Exactly 7 years ago Dii GmbH (originally referred to as 'Desertec Industry Initiative') has been founded in Munich with a great mission: 'to pave the way for renewable energy from the deserts in MENA and connecting Europe for mutual benefit'. You may remember the enormous resonance in the German and international press, calling it a historic moment, even comparing with the 'launch of the Apollo Project'.
We are now 7 years later and after having crossed high mountains and deep valleys Dii has 'paved the way' as promised, in the meantime from its base in Dubai, a center of inspiration and innovation in the region. Our team works from here with the industry and public sector in MENA and Turkey under the leadership of MD Ismail Fahmy.
In recent talks with stakeholders we got one of the best compliments ever: leaders confirmed that Dii and the credibility of its initiators have contributed decisively to making emission free desert power a dominant economic factor. Solar and wind technologies have become competitive locally at unsubsidized cost levels of 2.4$ct/KWh onwards! Ongoing production cost decreases and expanding grid interconnections are leaving no doubt that power supply from the deserts will ultimately also compete into remote markets such as Europe!
We believe that the MENA region will be able to complete the energy transition into emission free, secure and very cheap power supply in only a few decades from now. Dii's mission has, thus, shifted toward integrating renewables into the expanding interconnected grids and to encourage smart interaction between increasingly dynamic power supply, storage (chillness, heat and power) and more responsive demand.
I take this opportunity to thank you for your generous support in good and in bad times and I congratulate you with our common success. Of course I am looking forward for continued cooperation.