A $125M (£87M) programme has been launched to develop five geothermal power plants in Turkey.
The Pluto scheme, funded by the European Bank for Reconstruction and Development (EBRD) and the Clean Technology Fund, aims to help developers minimise the business risks of getting such projects off the ground.
It aims to generate more than 450GWh of energy per year, adding 10% to the country’s geothermal capacity.
Turkey has pledged to develop 30% of its total installed capacity from renewable sources by 2023.
It aims to add 34GW of hydropower, 20GW of wind energy, 5GW of solar energy, 1GW of biomass and 1GW of geothermal.
EBRD energy efficiency and climate change team senior manager Adonai Herrera-Martinez said: “The EBRD is the first international financial institution to help private geothermal energy developers bridge the equity gap.
”Our goal is to unlock the vast amounts of renewable energy trapped deep underground and to attract more private investment and bank financing in the sector, moving away from reliance on purely public funds.”