By Andy Sambidge
Agreement signed by 12 companies to develop reliable, green energy from region.
A joint venture has been set up to develop a reliable, sustainable and climate-friendly energy supply from deserts in the Middle East and North Africa (MENA).
The articles of association for the DII GmbH LLC were signed by a group of 12 companies and the DESERTEC Foundation to get the initiative up and running.
The work of the DII will entail a thorough analysis and the establishment of a framework for investments to supply the MENA region and Europe with power produced using solar and wind energy sources, the company said in a statement.
It added that the long-term goal was to satisfy a substantial part of the energy needs of the MENA countries and meet as much as 15 percent of Europe’s electricity demand by 2050.
DII CEO Paul van Son said: “We recognise and strongly support the DESERTEC vision as a pivotal part of the transition to a sustainable energy supply in the MENA countries and Europe.
"Now the time has come to turn this vision into reality. That implies intensive cooperation with many parties and cultures to create a sound basis for feasible investments into renewable energy technologies and interconnected grids.”
Shareholders of the DII are ABB, ABENGOA Solar, Cevital, DESERTEC Foundation, Deutsche Bank, E.ON, HSH Nordbank, MAN Solar Millennium, Munich Re, M+W Zander, RWE, SCHOTT Solar and Siemens.
In the near future further companies from different countries will join the DII as shareholders or partners to ensure broad-based support from the EUMENA society, the company statement added.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.