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"The
Middle East and North Africa, or MENA, region stand to earn $90 billion
annually from the sale of electricity in long-term fixed contracts to
Europe expected to be drawn up under the ambitious $560-billion solar
energy project of the Desertec consortium. Consulting company A.T.
Kearney said if the project is implemented and becomes successful, it
will translate into an investment/payback ratio of 1:5."
The plan at a glance. (click to enlarge)
"The
Desertec Industrial Initiative, or DII, the world’s grandest solar
power project, will map out investment plans by 2012 to develop
carbon-free energy that could supply up to 15 percent of Europe’s needs
by 2050, while also supplying the growing energy demand in the MENA
countries. Twelve companies last July 13 signed a memorandum of
understanding to establish DII by October 31, with spending plans to be
released within the next three years."
They get billions for their sun and emissions-free desalination plants as a bonus. (click to enlarge)
"The
consortium members include German engineering company Siemens, German
insurer Munich Re, Deutsche Bank, German utilities RWE and EON, Spain’s
power company Abengoa, Zurich’s electricity grid builder ABB, Algerian
firm Cevital, European bank HSH Nordbank, engineering company M+W
Zander, and solar firms Schott Solar and Solar Millennium…"
posted by Herman K. Trabish
MENA could Earn $90 Billion Annually from Desertec Solar Power Project
Rocel Felix, 21 July 2009 (Khaleej Times Dubai)
