Twelve European companies on Monday signed a deal for a 400-billion-euro ($560 billion) project to build solar farms in Africa and the Middle East to produce energy for Europe. The companies, which include leading German energy giants RWE and E.ON, electro-engineering group Siemens, and major insurer Munich Re, signed an agreement in Munich on Monday. "Today we have taken a step forward (towards the project's realization)," said Nikolaus von Bomhard, head of Munich Re, which hosted the signing. The firms grouped under The Desertec Industrial Initiative (DII) plan to build solar power generators in North Africa and the Middle East which could provide up to 15 percent of Europe's electricity needs by 2050.
The companies, which include leading German energy giants RWE and E.ON, electro-engineering group Siemens, and major insurer Munich Re, signed an agreement in Munich on Monday.
"Today we have taken a step forward (towards the project's realization)," said Nikolaus von Bomhard, head of Munich Re, which hosted the signing.
The firms grouped under The Desertec Industrial Initiative (DII) plan to build solar power generators in North Africa and the Middle East which could provide up to 15 percent of Europe's electricity needs by 2050.
ps Where are the panels being made ? Has local manufacturing been considered ? keep to the Fen Causeway
