April 19 (Renewables Now) - Companies involved or planning geothermal energy projects in Turkey are invited to express their interest in receiving support under the new Risk Sharing Mechanism (RSM), which covers parts of the drilling costs for unsuccessful wells.
Turkey's geothermal power capacity has jumped from 30 GW in 2008 to 1,100 MW in January 2018.
The expression of interest (EOI) call has been launched by the RSM Unit within the Development Bank of Turkey (TKB). A one-day application workshop is to take place at the end of June in Izmir to give greater clarity on the use of the mechanism.
The RSM is expected to make available about USD 38 million (EUR 30.7m) for exploration drilling projects. Funding comes from a contingent grant from the Climate Technology Fund (CTF) to the Government of Turkey. Beneficiaries accepted in the programme could get 40% to 60% compensations for failed wells, depending on their locations, up to USD 4 million. The exploration wells to be supported by the RSM can be production-size, medium size or slim wells.
Further details are available at https://rpmjeoturkiye.com/en/expression-of-interest/.