On Monday, 12 European companies met in Munich, Germany to sign a Memorandum of Understanding establishing the world’s most ambitious solar energy program.
The Desertec Industrial Initiative (DII) (www.desertec.org) seeks to develop renewable energy production in the desert regions of Northern Africa and the Middle East for both local use and for exportation to Europe. It aims at meeting 15% of Europe’s energy needs, and a substantial part of the demand in Northern Africa and the Middle East, via concentrated solar plants and other renewable sources of energy by 2050.
The DII intends to release investment plans within three years.
Desertec Industrial Initiative founding members are ABB, Abengoa Solar, Cevital, Deutsche Bank, EON, HSH Nordbank, Muenchener Rueca, M+W Zander, RWE, Schott Solar, Siemens and Solar Millennium/MSM.
The DII planning entity is to be established as a GmbH (limited liability company) under German law by 31 October 2009. It is envisaged that other companies will join the DII once the company has been established. The aim is for the DII to include shareholders from a variety of different countries.
According to a Reuters report, doubts remain about how the project will be funded and to what extent political instability in the region might affect the initiative. The report quotes one analyst who said the initiative is "nothing more than political lobbying."
Read the full report at the link below.
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