Magazine date:
Oct 2009 A project for the conversion of solar energy into electricity has gathered the industrialists Siemens, Eon, RWE and Deutsche Bank under the patronage of Munich Re. Named Desertec, this mega project is supported by Angela Merkel' government. It provides for the construction of giant solar plants in the Middle East and in North Africa to supply Europe with power.
The cost of the program amounts to 400 billion EUR (558 million USD). This construction work will be extended over a 40-year period. The first installations shall be covering 15% of the Old Continent's needs as of 2025. Munich Re hopes that this challenge will materialize in two or three years.