The World Bank Implementation Status & Results Report Turkey Geothermal Development Project (P151739) Turkey Geothermal Development Project (P151739) EUROPE AND CENTRAL ASIA | Turkiye | Energy & Extractives Global Practice | IBRD/IDA | Investment Project Financing | FY 2017 | Seq No: 13 | ARCHIVED on 28-Jun-2023 | ISR56491 | Implementing Agencies: Turkiye Kalkinma ve Yatirim Bankasi A.S. (TKYB), Turkiye Kalkinma ve Yatirim Bankasi A.S. (TKYB), Turkiye Sinai Kalkinma Bankasi A.S. (TSKB), Turkiye Sinai Kalkinma Bankasi A.S. (TSKB) Key Dates Key Project Dates Bank Approval Date: 01-Nov-2016 Effectiveness Date: 16-Feb-2017 Planned Mid Term Review Date: 29-Nov-2019 Actual Mid-Term Review Date: 28-Oct-2019 Original Closing Date: 31-Dec-2022 Revised Closing Date: 31-Dec-2027 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project Development Objective is to scale up private sector investment in geothermal energy development in Turkey. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Risk Sharing Mechanism for Resource Validation:(Cost $39.80 M) Facility for Resource Development:(Cost $642.85 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Moderately Satisfactory Overall Risk Rating Moderate Moderate Implementation Status and Key Decisions Project implementation is progressing satisfactorily. Drilling for the first two Risk Sharing Mechanism (RSM) subprojects under the first round of the RSM was completed in 2021, resulting in three unsuccessful wells for which sponsors received the corresponding compensation from the RSM for a percentage of the eligible incurred drilling costs. The second round of the RSM, which was launched in January 2021, currently includes nine subprojects eligible for support by the RSM. Under Round 3, which was launched on with a consultation workshop on April 11, 2023, Expressions of Interest (EoIs) were received for 31 subprojects and evaluations are ongoing. Additional IBRD financing of US$300 million for Component 2 (Loan Facility) was approved by the World Bank Board of Directors on December 16, 2021 and became effective on June 17, 2022. Under the original IBRD loans, a total of about 253 MW of geothermal capacity has been commissioned into commercial operation for seven subprojects, and over US$690 million of total capital has been leveraged. 6/28/2023 Page 1 of 7 The World Bank Implementation Status & Results Report Turkey Geothermal Development Project (P151739) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate Moderate Moderate Macroeconomic Moderate Substantial Substantial Sector Strategies and Policies Low Moderate Moderate Technical Design of Project or Program Substantial Moderate Moderate Institutional Capacity for Implementation and High Low Low Sustainability Fiduciary Substantial Moderate Moderate Environment and Social Moderate Substantial Substantial Stakeholders Moderate Moderate Moderate Other -- Moderate Moderate Overall Substantial Moderate Moderate Results PDO Indicators by Objectives / Outcomes Private capital mobilized IN01300869 ►Private capital mobilized (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 500,000,000.00 599,133,288.00 555,000,000.00 Date 30-Jun-2015 06-Jan-2023 08-Jun-2023 31-Dec-2027 Total capital leveraged IN01300870 ►Total capital leveraged (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 678,000,000.00 693,383,288.00 840,000,000.00 Date 30-Jun-2015 06-Jan-2023 08-Jun-2023 31-Dec-2027 6/28/2023 Page 2 of 7 The World Bank Implementation Status & Results Report Turkey Geothermal Development Project (P151739) Increased generation capacity from geothermal resources IN01300867 ►Generation Capacity of Renewable Energy (other than hydropower) constructed under the project (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 254.00 253.25 383.00 Date 30-Jun-2015 06-Jan-2023 08-Jun-2023 31-Dec-2027 IN01300896 Generation Capacity of Renewable Energy constructed-Geo-thermal (Megawatt, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 254.00 253.25 383.00 Date 30-Jun-2015 06-Jan-2023 08-Jun-2023 31-Dec-2026 Reduction of CO2 emissions IN01300868 ►Estimated CO2 emission reductions (Metric tons/year, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 589,434.00 0.00 945,000.00 Date 30-Jun-2015 06-Jan-2023 08-Jun-2023 31-Dec-2026 Intermediate Results Indicators by Components Risk Sharing Mechanism for Resource Validation IN01300897 ►Volume of direct financing catalyzed by CTF financing (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 5,500,000.00 8,643,288.00 78,000,000.00 Date 30-Jun-2015 06-Jan-2023 08-Jun-2023 31-Dec-2022 IN01300899 ►Exploration drilling projects supported under the Risk Sharing Mechanism (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 2.00 2.00 16.00 Date 30-Jun-2015 06-Jan-2023 08-Jun-2023 31-Dec-2022 6/28/2023 Page 3 of 7 The World Bank Implementation Status & Results Report Turkey Geothermal Development Project (P151739) IN01300901 ►Geothermal resources (for electricity and heat) confirmed through exploration drilling (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 99.50 Date 30-Jun-2015 06-Jan-2023 08-Jun-2023 31-Dec-2022 IN01300903 ►Grievance registered related to delivery of project benefits addressed within stipulated service standards for response times (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 100.00 Date 30-Jun-2015 06-Jan-2023 08-Jun-2023 31-Dec-2022 Loan Facility for Resource Development IN01300898 ►Geothermal resources developed through capacity drilling (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 180.00 183.25 320.00 Date 30-Jun-2015 06-Jan-2023 08-Jun-2023 31-Dec-2027 IN01300900 ►Capacity for direct use applications developed under the project (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 22.00 Date 04-Oct-2021 06-Jan-2023 08-Jun-2023 31-Dec-2027 IN01300902 ►Capacity drilling projects supported by the Loan Facility (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 7.00 7.00 12.00 Date 30-Jun-2015 06-Jan-2023 08-Jun-2023 31-Dec-2027 IN01300904 ►Portfolio at risk 90 days (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 4.00 Date 30-Jun-2015 06-Jan-2023 08-Jun-2023 31-Dec-2027 6/28/2023 Page 4 of 7 The World Bank Implementation Status & Results Report Turkey Geothermal Development Project (P151739) IN01300905 ►Grievance registered related to delivery of project benefits addressed within stipulated service standards for response times (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 100.00 Date 30-Jun-2015 06-Jan-2023 08-Jun-2023 31-Dec-2027 IN01300906 ►Women-led or women owned enterprises that receive grants for feasibility assessments for direct use projects (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 3.00 Date 30-Jun-2021 06-Jan-2023 08-Jun-2023 31-Dec-2027 IN01300907 ►Increase in percentage of women in technical and managerial positions in companies supported by the project (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 5.00 Date 30-Jun-2021 06-Jan-2023 08-Jun-2023 31-Dec-2027 Gender and CE actions and indicators were added through the AF loans, which became effective on June 17, 2022. Since no new subprojects have been confirmed under the AF loans yet, no progress has been Comments: made on the gender or CE indicators. IN01300908 ►Participants in gender-bias training from sub-project sponsors (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 26.00 130.00 Date 30-Jun-2021 06-Jan-2023 08-Jun-2023 31-Dec-2027 IN01300909 ►Beneficiaries that receive positive feedback from citizens through use of new and effective engagement tools (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 80.00 Date 30-Jun-2021 06-Jan-2023 08-Jun-2023 31-Dec-2027 Gender and CE actions and indicators were added through the AF loans, which became effective on June 17, 2022. Since no new subprojects have been confirmed under the AF loans yet, no progress has been Comments: made on the gender or CE indicators. IN01300910 ►Beneficiaries who report that the project has established effective engagement processes (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target 6/28/2023 Page 5 of 7 The World Bank Implementation Status & Results Report Turkey Geothermal Development Project (P151739) Value 0.00 0.00 0.00 80.00 Date 30-Jun-2021 06-Jan-2023 08-Jun-2023 31-Dec-2027 Gender and CE actions and indicators were added through the AF loans, which became effective on June 17, 2022. Since no new subprojects have been confirmed under the AF loans yet, no progress has been Comments: made on the gender or CE indicators. Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P151739 IBRD-86520 Closed USD 100.00 100.00 0.00 100.00 0.00 100% P151739 IBRD-86530 Effective USD 150.00 150.00 0.00 150.00 0.00 100% P151739 IBRD-93190 Effective USD 150.00 150.00 0.00 0.38 149.63 0.3% P151739 IBRD-93200 Effective USD 150.00 150.00 0.00 0.38 149.63 0.3% P151739 TF-A1532 Effective USD 39.80 39.80 0.00 11.03 28.77 28% P151739 TF-B7276 Effective USD 0.35 0.35 0.00 0.00 0.35 0% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P151739 IBRD-86520 Closed 01-Nov-2016 30-Nov-2016 16-Feb-2017 31-Dec-2022 31-Dec-2022 P151739 IBRD-86530 Effective 01-Nov-2016 30-Nov-2016 16-Feb-2017 31-Dec-2022 31-Dec-2023 P151739 IBRD-93190 Effective 16-Dec-2021 21-Dec-2021 17-Jun-2022 31-Dec-2027 31-Dec-2027 P151739 IBRD-93200 Effective 16-Dec-2021 21-Dec-2021 17-Jun-2022 31-Dec-2027 31-Dec-2027 P151739 TF-A1532 Effective 30-Nov-2016 30-Nov-2016 04-Apr-2017 31-Dec-2022 30-Dec-2024 P151739 TF-B7276 Effective 16-Dec-2021 21-Dec-2021 17-Jun-2022 30-Jun-2027 30-Jun-2027 Cumulative Disbursements 6/28/2023 Page 6 of 7 The World Bank Implementation Status & Results Report Turkey Geothermal Development Project (P151739) Restructuring History Level 2 Approved on 20-Aug-2018 ,Level 2 Approved on 24-Jan-2020 ,Level 2 Approved on 08-Feb-2021 ,Level 2 Approved on 30-Aug-2021 ,Level 2 Approved on 30-Nov-2022 Related Project(s) P172827-Turkey Geothermal Development Project Additional Financing 6/28/2023 Page 7 of 7