Siemens, Deutsche Bank, RWE and E.on ready to invest in ambitious plan to power Europe with clean electricity from AfricaTwenty blue chip German companies are pooling their resources with the aim of harnessing solar power in the deserts of north Africa and transporting the clean electricity to Europe.The businesses, which include some of the biggest names in European energy, finance and manufacturing, will form a consortium next month. If successful, the highly ambitious plan could see Europe fuelled by solar energy within a decade.The consortium behind what would be the biggest ever solar energy initiative will first raise awareness and interest among other investors for the project, known as Desertec, which is estimated to cost around €400bn (£338bn).Torsten Jeworrek, board member of Munich Re, the German reinsurer which is leading the project, said: "We want to found an initiative which over the next two to three years will put concrete measures on the table."
Twenty blue chip German companies are pooling their resources with the aim of harnessing solar power in the deserts of north Africa and transporting the clean electricity to Europe.
The businesses, which include some of the biggest names in European energy, finance and manufacturing, will form a consortium next month. If successful, the highly ambitious plan could see Europe fuelled by solar energy within a decade.
The consortium behind what would be the biggest ever solar energy initiative will first raise awareness and interest among other investors for the project, known as Desertec, which is estimated to cost around €400bn (£338bn).
Torsten Jeworrek, board member of Munich Re, the German reinsurer which is leading the project, said: "We want to found an initiative which over the next two to three years will put concrete measures on the table."
With the planned Desertec project, Europe wants to build a giant solar power plant to convert the endless sun in the Sahara Desert into CO2-free electricity. The mega project isn't without its critics, but most German commentators are welcoming Tuesday's announcement that the ambitious solar plans may soon move forward. The vision is an attractive one. Imagine a gigantic solar thermal power plant stretching across the deserts of North Africa, sending huge quantities of energy across the Mediterranean to Europe -- and emitting no CO2 in the process. Workers in China putting together a solar energy facility in Shanghai in preparation for the 2010 Expo. That, at least, is the idea behind Desertec, a €400 billion ($555 million) project which has been in the works for years. On Tuesday, a group of 20 companies, groups and governments revealed they would meet in mid-July to discuss the way forward. Should the venture ultimately become reality, it could cover up to 15 percent of Europe's energy needs as well as provide power to North African countries. Perhaps the most attractive part of the plan is the relative simplicity of the technology involved. Massive fields of collectors would concentrate sunlight to heat water, with the resulting steam then driving energy-producing generators. A similar power plant has been in operation in California since the 1980s and three of them have recently been built in Spain. The Desertec project, though, would be the largest of them all. The current consortium hopes to be able to present concrete plans for the facility within two to three years. German commentators on Wednesday take a look at the project.
With the planned Desertec project, Europe wants to build a giant solar power plant to convert the endless sun in the Sahara Desert into CO2-free electricity. The mega project isn't without its critics, but most German commentators are welcoming Tuesday's announcement that the ambitious solar plans may soon move forward.
The vision is an attractive one. Imagine a gigantic solar thermal power plant stretching across the deserts of North Africa, sending huge quantities of energy across the Mediterranean to Europe -- and emitting no CO2 in the process.
Workers in China putting together a solar energy facility in Shanghai in preparation for the 2010 Expo. That, at least, is the idea behind Desertec, a €400 billion ($555 million) project which has been in the works for years. On Tuesday, a group of 20 companies, groups and governments revealed they would meet in mid-July to discuss the way forward. Should the venture ultimately become reality, it could cover up to 15 percent of Europe's energy needs as well as provide power to North African countries.
Perhaps the most attractive part of the plan is the relative simplicity of the technology involved. Massive fields of collectors would concentrate sunlight to heat water, with the resulting steam then driving energy-producing generators. A similar power plant has been in operation in California since the 1980s and three of them have recently been built in Spain.
The Desertec project, though, would be the largest of them all. The current consortium hopes to be able to present concrete plans for the facility within two to three years. German commentators on Wednesday take a look at the project.
