NU Online News Service, July 13, 3:26 p.m. EDT
Munich Re is among 12 companies that have signed a Memorandum of Understanding (MoU) to look into developing carbon-free power generation in North Africa that would meet around 15 percent of Europe's electricity requirements.
According to Munich Re, the companies signed the MoU with the objective of "[analyzing] and [developing] the technical, economic, political, social and ecological framework for carbon-free power generation in the deserts of North Africa."
The concept is being called the DESERTEC Industrial Initiative (DII). Aside from Europe, the power would help meet the power needs of other member countries in the Middle East and North Africa (MENA).
According to the Munich Re statement, "Among the DII's main goals are the drafting of concrete business plans and associated financing concepts, and the initiating of industrial preparations for building a large number of networked solar thermal power plants distributed throughout the MENA region."
The other companies that signed the MoU are:
o ABB
o ABENGOA Solar
o Cevital
o Deutsche Bank
o E.On
o HSH Nordbank
o MAN Solar Millennium
o M+W Zander
o RWE
o SCHOTT Solar
o SIEMANS
The companies plan to establish an entity as a limited liability company under German law by Oct. 31, 2009, Munich Re said.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.