[The Vector] Sahara Could Export Electricity to Europe in 5 Years

DESERTEC, a $496 billion project to generate solar electricity in the Sahara Desert could be exporting electricity to Europe in five years, according to European Energy Commissioner Guenther Oettinger, following a meeting with energy ministers from Algeria, Morocco and Tunisia, which will each house a portion of the project.

The European Union is providing support for a series of interconnectors to run across the Mediterranean from North Africa to the potential European customers.

According to Reuters, Oettinger believes the project could eventually provide thousands of megawatts of power and could take up to 40 years to complete. Many leading German companies have got involved with the project, including Munich Re, Deutsche Bank, E.O, HSH Nordbank, MAN Solar Millennium, M+W Zander, RWE, Schott Solar and Siemens. The US company First Solar, has also got involved.