Here Comes the Sun? Nope, Big Desert Energy Scheme Scrapped

Vast amjority of consortium members pull out over political instability



The sun will still rise in the morning, but it has decisively set on an ambitious solar energy plant scheme intended for the deserts of North Africa and the Middle East.

It was supposed to provide Europe with 15 percent of its power needs by 2050, and the tech is fine… It’s financial squabbling and the ongoing political instability in the regions that put the lights out.

The Desertec Industrial Initiative, based in Munich, says it will focus now on consulting others after most of its backers, including German insurance company, Muenchener Rueckversicherung, have pulled out.

The remaining members of the consortium are Saudi company ACWA Power, German utility giant RWE and Chinese grid operator SGCC.

From The Associated Press

Follow us on Twitter at @CITopBroker for more of the latest news

Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.