The International Finance Corporation (IFC) wanted an external evaluation of the Global Environmental Facility (GEF)-funded Geofund Turkey Project, which aimed to promote private sector geothermal energy development by developing and piloting geothermal well productivity insurance (GWPI) and by providing capacity building to developers and to financial institutions. The objectives of the evaluation were to elaborate on and synthesize the lessons learned from the project to help improve the selection, design, and implementation of future GEF and IFC activities and to assess the potential and scope for future IFC interventions to address barriers to private sector geothermal development in Turkey and other countries.
DHInfrastructure evaluated the Geofund Turkey Project's progress toward priorities, objectives and targets; its operations and processes; and its approach to developing and piloting GWPI in Turkey's geothermal market. The evaluation was based on the Organization for Economic Cooperation and Development's Development Assistance Committee (OECD/DAC) criteria of relevance, effectiveness, efficiency, impact, and sustainability, and identified intervening factors that affected the Project's ability to pilot GWPI. We identified lessons learned and recommended IFC interventions to promote private sector participation in the geothermal sector in Turkey and other countries.