Ambitious solar power project seeks Middle East, Africa investors

DESERTEC, the world's most ambitious solar power project, is courting new shareholders in the Middle East and North Africa in an attempt to broaden its geographical reach, its chief executive told Reuters.

"There are a number of interested parties," Paul van Son, head of the Desertec Industrial Initiative (DII) - the project's executive arm - said yesterday.

"We are in intensive talks with companies in the Mena (Middle East and North Africa) region, which we are trying to win as new shareholders," he added, but declined to name any potential candidates. DII, founded last year, is a product of the Desertec Foundation, a global network of governments, companies and think tanks that is exploring how to harness solar power in deserts.

The DII project is expected to cost €400 billion euros (US$509 billion) and already has a range of corporate backers from the energy, technology and construction sectors as well as banks and a reinsurer. Shareholders include ABB, Munich Re, Deutsche Bank, RWE, Enel, Siemens and Red Electrica.Reuters