Cevital, one of Algeria’s largest private companies, is seeking foreign investors to help build an $8 billion solar power complex to export renewable energy to Europe.
International investors want to use the plentiful sunlight in North Africa to power the energy-hungry Europe, but while projects are moving ahead in neighboring Morocco, Algeria’s government has held back, saying it favors homegrown projects instead.
The plant will be able to produce 2000 MW of energy, being similar to what a mid-sized nuclear power station in the U.S. produces. “What will determine the speed is the contribution of European Union (companies) to developing this energy project. Our partners can contribute through the construction of undersea lines, for example, from Algeria to Italy and Spain. All options are on the table,” said Boukhalfa Yaici, Cevital’s Renewable Energies Project Manager.
Giant companies like Deutsche Bank, RWE and Siemens have formed the Desertec consortium, a 400 billion euro plan to use solar power from the Sahara desert to supply 15 percent of Europe’s power until 2050.
[Source: Reuters]
