Xlinks has taken a crucial first step by successfully closing its new development funding round, which raised £30m. The project will benefit from £25m financing from Abu Dhabi National Energy Company PJSC (TAQA) and £5m from Octopus Energy Group. “With this investment, TAQA and Akhtaboot are validating the Xlinks project related to the installation of the High Voltage Direct Submarine Cable (HVDC), the longest in the world, between the UK and Morocco, via Portugal, Spain and France, within the framework of the Morocco-UK Energy Project” The two groups noted in a joint press release.
Project benefits
In detail, Xlinks is expected to supply the UK with 3.6 gigawatts of electricity generated from renewable energies (8% of the country’s current needs), enough to power seven million British homes by the end of the decade.
Electricity will be produced in the Guelmim-Oued Noun region, through a 10.5 GW installation consisting of solar and wind farms, supported by a 20 GW / 5 GW storage battery. The facility will be connected to the UK electricity grid in Devon, southwest England, via four 3,800km HVDC submarine cables, which will be manufactured in the UK.
Morocco therefore intends to benefit from its recognized expertise in this field to further enhance its natural resources and strengthen its renewable energy export strategy. This ambitious project marks a new phase in the country’s energy transition and underscores its firm commitment to a sustainable future for all.
The project will also create approximately 10,000 jobs in Morocco during the construction phase and will lead to significant foreign direct investment in the country.
Visionary project
“Xlinks ambition is to provide UK households with safe, affordable and green energy all year round,” said Simon Morrish, Chief Executive Officer of Xlinks. “The huge potential of the UK-Morocco energy project will help the UK accelerate its transition to clean energy sources, increase energy security and reduce consumer bills,” he added.
For his part, CEO and Managing Director of TAQA Group, Jassim Hussain Thabet, said, “TAQA’s investment in the Xlinks project shows our commitment to contributing to reducing emissions while preserving the integrity of the energy supply on which societies depend. We are already working on a large-scale subsea project.” We are extensive in the HVDC field, and we own and operate one of the largest solar PV plants in the world. This investment gives us the opportunity to offer our expertise in infrastructure and renewable energy for the benefit of the UK and Morocco.”
“This partnership between Xlinks, TAQA and Octopus allows us to advance one of the most visionary energy projects in the world,” said Greg Jackson, CEO and Founder of Octopus Energy Group.
