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: 6 | ARCHIVED on 19-Nov-2019 | ISR39232 | Implementing Agencies: Turkiye Sinai Kalkinma Bankasi A.S. (TSKB), Turkiye Kalkinma ve Yatirim Bankasi A.S. (TKYB), Turkiye Kalkinma ve Yatirim Bankasi A.S. (TKYB), 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-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 Substantial Implementation Status and Key Decisions Project implementation is progressing satisfactorily. TKYB has completed evaluation of applications under the first round of the the Risk Sharing Mechanism (RSM). It is expected that up to seven Beneficiary Agreements will be signed by December 31, 2019 and that all exploration drilling sub-projects will begin implementation in 2020. 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. 11/19/2019 Page 1 of 5 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 High High Sector Strategies and Policies Low Moderate Moderate Technical Design of Project or Program Substantial Moderate Moderate Institutional Capacity for Implementation and Sustainability High High Substantial Fiduciary Substantial Substantial Substantial Environment and Social Moderate Substantial Substantial Stakeholders Moderate Moderate Substantial Other -- -- -- Overall Substantial Substantial Substantial Results PDO Indicators by Objectives / Outcomes Mobilization of private capital IN00764523 ►Private Capital Mobilized (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 649.43 693.00 619.00 Date 30-Jun-2015 30-May-2019 08-Nov-2019 31-Dec-2021 Increased generation capacity from geothermal resources IN00764521 ►Generation Capacity of Renewable Energy (other than hydropower) constructed (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 198.00 239.00 110.00 Date 30-Jan-2015 30-May-2019 08-Nov-2019 31-Dec-2021 IN00764524 Generation Capacity of Renewable Energy constructed-Geo-thermal (Megawatt, Custom Breakdown) 11/19/2019 Page 2 of 5 The World Bank Implementation Status & Results Report Turkey Geothermal Development Project (P151739) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 198.00 239.00 110.00 Date 31-Dec-2014 30-May-2019 08-Nov-2019 31-Dec-2021 Reduction of CO2 emissions IN00764522 ►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 30-May-2019 08-Nov-2019 31-Dec-2021 Intermediate Results Indicators by Components Risk Sharing Mechanism for Resource Validation IN00764525 ►Volume of direct financing catalyzed by CTF financing (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 202.00 Date 30-Jun-2015 30-May-2019 08-Nov-2019 31-Dec-2022 IN00764527 ►Exploration drilling projects supported under the Risk Sharing Mechanism (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 20.00 Date 30-Jun-2015 30-May-2019 08-Nov-2019 31-Dec-2022 IN00764529 ►Geothermal resources (for electricity and heat) confirmed through exploration drilling (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 192.00 Date 30-Jun-2015 30-May-2019 08-Nov-2019 31-Dec-2022 IN00764531 ►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 30-May-2019 08-Nov-2019 31-Dec-2022 11/19/2019 Page 3 of 5 The World Bank Implementation Status & Results Report Turkey Geothermal Development Project (P151739) Loan Facility for Resource Development IN00764526 ►Volume of indirect financing catalyzed by CTF financing – (Core) (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 117.00 Date 30-Jun-2015 30-May-2019 08-Nov-2019 31-Dec-2022 IN00764528 ►Geothermal resources developed through capacity drilling (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 147.00 181.00 120.00 Date 30-Jun-2015 30-May-2019 08-Nov-2019 31-Dec-2022 IN00764530 ►Capacity drilling projects supported by the Loan Facility (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 4.00 6.00 5.00 Date 30-Jun-2015 30-May-2019 08-Nov-2019 31-Dec-2022 IN00764532 ►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 30-May-2019 08-Nov-2019 31-Dec-2022 IN00764533 ►Portfolio at risk 90 days (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 4.00 0.00 4.00 Date 30-Jun-2015 31-May-2019 08-Nov-2019 31-Dec-2022 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 60.10 39.90 60% 11/19/2019 Page 4 of 5 The World Bank Implementation Status & Results Report Turkey Geothermal Development Project (P151739) P151739 IBRD-86530 Effective USD 150.00 150.00 0.00 117.88 32.13 79% P151739 TF-A1532 Effective USD 39.80 39.80 0.00 0.53 39.27 1.3% 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 Restructuring History Level 2 Approved on 20-Aug-2018 Related Project(s) P172827-Geothermal Development Project Additional Financing 11/19/2019 Page 5 of 5