Holy Desertec: $555B Solar Saharan Project Finds a Dozen Backers

solarthermalgeneric2Ever since the news came out about Desertec, a $555 billion project to build solar thermal plants in Northern Africa’s Sahara desert to funnel solar power to Europe, we’ve been scratching our heads about what to make of it. The sheer size (supposedly large enough to supply up to 15 percent of Europe’s electricity needs), cost and timeline (over 40 years) is so utterly massive and ambitious, the project will no doubt look very different when — and if — it ever makes it to light. But despite the “fantasy” nature of the plan, a dozen serious and respected companies have signed a memorandum of understanding today to investigate how to build the project.

Participants include German engineering company Siemens (s SI), German insurer Munich Re, Deutsche Bank (s DB), 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.

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