Xlinks First, the investor behind the ambitious Morocco-UK renewables interconnector project, has announced a significant boost with over $10 million in backing from GE Vernova.
GE Vernova's investment of $10.2 million, as a minority stakeholder, is poised to expedite the delivery and development of the Xlinks Morocco – UK Power Project.
James Humfrey, Chief Executive of Xlinks First, hailed the partnership with GE Vernova as a strategic move forward for the project's advancement. He stated, “Bringing in an investor of the calibre of GE Vernova represents a further strategic step in the Morocco – UK Power Project's development, as we progress the project across several fronts.”
The overarching goal of the Xlinks project is to cater to the UK's growing demand for reliable, affordable, and zero-carbon energy while leveraging socio-economic benefits in Morocco.
Upon completion, Xlinks' integrated wind and solar generation, in tandem with flexible battery storage in Morocco, is anticipated to provide 3.6GW of clean power, meeting approximately 8% of Britain's current electricity requirements.
A pivotal component of the project is a 4000km high-voltage direct current subsea cable linking Morocco and the UK.
GE Vernova joins a roster of prominent investors from the energy sector, including TAQA, TotalEnergies, Octopus Energy, and AFC.
Xlinks is poised to play a crucial role in addressing the UK's escalating electricity demand, projected to double from 300 to 600 terawatt-hours by 2050, driven in part by the electrification of heating, transportation, and industry.
The UK government has acknowledged the potential of the Xlinks project, with the Department for Energy Security and Net Zero actively developing an Outline Business Case.
Nomi Ahmad, Chief Executive of GE Vernova's financial services business, underscored the importance of collaboration in driving the energy transition. Ahmad stated, “We are pleased to be part of the Morocco – UK Power Project, as collaboration across the energy sector is key to ensuring that more affordable, renewable energy is delivered to help meet the UK's electrification demands and help the nation meet its net zero goals.”
