Europe in $560 bln solar energy Mideast plan

Twelve European companies launched a $560 billion initiative on Monday to plant huge solar farms in Africa and the Middle East to produce energy for Europe.

The consortium says the massive proposal could provide up to 15 percent of Europe's electricity needs by 2050.

Engineering giants ABB and Siemens, energy group RWE and financial institution Deutsche Bank are among the companies which signed a protocol in Munich.