Xlinks First Ltd. has closed a new development funding round of £30 million ($37.4 million); £25 million ($31.1 million) was secured from Abu Dhabi National Energy Company PJSC (TAQA) and £5 million ($6.2 million) from Octopus Energy Group.
According to Octopus Energy, the investment serves as a validation of Xlinks’plans to lay the world’s longest High-Voltage Direct Current (HVDC) subsea cables between the UK and Morocco, passing Portugal, Spain and France as part of the Morocco – UK Power Project.
Through the project, Xlinks will supply the UK with 3.6GW of renewable energy-sourced electricity amounting to nearly 8% of the nation’s current requirements and enough to power seven million British homes by the end of the decade.
The UK’s Department for Energy Security and Net Zero established a team to work with Xlinks to consider the merits of the project and understand how it could contribute to the UK’s energy security.
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The electricity will be generated in the Guelmim Oued Noun region of Morocco by a 10.5GW facility of solar and wind farms, supported by 20GWh/5GW of battery storage.
The facility will be connected to the UK power grid in Devon, South West England, via four 3,800km subsea HVDC cables, which will be manufactured in the UK.
Simon Morrish, CEO of Xlinks, said: “Xlinks’ ambition is to supply British households with secure, affordable, and green energy all year round. With this investment and support from our partners TAQA and Octopus, along with the support received from both the UK and Moroccan Governments, we take another step toward achieving that ambition.
“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.”
Greg Jackson, CEO and founder of Octopus Energy Group, added: “This partnership between Xlinks, TAQA and Octopus enables us to drive forward one of the most visionary energy projects in the world.
“When people ask ‘how will you power heat pumps and electric cars when it’s not windy?’- this is a big part of the answer. This is a new global industry, and the UK and our partners can do it first, helping cement Britain as a leader in the transition to low-cost renewable energy – bringing down bills, powering industry and creating green jobs both in the UK and Morocco.”
Initially announced last year in May, the project is one of a number of first-of-a-kind long-distance renewable energy generation and cross-border export projects being planned globally, addressing the growing demand for firm power capacity.
One other such interconnector project, LionLink, was announced last week by National Grid and TenneT to leverage North Sea offshore wind in a UK-Netherlands interconnection.
