Solar farm in Germany
A German consortium of approximately 20 firms hopes to raise 400 billion euros (560 billion USD) to generate electricity for Europe in the deserts of north Africa using solar power. The project consortium will be lead by Munich Re and include Siemens, and Deutsche Bank amoung others, and be known as Desertec according to the German newspaper Sueddeutsche Zeitung.
The plan is to develop and build solar power installations in several countries in Africa – provided they are politically stable – and transmit this power to the European market.
According to the newspaper article, Torsten Jeworek, a board member of insurance giant Munich Re, was “very optimistic” that other countries including Italy and Spain would join, and that there had been “positive signals” from North America as well.
The plan would be to provide around 15% of Europe’s electricity needs and have the first electricity flowing within 10 years generating 100 gigawatts of electricity.
The consortium members plan to meet in Munich on July 13 to set up the group formally.
Reuters: “Germans plan solar power project in Africa: report”
