German Companies Pursue Enormous North African Solar Project

Twenty major German companies are banding together on an ambitious solar power project in the deserts of north Africa that could cost as much as EUR 400 billion, according to a Guardian report.

The group is expected to meet in Munich on July 13 to form an agreement to pursue concentrating solar power (CSP), capable of providing up to 15% of Europe’s electricity.

Accordig to the report, companies involved include Siemens (NYSE: SI), Deutsche Bank (NYSE: DB), RWE (RWE.DE) and E.ON (EON.L). German government ministries and global think tank The Club of Rome are also expected to attend the meeting.

Morocco, Libya and Algeria have been cited as potential sites for large CSP projects.

Read the full report at the link below.