Medgrid project, created at the end of 2010 in Paris, is a large industrial project planned in North Africa, which aims to promote and develop a Euro-Mediterranean electricity network that would provide North Africa & Europe with inexpensive renewable electricity, mostly from solar. The goal is to install 20 gigawatts (GW) of generating capacity, with 5 GW being devoted for exports to Europe. The Medgrid project was envisioned by a consortium of twenty plus utilities, grid operators, equipment makers, financing institutions and investors, mostly European. On 24 Nov 2011, a MoU was signed between Medgrid and Desertec Industry Initiative (Dii) to study, design and promote an interconnected electrical grid with the 400 billion euro ($536 billion) renewable energy 'Desertec' project in North Africa. The medgrid together with Desertec would serve as the backbone of the 'European Supergrid' and the benefits of investing in HVDC technology are being assessed to reach the final goal – the 'SuperSmart Grid (SSG)'. History Background As per the statement made by Dr Gerhard Knies, German physicist and founder of the Trans-Mediterranean Renewable Energy Cooperation (TREC) network of researchers - "The world’s deserts collect more energy from the sun in six hours than mankind consumes in an entire year". It illustrates the idea behind the ambitious project - Medgrid which will exploit solar energy from desert areas. The Sahara desert was chosen as an ideal location for solar farms as they enjoy strong direct sunlight for much of the year (3,000 to 4,000 hours of sunlight per year). In addition, the deserts are sparsely populated, making it possible to set up large solar farms. Lastly, sand deserts can provide silicon, a raw material that is essential in the production of solar panels. Inception of Medgrid consortium (July 2010 - present) Complementing a similar Saharan desert based renewable energy project - DESERTEC, the industrial project Transgreen was launched in Paris in July 2010 as a French initiative within the framework of the Union for the Mediterranean (UfM). A consortium of twenty-plus, mostly European, utilities, grid operators, equipment makers, financing institutions and investors envisioned the company named Medgrid in December 2010. The aim was to promote and develop a Euro-Mediterranean electricity network that would provide North Africa & Europe with inexpensive renewable electricity, mostly from solar. The goal is to install 20 GW of generating capacity, with 5 GW being devoted for exports to Europe. France and Morocco