Geothermal energy

Turkey's renewable energy sector will attract nearly $28 billion investments by 2020, according to a new report by the World Bank's IFC arm. 

Some $16.4 billion of these investments will be made in wind power, $7.4 billion in solar energy, $3.4 billion in geothermal energy and $560 million in hydro power, according to data compiled by state-run Anadolu Agency. 

The World Bank's Board of Directors on Nov. 1 approved an IBRD loan of $250 million and a Clean Technology Fund Grant of $39.8 million for the Geothermal Development Project in Turkey, which will help create renewable energy by tapping heat sources deep in the ground, said the organization in a written statement on Nov. 2. 

Kenya and Turkey have exceeded forecasts for harnessing geothermal energy, but other developing countries, including Indonesia and the Philippines, are lagging behind on leveraging the renewable power source, a new analysis shows.

Kahramanmara?-based Maren Mara? Elektrik in southern Turkey has been named the fastest growing company in Turkey with a growth rate of 8,754 percent between 2011 and 2013 in a national ranking made by the Union of Chambers and Commodity Exchanges of Turkey (TOBB).

The company, owned by Kipa? Holding, mainly focuses on geothermal energy.