Another project is in the works that corresponds to the Desertec Initiative that aims to transport energy generated via solar power from the Sahara.
Currently, 21 European companies have signed up for the Medgrid Initiative, which will develop a Euro-Mediterranean electricity network via undersea cables from Africa to Europe. The partners will carry out various feasibility studies over three years in order to import the electricity into Europe by 2020.
The signatories to the agreement are Alstom Grid; Areva; Atos WorldGrid; CDC Infraestructuras; EDF; Ineo; Nemo; Nexans; Nur Energie; ONE; Pan Med Trading and Investment; Prysmian; Red Electrica; RTE; Siemens; Soitec; Taqa Arabia; Terna and Salid Elias Establishment, and Abengoa. Each of the partners will contribute €200,000 with an overall investment reaching around €6 billion to lay five high voltage cables transmitting 5,000 MW of power.
The Medgrid is a part of the Transgreen project, which also follows the Mediterranean Solar Plan launched in 2008.
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