 896,959.10
Feb 15, 2020 IBRD-86520 Int Charges 753.03
Feb 15, 2020 IBRD-86520 Int Charges 10,363.44
Feb 15, 2020 IBRD-86520 Int Charges 46,836.04
Apr 15, 2024 IBRD-93200 Int Charges 13,334.12
Aug 15, 2024 IBRD-86520 Int Charges 18,377.87
Aug 15, 2024 IBRD-86520 Int Charges 3,383,442.50
Oct 15, 2023 IBRD-93200 Int Charges 197.94
Oct 15, 2023 IBRD-93200 Int Charges 187,543.66
Oct 15, 2023 IBRD-93200 Int Charges 12,348.31
May 20, 2024 IBRD-93200 Loan Disb 10,000,000.00
Jun 13, 2024 IBRD-93200 Loan Disb 10,000,000.00
Feb 15, 2024 IBRD-86520 Int Charges 29,079.07
Feb 15, 2024 IBRD-86520 Int Charges 3,374,770.00
Feb 15, 2024 IBRD-93190 Int Charges 109.04
Feb 15, 2024 IBRD-93190 Int Charges 188,442.48
Feb 15, 2024 IBRD-93190 Int Charges 13,230.39
Mar 15, 2024 IBRD-86530 Loan Repay 3,570,000.00
Mar 15, 2024 IBRD-86530 Int Charges 74,274.74
Mar 15, 2024 IBRD-86530 Int Charges 5,013,377.00
Dec 16, 2021 IBRD-93190 Loan Commitment 150,000,000.00
Dec 16, 2021 IBRD-93200 Loan Commitment 150,000,000.00
Nov 1, 2016 IBRD-86520 Loan Commitment 100,000,000.00
Nov 1, 2016 IBRD-86530 Loan Commitment 150,000,000.00
Mar 15, 2020 IBRD-86530 Int Charges 40,001.74
Mar 15, 2020 IBRD-86530 Int Charges 1,752,015.40
Jan 21, 2020 IBRD-86520 Loan Disb 20,000,000.00
Sep 15, 2019 IBRD-86530 Int Charges 40,486.30
Sep 15, 2019 IBRD-86530 Int Charges 2,156,850.50
Jul 31, 2019 IBRD-86520 Loan Disb 7,329,540.00
Aug 15, 2019 IBRD-86520 Int Charges 205.44
Aug 15, 2019 IBRD-86520 Int Charges 2,619.09
Aug 15, 2019 IBRD-86520 Int Charges 58,537.01
Aug 15, 2019 IBRD-86520 Int Charges 954,858.30
Sep 15, 2020 IBRD-86530 Int Charges 1,013,355.00
Sep 15, 2020 IBRD-86530 Int Charges 34,706.28
Aug 15, 2020 IBRD-86520 Int Charges 3,415.29
Aug 15, 2020 IBRD-86520 Int Charges 37,140.27
Aug 15, 2020 IBRD-86520 Int Charges 12,233.61
Aug 15, 2020 IBRD-86520 Int Charges 1,180,536.40
May 15, 2020 IBRD-86520 Loan Disb 19,900,000.00
Jun 24, 2020 IBRD-86530 Loan Disb 10,000,000.00
Feb 15, 2021 IBRD-86520 Int Charges 633,777.75
Mar 15, 2021 IBRD-86530 Int Charges 758,653.94
Mar 15, 2021 IBRD-86530 Int Charges 27,384.23
Mar 15, 2022 IBRD-86530 Int Charges 694,361.25
Jun 17, 2022 IBRD-93190 Loan Disb 375,000.00
Jun 17, 2022 IBRD-93190 Fee Charges 375,000.00
Jun 17, 2022 IBRD-93200 Loan Disb 375,000.00
Jun 17, 2022 IBRD-93200 Fee Charges 375,000.00
Sep 15, 2021 IBRD-86530 Int Charges 27,883.56
Sep 15, 2021 IBRD-86530 Int Charges 725,477.50
Aug 15, 2021 IBRD-86520 Int Charges 568,138.90
Oct 15, 2022 IBRD-93200 Int Charges 244,212.33
Oct 15, 2022 IBRD-93200 Int Charges 4,536.87
Aug 15, 2022 IBRD-86520 Int Charges 790,893.44
Feb 15, 2022 IBRD-86520 Int Charges 557,111.10
Mar 15, 2022 IBRD-86530 Int Charges 27,428.94
Apr 15, 2023 IBRD-93200 Int Charges 381.54
Apr 15, 2023 IBRD-93200 Int Charges 186,518.81
Apr 15, 2023 IBRD-93200 Int Charges 10,211.73
Mar 15, 2023 IBRD-86530 Int Charges 145,853.70
Mar 15, 2023 IBRD-86530 Int Charges 27,428.94
Mar 15, 2023 IBRD-86530 Int Charges 3,354,854.50
Sep 15, 2022 IBRD-86530 Int Charges 27,883.56
Sep 15, 2022 IBRD-86530 Int Charges 1,330,833.80
Sep 20, 2022 IBRD-93190 Int Charges 181,697.78
Sep 15, 2023 IBRD-86530 Int Charges 4,182,006.50
Sep 15, 2023 IBRD-86530 Int Charges 48,840.27
Sep 15, 2023 IBRD-86530 Int Charges 14,699.48
Aug 15, 2023 IBRD-93190 Int Charges 393.21
Aug 15, 2023 IBRD-93190 Int Charges 185,493.98
Aug 15, 2023 IBRD-93190 Int Charges 11,554.12
Aug 15, 2023 IBRD-86520 Int Charges 104,857.28
Aug 15, 2023 IBRD-86520 Int Charges 2,930,263.50
Jun 20, 2023 IBRD-86530 Loan Disb 22,125,000.00
Feb 15, 2023 IBRD-86520 Int Charges 161,487.45
Feb 15, 2023 IBRD-86520 Int Charges 2,408,202.20

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name Review Date
Project Management Moderately Satisfactory 2025-01-16
Monitoring and Evaluation Satisfactory 2025-01-16
Monitoring and Evaluation Satisfactory 2025-01-16
Procurement Satisfactory 2025-01-16
Financial Management Satisfactory 2025-01-16
Progress towards achievement of PDO Moderately Satisfactory 2025-01-16
Overall Implementation Progress (IP) Moderately Unsatisfactory 2025-01-16
Project Management Moderately Satisfactory 2025-01-16
Overall Implementation Progress (IP) Moderately Unsatisfactory 2025-01-16
Progress towards achievement of PDO Moderately Satisfactory 2025-01-16
Procurement Satisfactory 2025-01-16
Financial Management Satisfactory 2025-01-16

COMPLETION RATINGS

No data available.

INDEPENDENT EVALUATION RATINGS

No data available.

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATORBASELINECURRENTTARGET
  • Generation Capacity of Renewable Energy (other than hydropower) constructed under the projectValue0.00253.25383.00
    DateJune 30, 2015October 3, 2023December 31, 2027
    Comment
  • Estimated CO2 emission reductionsValue0.00817188.00945000.00
    DateJune 30, 2015October 3, 2023December 31, 2026
    Comment
  • Private capital mobilizedValue0.00599133288.00555000000.00
    DateJune 30, 2015October 3, 2023December 31, 2027
    Comment
  • Total capital leveragedValue0.00695883288.00840000000.00
    DateJune 30, 2015October 3, 2023December 31, 2027
    Comment
  • Generation Capacity of Renewable Energy constructed-Geo-thermalValue0.00253.25383.00
    DateJune 30, 2015October 3, 2023December 31, 2026
    Comment

INTERMEDIATE RESULTS INDICATORS

INDICATORBASELINECURRENTTARGET
  • Volume of direct financing catalyzed by CTF financingValue0.008643288.0078000000.00
    DateJune 30, 2015October 3, 2023December 31, 2022
    Comment
  • Geothermal resources developed through capacity drillingValue0.00183.25320.00
    DateJune 30, 2015October 3, 2023December 31, 2027
    Comment
  • Exploration drilling projects supported under the Risk Sharing MechanismValue0.002.0016.00
    DateJune 30, 2015October 3, 2023December 31, 2022
    Comment
  • Capacity for direct use applications developed under the projectValue0.000.0022.00
    DateOctober 4, 2021October 3, 2023December 31, 2027
    Comment
  • Geothermal resources (for electricity and heat) confirmed through exploration drillingValue0.000.0099.50
    DateJune 30, 2015October 3, 2023December 31, 2022
    Comment
  • Capacity drilling projects supported by the Loan FacilityValue0.007.0012.00
    DateJune 30, 2015October 3, 2023December 31, 2027
    Comment
  • Grievance registered related to delivery of project benefits addressed within stipulated service standards for response timesValue0.00100.00100.00
    DateJune 30, 2015October 3, 2023December 31, 2022
    Comment
  • Portfolio at risk 90 daysValue0.000.004.00
    DateJune 30, 2015October 3, 2023December 31, 2027
    Comment
  • Grievance registered related to delivery of project benefits addressed within stipulated service standards for response timesValue0.00100.00100.00
    DateJune 30, 2015October 3, 2023December 31, 2027
    Comment
  • Women-led or women owned enterprises that receive grants for feasibility assessments for direct use projectsValue0.000.003.00
    DateJune 30, 2021October 3, 2023December 31, 2027
    Comment
  • Increase in percentage of women in technical and managerial positions in companies supported by the projectValue0.000.005.00
    DateJune 30, 2021October 3, 2023December 31, 2027
    Comment
  • Participants in gender-bias training from sub-project sponsorsValue0.0012.00130.00
    DateJune 30, 2021October 3, 2023December 31, 2027
    Comment
  • Beneficiaries that receive positive feedback from citizens through use of new and effective engagement toolsValue0.000.0080.00
    DateJune 30, 2021October 3, 2023December 31, 2027
    Comment
  • Beneficiaries who report that the project has established effective engagement processesValue0.000.0080.00
    DateJune 30, 2021October 3, 2023December 31, 2027
    Comment