A sustainable energy initiative that will start with a huge solar project in the Sahara desert has been announced by a consortium of 12 European businesses.

The Desertec Industrial Initiative aims to supply Europe with 15% of its energy needs by 2050.

Companies who signed up to the $400bn (£240bn) venture include Deutsche Bank, Siemens and the energy provider E.On.

The consortium, which will be based in Munich, hopes to start supplying Europe with electricity by 2015.

Desertec Industrial Initiative aims to produce solar-generated electricity with a vast network of power plants and transmission grids across North Africa and the Middle East.

“The time has come to turn this vision into reality,” said the company’s chief executive, Paul van Son.

“That implies intensive co-operation with many parties and cultures, to create a sound basis for feasible investments into renewable energy technologies and interconnected grids.”

The first stage will be to build massive solar energy fields across North Africa’s Sahara desert, utilising concentrated solar power technology (CPS), which uses parabolic mirrors to focus the Sun’s rays on containers of water.

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