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Conference in Valencia to discuss Mediterranean Solar Plan

05-12-2010 08:50 BJT

MADRID, May 11 (Xinhua) -- A two-day, high-level conference on the Mediterranean Solar Plan (MSP) convened in the Spanish city of Valencia on Tuesday.

Ministers and representatives from 43 nations of the Union for the Mediterranean gathered under the same roof to share opinions on renewable energy cooperation, technology transfer and project finance within the region.

Launched in July 2008, the MSP is a strategy for sustainable development in the face of increasing energy demand in the Euro-Mediterranean region, plus the need to cut back greenhouse gas emissions.

The plan's major objective is to develop 20 gigawatts (GW) of renewable electricity capacity in the countries on the South Shore of the Mediterranean along with necessary infrastructures for electricity interconnection with Europe.

There is currently one connection running between Spain and Morocco.

The MSP will look at various means of finance, from private institutions, public funds, loans from the European Investment Bank and international and regional financial organizations.

Analysts have highlighted the main challenges as high cost and the need for an institutional context to favor investment for the construction of the infrastructure.

The Barcelona-based Union for the Mediterranean is a relaunch of the 1995 Euro-Mediterranean Partnership, also known as the Barcelona Process. It was initiated in 13 July 2008 by French President Nicolas Sarkozy.

Editor:Zheng Limin |Source: Xinhua

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