The European Space Agency (ESA) will likely approve a three-year study over the possibility of having solar farms in space with the aim of generating electricity, according to the BBC on Tuesday.

Research ministers will consider the idea at a Paris meeting on Tuesday, as Solaris Initiative would be the first to lay the ground for a practical plan to develop a space-based renewable energy generation system, it reported.

During the meeting, the budget will be decided for the next phase of the ESA's plans for space exploration, environmental monitoring as well as communications.

Speaking to BBC, ESA’s Director-General Josef Aschbacher said that he believed that solar power from space could be of “enormous” help to address future energy shortages.

“We do need to convert into carbon neutral economies and therefore change the way we produce energy and especially reduce the fossil fuel part of our energy production,” he added.

“This would be absolutely fantastic,” said Aschbacher as this would solve many problems in this regard.

The agency is seeking funds from member nations for Solaris research program to see if these developments mean that it is now possible to develop spaced-based solar power reliably and cheaply enough to make it economically viable, BBC reported. (Anadolu Agency)