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African solar energy to power Europe
Twelve European companies on Monday launched a 400 billion euro ($A716.33 billion) initiative to set up huge solar farms in Africa and the Middle East to produce energy for Europe. The consortium which signed the protocol says the huge project could eventually provide up to 15 per cent of Europe's electricity needs. Engineering giants ABB and Siemens, energy groups E.ON and RWE and financial institutions Deutsche Bank and Munich Re are among companies who agreed to begin development of the solar project by the end of October.
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