The biggest solar energy project in the world is about to get off the drawing board. And leading German firm, Siemens, is just one of around a dozen organizations getting behind Desertec. SPIEGEL asked Siemens CEO Peter Löscher about his company's role in the project.

Top companies lined up on Monday to get behind the world's most ambitious solar energy project. They signed a memorandum of understanding in Munich to set up the Desertec Industrial Initiative which involves what is being called a "solar technology belt" across the Middle East and North Africa, with a huge undersea "super grid" then delivering the power back to Europe.

The CEO of Siemens AG, Peter Löscher, believes Europe is on the brink of anew era in energy production.

The aim of the €400 billion ($560 billion) project is to provide carbon-free energy that could supply up to 20 percent of European energy needs by 2050.

At first the Desertec project, which arose out of a feasibility study commissioned by the German Ministry of the Environment, looked as though it might not get much further than the drawing board because of its hefty price tag. But a consortium of some of Europe's heaviest financial hitters has come together to raise the required funds. Among others both governmental and non-governmental, this includes Deutsche Bank, energy giants RWE and E.ON, major insurer Munich Re and electro-engineering leader Siemens. ...