Difficulties with financing German solar energy project in Africa

The German reinsurance firm Munich Re Group plans to launch the Desertec consortium together with 20 industrial companies in July. The Desertec project is aimed at producing huge amounts of electricity from solar energy in African deserts. The left-wing daily Avgi analyses the project's chances: "It's obvious that … particularly in times of economic crisis it is difficult to find 400 billion euros to fund this investment. If the project goes ahead then it will be realised in several phases and it will be years before the electricity from the desert reaches European households. It's also obvious that such a huge amount cannot be invested in one country alone. Munich Re Group's boss Torsten Jeworrek has said that he is conducting negotiations with several Northern African countries with the aim of constructing energy production facilities in as many regions as possible."

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