http://www.environmental-expert.com/resultEachPressRelease.aspx?cid=32611&codi=74160&lr=1

Ambitious plans to generate up to 15 per cent of Europe's electricity using giant solar farms in North Africa and the Middle East moved a step forward today, with the announcement that the coalition of firms behind the proposals has formally launched a new joint venture to manage the project.
The Desertec Group of 12 companies, including Deutsche Bank, E.ON, Munich Re, RWE, Siemens, as well as a raft of solar energy firms, today signed a deal to create Desertec Industrial Initiative (DII) GmbH, a limited liability company tasked with undertaking the groundwork for the project.
The Desertec project was unveiled earlier this year and aims to generate up to 100GW of solar thermal power using a string of solar farms across the Middle East and North Africa. The energy would then be used across the region, as well as being transmitted into Europe using high-voltage DC cables.