Weekly Intelligence Brief
MoU signed for Desertec Industrial Initiative
15 July 2009
A consortium of 12 of Europe’s largest blue chip firms has signed a Memorandum of Understanding in Munich for the Desertec Industrial Initiative (DII).
Companies 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 objective of this initiative is to analyse and develop the technical, economic, political, social and ecological framework for carbon-free power generation in the deserts of North Africa.
The DII planning entity is to be established as a GmbH (limited liability company) under German law by 31 October 2009.
Germany’s deputy foreign minister Guenter Gloser said that the initiative would be initially backed by €1bn in EU funding, while Reuters reports claimed the consortium was seeking an additional €4bn in financing for the project.
Read more: Desertec
