Abu Dhabi - Mubasher: Xlinks First Limited has secured GBP 30 million in a funding round from Abu Dhabi National Energy Company (TAQA) and Octopus Energy Group, according to a press release.
TAQA endorsed Morocco’s clean energy project with GBP 25 million, equivalent to AED 113 million, while Octopus Energy invested a total of GBP 5 million, which amounts to AED 22 million.
Xlinks will use the proceeds of the funding to create the world’s longest high-voltage direct current (HVDC) subsea cables between the UK and Morocco, passing Portugal, Spain, and France.
The Morocco–UK power scheme is one of the first-of-a-kind long-distance renewable energy generation and cross-border export projects worldwide amid increasing demand for firm power capacity.
Meanwhile, Xlinks will supply the UK with 3.6 gigawatts (GW) of renewable energy-sourced electricity by the end of the decade. This accounts for nearly 8% of the nation’s current needs and enough to power seven million British homes.
The electricity will be generated in Morocco's Guelmim Oued Noun region by a 10.5GW facility of solar and wind farms, backed by 20GWh/5GW of battery storage. Four subsea HVDC cables of 3,800 kilometers will link the facility to the UK power grid in Devon.
Furthermore, the project will create around 10,000 job opportunities in Morocco during construction, leading to foreign direct investments in the country.
Simon Morrish, CEO of Xlinks, highlighted: “The huge potential of the Morocco – UK Power project will help the UK accelerate its transition to clean sources of power, increase energy security, and reduce consumer bills.”
Jasim Husain Thabet, Group CEO and Managing Director of TAQA, noted: “We are already working on a large-scale HVDC subsea project in Abu Dhabi, and we own and operate one of the world’s largest solar [photovoltaic] PV plants.”
Thabet added: “This investment offers the chance to bring both our infrastructure and renewable power expertise to the table to benefit the UK and Morocco.”
Greg Jackson, CEO and Founder of Octopus Energy, said: “This partnership between Xlinks, TAQA, and Octopus enables us to drive forward one of the most visionary energy projects in the world.”
Last year, the net profits attributable to the owners of TAQA hiked to AED 8.03 billion from AED 5.96 billion in 2021.
