The World Bank Implementation Status & Results Report Turkey Geothermal Development Project (P151739) Turkey Geothermal Development Project (P151739) EUROPE AND CENTRAL ASIA | Turkey | Energy & Extractives Global Practice | IBRD/IDA | Investment Project Financing | FY 2017 | Seq No: 8 | ARCHIVED on 11-Jan-2021 | ISR44921 | Implementing Agencies: Turkiye Sinai Kalkinma Bankasi A.S. (TSKB), Turkiye Kalkinma ve Yatirim Bankasi A.S. (TKYB), Ministry of Treasury and Finance 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-2022 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) Loan Facility for Resource Development:(Cost $312.50 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Substantial Moderate Implementation Status and Key Decisions Project implementation is progressing satisfactorily. Since the RSM launch in 2018, three RSM Beneficiary Agreements (BAs) have been signed and TKYB’s RSM Unit has been negotiating BAs with four additional shortlisted applicants. It is expected that the remaining BAs will be signed by February 2021. Three sub-projects financed by TKYB under its IBRD Credit Line involve the installation of a total of 59 MW and include investments in capacity drilling and power plant construction. An additional four sub-projects are being financed by TSKB, which involve the installation of a total of 195 MW and also include investments in capacity drilling and power plant construction. 1/11/2021 Page 1 of 6 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 Moderate Sector Strategies and Policies Low Substantial Moderate Technical Design of Project or Program Substantial Moderate Moderate Institutional Capacity for Implementation and High Substantial Moderate Sustainability Fiduciary Substantial Moderate Moderate Environment and Social Moderate Substantial Substantial Stakeholders Moderate Substantial Substantial Other -- Moderate Moderate Overall Substantial Substantial Moderate Results PDO Indicators by Objectives / Outcomes Mobilization of private capital IN00935341 ►Private Capital Mobilized (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 707.00 677.57 619.00 Date 30-Jun-2015 27-May-2020 21-Dec-2020 31-Dec-2021 Increased generation capacity from geothermal resources IN00935254 1/11/2021 Page 2 of 6 The World Bank Implementation Status & Results Report Turkey Geothermal Development Project (P151739) ►Generation Capacity of Renewable Energy (other than hydropower) constructed (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 253.25 250.75 110.00 Date 30-Jan-2015 03-Jun-2020 21-Dec-2020 31-Dec-2021 IN00935342 Generation Capacity of Renewable Energy constructed-Geo-thermal (Megawatt, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 253.25 250.75 110.00 Date 31-Dec-2014 03-Jun-2020 21-Dec-2020 31-Dec-2021 Reduction of CO2 emissions IN00935255 ►Potential CO2 emissions reductions (Metric tons/year, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 650,927.00 Date 15-Feb-2017 03-Jun-2020 03-Jun-2020 31-Dec-2021 Intermediate Results Indicators by Components Risk Sharing Mechanism for Resource Validation IN00935343 ►Volume of direct financing catalyzed by CTF financing (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 78.00 Date 30-Jun-2015 03-Jun-2020 21-Dec-2020 31-Dec-2022 IN00935344 ►Exploration drilling projects supported under the Risk Sharing Mechanism (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 3.00 16.00 Date 30-Jun-2015 03-Jun-2020 21-Dec-2020 31-Dec-2022 IN00935346 ►Geothermal resources (for electricity and heat) confirmed through exploration drilling (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target 1/11/2021 Page 3 of 6 The World Bank Implementation Status & Results Report Turkey Geothermal Development Project (P151739) Value 0.00 0.00 0.00 99.50 Date 30-Jun-2015 03-Jun-2020 21-Dec-2020 31-Dec-2022 IN00935348 ►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 96.00 100.00 Date 30-Jun-2015 03-Jun-2020 21-Dec-2020 31-Dec-2022 Loan Facility for Resource Development IN00935345 ►Geothermal resources developed through capacity drilling (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 181.00 169.00 181.00 Date 30-Jun-2015 27-May-2020 21-Dec-2020 31-Dec-2022 IN00935347 ►Capacity drilling projects supported by the Loan Facility (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 6.00 6.00 6.00 Date 30-Jun-2015 03-Jun-2020 21-Dec-2020 31-Dec-2022 IN00935349 ►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 96.00 100.00 Date 30-Jun-2015 03-Jun-2020 21-Dec-2020 31-Dec-2022 IN00935350 ►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 03-Jun-2020 03-Jun-2020 31-Dec-2022 Performance-Based Conditions 1/11/2021 Page 4 of 6 The World Bank Implementation Status & Results Report Turkey Geothermal Development Project (P151739) Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P151739 IBRD-86520 Effective USD 100.00 100.00 0.00 100.00 0.00 100% P151739 IBRD-86530 Effective USD 150.00 150.00 0.00 127.88 22.13 85% P151739 TF-A1532 Effective USD 39.80 39.80 0.00 1.03 38.77 2.6% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P151739 IBRD-86520 Effective 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-2022 P151739 TF-A1532 Effective 30-Nov-2016 30-Nov-2016 04-Apr-2017 31-Dec-2022 31-Dec-2022 Cumulative Disbursements 1/11/2021 Page 5 of 6 The World Bank Implementation Status & Results Report Turkey Geothermal Development Project (P151739) PBC Disbursement Achievement Disbursed amount in Disbursement % PBC ID PBC Type Description Coc PBC Amount Status Coc for PBC Restructuring History Level 2 Approved on 20-Aug-2018 ,Level 2 Approved on 24-Jan-2020 Related Project(s) P172827-Turkey Geothermal Development Project Additional Financing 1/11/2021 Page 6 of 6