EBRD’s Geothermal Experience

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Friday 24th October 2014, CopenhagenGLOBAL GEOTHERMAL DEVELOPMENT PLAN – ROUND TABLE 2EBRD’s Geothermal Experience:Combining financing with technical assistance and policydialogue under the Sustainable Resource InitiativeAdonai Herrera-MartínezEnergy Efficiency and Climate Change (E2C2)

EBRD experience in the Geothermal sector AMutnovsky IPP (1997) BBabadere GPP (2014) The EBRDparticipated infinancing fourgeothermalpower projectsso far, three ofwhich are inTurkey4Capacity: 7 MWInvestment size: USD 33mAtlas Copco ORC 1Capacity: 40 MWInvestment size: USD150mFeature: first IPP(*) in theKamchatka regionDual-Flash technologyKamchatka42 3Gümü şköy GPP (2012)Capacity: 13.2 MWInvestment size: USD 50mTAS ORC19th September 20142Pamukören GPP (2012) 3Capacity: 45 MWInvestment size: USD 63m (**)Atlas Copco ORC(*) IPP: Independent Power Plant(**) Resource development costs were financed separately2

Why geothermal, in Turkey & for the EBRD?Geothermal – global overviewGlobal installed capacity is circa 12 GWe and expected to reach 19 GWe by 2016Estimated global potential 70 GWe with present technology and up to 140 GWe through theuse of enhanced geothermal systems(1)Geothermal – Turkey overviewInstalled geothermalcapacity: 310MW or 7% ofthe 4 GWe estimatedpotentialWestern Turkey currentlyholds the greatest potentialfor development ofgeothermal resources, withCentral and Eastern Anatolialargely unexplored319th September 2014(1) Geothermal Energy: an overview on resources and potential, Ruggero Bertani.3

Sustainable Resource Initiative (SRI) –business model for geothermal scale-upVarious financing approaches that suit small and large projects alikeTailored financial instruments: Direct-financing for large projectsSyndicated loans and co-financingSmall scale projects via SEFFs (local banks)Concessional finance from climate fundsPROJECTS ANDINVESTMENTSIndustry best practices: Review of market potential Project development support Environmental assessment19th September 2014TECHNICALASSISTANCEPOLICYDIALOGUERenewable EnergyAction Plan:Roadmap to achieving the2023 600MW GPP target4

MidSEFF: EUR 1 billionfor Renewable Energy in TurkeyEUR 1 billion facility, commerciallystructured through DPR launched in2011 for EUR 5 – 50 million subinvestments in: Renewable Energy Energy Efficiency Waste-to-Energy EU environmental & social standards Support in Carbon Market developmenthttp://www.youtube.com/watch?v KVh9eaVc-Js&feature youtu.be24th June, 20145

Pamukören GPP – overviewPROJECT DESCRIPTIONGENERAL INFORMATION 2 x 22.5 MW unitsProject LocationAydın Province 15 feeding wellsTechnologyBinary GPP Binary system: Atlas Copco Organic Rankine Cycle (ORC)Plant Capacity45 MW Expected electricity production 306 GWh/year equivalent tothe demand for over 140,000 householdsAnnual EnergyProduction306 GWh/yearAnnual CO2 Reduction164,000 tCO2/year(*)KEY DEVELOPMENTS The project initially relied on exploration work done by MTA,used by management for site development (45MW) Installed capacity expected to be extended to 68MW in asecond stage and reach 112MW at a later stage Latest wells drilled have not been successful (drilling costcirca USD 1 mln/km) and delayed expansion plans New geological and seismic surveys required to establishresource location and site capacity High Non-Condensable Gas (NCG) concentration in allBüykü Menderes Graben sites although levels seem todecrease over time (1.8% initially to 1.2-1.5% today)19th September 2014TIME SCHEDULEStart of Construct.March 2012Commercial OperationJanuary 2013(*) provided that a solution to the NCG emission is found and successfully implemented.6

Gümüşköy GPP – overviewGENERAL INFORMATIONPROJECT DESCRIPTION 2 x 6.6 MW unitsProject LocationAydın Province Fed by 5 production wells providing medium enthalpyresources 2 re-injection wellsTechnologyBinary GPPPlant Capacity13.2 MWAnnual Energy Production85 GWh/yearAnnual CO2 Reduction47,000 tCO2/year Binary system: TAS Organic Rankine Cycle (ORC) Expected electricity production 85 GWh/year equivalent tothe demand for over 38 thousand householdsTIME SCHEDULEStart of Construct.April 2012Commercial OperationSeptember 2013KEY DEVELOPMENTS Existing wells capable of supportingadditional 6 MW Leader in carbon utilization, including saleof CO2 for industrial uses and operation ofa state-of-the art 5.0 Ha greenhouse Management is testing a Geothermal-CSPHybrid Plant on site to farther increaseinstalled capacity and plant efficiency19th September 20147

EBRD Support for Geothermal development Direct project finance: 100 MW in the AydinGermencik province Financing existing projects through localbanksSupport the MoENR in further developing thelegislative frameworks and licensingprocedures Engaging blue-chip developers in Turkey tosupport future green field projectsLaunching a market study and mapping keyplayers, resources and market perspectives Defining centralized approach on keyenvironmental issues such as NCG emissions19th September 20148

EBRD Early stage Geothermal frameworkCurrently developing a framework to support private sector early stage development: Deploying CTF concessional funds to partially mitigate early stage risk and unlockcommercial direct financing Mobilizing own and private sector resources to finance site and plant development Engaging global experts as to implement best industry practices at all stagesTechnicalTC Funds and technical support – EU IPA 2013 Surface modellingand site design Test drilling, assessmentstudies, site preparationand exploration drilling Production and reinjection wells drilling Power plant construction, testing andcommissioningFinancialsourceGeothermal resource development19th September 2014SponsorSponsor DonorfundingSponsor EBRD Private sectorFor more information: html9

For more informationContactAdonai Herrera-MartínezPrincipal ManagerEnergy Efficiency and Climate ChangeEBRD, Kanyon Ofis, Istanbul, TurkeyMartineA@ebrd.comTel: 90 212 386 110010

Why geothermal, in Turkey & for the EBRD? Global installed capacity is circa 12 GWe and expected to reach 19 GWe by 2016 Estimated global potential 70 GWe with present technology and up to 140 GWe through the use of enhanced geothermal systems(1) (1) Geothermal Energy:

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