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• ABENGOA Solar • Cevital • Deutsche Bank • E.ON • HSH Nordbank • MAN Solar Millennium • Münchener Rück • M+W Zander • RWE • SCHOTT Solar • SIEMENS The companies intend to establish a planning entity whose shareholders will include the DESERTEC Foundation. The Memorandum of Understanding was signed in the presence of high-ranking representatives from German and international politics. Among the DII’s main goals are the drafting of concrete business plans and associated financing concepts, and the initiating of industrial preparations for building a large number of networked solar thermal power plants distributed throughout the MENA region. The aim is to produce sufficient power to meet around 15% of Europe’s electricity requirements and a substantial portion of the power needs of the producer countries. All of the DII's activities will be aimed at developing viable investment plans within three years of its establishment. The initiative’s clear focus on implementation is set out in the DII Principles for all future DII shareholders. Besides the business opportunities for the companies, there are other economic, ecological and social potentials: • Greater energy security in the EU/MENA countries • Growth and development opportunities for the MENA region as a result of substantial private investment • Safeguarding the future water supply in the MENA countries by utilising excess energy in seawater desalination plants • Reducing carbon-dioxide emissions and thus making a significant contribution to achieving the climate change targets of the European Union and the German Federal Government The DII planning entity is to be established as a GmbH (limited liability company) under German law by 31 October 2009. It is envisaged that other companies will join the DII once the company has been established. The aim is for the DII to include shareholders from a variety of different countries. The Munich Re Group operates worldwide, turning risk into value. In the financial year 2008, it achieved a profit of €1,528m on premium income of around €38bn. The Group operates in all lines of business, with around 44,000 employees at over 50 locations throughout the world and is characterised by particularly pronounced diversification, client focus and earnings stability. With premium income of around €22bn from reinsurance alone, it is one of the world's leading reinsurers. The primary insurance operations are mainly concentrated in the ERGO Insurance Group. With premium income of over €17bn, ERGO is one of the largest insurance groups in Europe and Germany. It is the market leader in Europe in health and legal expenses insurance, and 40 million clients in over 30 countries place their trust in the services and security it provides. In international healthcare business, the Munich Re Group pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. The global investments of the Munich Re Group amounting to €175bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group. Munich Re Group |
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12 companies plan establishment