Germany Launches 60 Million-Euro Fund for Geothermal Projects
By Rachel Graham
March 2 (Bloomberg) -- The German government set up a credit facility of 60 million euros ($76 million) with Munich Re to expand geothermal energy projects.
Loans will be available for as much as 80 percent of drilling costs, Tobias Duenow, an Environment Ministry spokesman, said by phone today from Berlin. Kreditanstalt fuer Wiederaufbau, a German state-owned bank, is a third partner in the initiative.
Governments are keen to increase the share of energy from renewables in order to cut carbon emissions and reduce reliance on imported fuels. Germany wants between 30 percent of 35 percent of its power to come from renewable sources by 2020, up from 14 percent currently, Duenow said.
Munich Re, the world’s biggest reinsurer, is putting up 20 million euros in sponsorship, company spokesman Michael Able said by phone from Munich. Munich Re has experience in offshore wind, he said.
To contact the reporter on this story: Rachel Graham in London [email protected]
Last Updated: March 2, 2009 11:47 EST
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