The Desertec Industrial Initiative (DII) aims to provide 15% of Europe\’s electricity by 2050 or earlier via power lines stretching across the desert and Mediterranean sea.
The German-led consortium was brought together by Munich Re, the world\’s biggest reinsurer, and consists of some of country\’s biggest engineering and power companies, including Siemens, E.ON, ABB and Deutsche Bank.
It now believes the DII can deliver solar power to Europe as early as 2015.
\”We have now passed a real milestone as the company has been founded and there is definitely a profitable business there,\” said Professor Peter Höppe, Munich Re\’s head of climate change.
No, really, it\’s great.
Assuming, of course, that they really do mean \”profitable\” without subsidy.
However, if they mean \”profitable\” only at the high feed in tariff for solar power then that\’s not so great. You know, that German one which is 5 times the price of electricity from fossil fuels? The one that costs over $1,000 for each tonne of CO2 not emiited, that tonne of CO2 doing $80 worth of damage if it is emitted?
Anyone actually know the finances of this project?