Siemens, Munich Re Start Developing Sahara Project

(Bloomberg) — Siemens AG, Munich Re and 10 more companies agreed to draw up blueprints for a project to harness power from the Sahara Desert sun to bring extra electricity to European homes.

The plan, including technical and financial requirements to pipe power from the Sahara under the Mediterranean Sea to Europe, will need three years to be developed and incorporated under German law, the companies said today.

Siemens, Germany