Desertec Plans Phase I of Giant Solar-to-Energy Project

Researched by Industrial Info Resources (Sugar Land, Texas)--Last October, Desertec Foundation (Munich, Germany) and 12 other signatories signed a memorandum of understanding to form the Desert Industrial Initiative GmbH (Dii) (Munich, Germany) joint venture to begin development of the Desertec project in Europe, the Middle East and North Africa. Dii's objective is to utilize solar energy and wind energy from the deserts of the Middle East and North Africa (MENA).

The 12 other signatories are:

• ABB Limited (NYSE:ABB) (Zürich, Switzerland)
• Abengoa Solar (BMAD:ABG) (Seville, Spain)
• Cevital S.A. (Béjaïa, Algeria)
• Deutsche Bank AG (NYSE:DB)
• E.ON AG (OTC:EONGY) (Düsseldorf, Germany)
• HSH Nordbank AG (Hamburg, Germany)
• Munich Reinsurance Company (FWB: MUV2) (Munich Re) (Munich, Germany)
• RWE AG (OTC:RWEOY) (Essen, Germany)
• Schott Solar AG (Mainz, Germany)
• Siemens AG (NYSE:SI) (Munich, Germany)
• MAN Solar Millennium GmbH (Essen, Germany)
• M+W Zander (Stuttgart, Germany)

In the first quarter of 2016, Dii will begin the construction of Phase I of the 100-gigawatt MENA solar power infrastructure to supply renewable energy to Europe and the MENA region. The $5.89 billion Phase I facility will be located in the North Sinai Governorate (Shamal Sina) of Egypt, near the Gaza Strip. When operational in 2019, Phase I will operate at a production capacity of 1,000 megawatts.

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