International representatives in Amman, Jordan have declared the establishment of Med Grid, a gathering of 20 European and Arab states that aims to launch a renewable energy network linking countries on both sides of the Mediterranean.
The value of investments involved in the undertaking are estimated in the billions (USD).
The network’s production capacity will reach 20 gigawatts by 2020. Europe’s share of the energy will be three gigawatts.
Cehrmaine al-Dagany, spokesperson for Pan-Med Trading and Investment, the Jordanian firm taking part in the project, said a protocol was signed last week in Paris for a common feasibility study on the undertaking. The event was attended by Ahmed Mesadah, secretary-general of the Union for the Mediterranean, and a representative from the Jordanian embassy in France, al-Dagany said.
Al-Dagany added that Med Grid will lay down within three years detailed legal, technical, and economic studies around the intended power network. She said the joint venture will also introduce designs and regulations required for each country participating in the project. With the help of these studies, she said, the total expense of the scheme will be determined.
The feasibility studies and the power linkage will be financed by the European Bank and the World Bank, among others. The power network itself will be funded by the states taking part in the project, along with European banks interested in the plan.
The linkage will follow a route starting from Morocco, passing through North Africa, Jordan, Syria, Turkey, then Europe.
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