Munich Re is joining the German Federal Ministry for the Environment and the KfW Bankengruppe in launching a credit program for the expansion of geothermal power in Germany.

Together, they have designed the credit program to minimize the productivity risk of the projects and made available the sum of EUR60 million ($76.5 million U.S. at the current exchange rate). High drilling costs and the risk of not making a find are the main deterrent to potential investors in geothermal projects, the German-based reinsurer said in a statement.

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