A group of 20 German firms including Munich Re, Siemens, RWE and Deutsche Bank are planning to invest EUR400bn (USD555m) to develop solar power projects in Africa, according to German newspaper Sueddeutsche Zeitung. The projects would be located in northern Africa and the Middle East and most likely use solar thermal technology. The consortium is expected to meet early next month to plan the venture, which will be called the Desertec Industrial Initiative.
Electricity generated at the plants would be supplied to the European market along a high voltage transmission network. The first of the projects could be operational within 10 years, according to Bloomberg.
StrategyEye's related companies: Munich Re, Siemens, Deutsche Bank AG
