A group of 12 companies are setting up the Desertec Industrial Initiative (DII) which plans to develop solar thermal plants in Europe, the Middle East and North Africa. The initial participants in the initiative include ABB, Abengoa Solar, Cevital, Deutsche Bank, E.ON, HSH Nordbank, MAN Solar Millennium, Munich Re, M+W Zander, RWE, SCHOTT Solar and Siemens. The shareholders will set up a Germany-based company by October and aim to develop viable investment plans within three years.
The DII hopes to generate enough electricity from the solar projects to supply 15% of Europe’s demand, in addition to a significant amount of the producer country’s energy requirements. The initiative will require around EUR395bn (USD552bn) in investment, according to the German Aerospace Centre.
StrategyEye's related companies: E.ON AG, HSH Nordbank, Munich Re, Siemens, Deutsche Bank AG
