A consortium of around 20 companies, including Munich Re, Siemens, RWE and Deutsche Bank, plans to build a 400 billion euro ($555.3 billion) solar power project in Africa, a Munich Re executive told a German newspaper on Tuesday.

The project, led by Munich Re, would use the energy from the Africa-based solar project to provide electricity to German households, Munich Re board member Torsten Jeworek said in an interview with Sueddeutsche Zeitung.

The consortium members plan to meet in Munich on July 13 to set up the group formally, he added.

He declined to give full details about members but said they include Siemens, RWE, Deutsche Bank, the German Economy Ministry and the Club of Rome, a non-government group based in Zurich.

We want to start an initiative that would present concrete plans in two to three years time, Jeworek said.

($1=.7203 Euro)