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Monday, June 24, 2024

Morocco-UK Submarine Cable: Taqa, Octopus Energy Invest GBP 30 Mln in Xlinks Project

Abu Dhabi National Energy Company PJSC (Taqa) and Octopus Energy Group will invest £25 million and £5 million respectively in the “Xlinks” renewable energy project relating to the installation of submarine cables between Morocco and the UK.

“Xlinks First Limited has reached a critical early milestone with the successful closing of an early development funding round raising GBP30 million. The investment comes after securing GBP25 million (AED113 million) of investment from Abu Dhabi National Energy Company PJSC (TAQA), one of the largest listed integrated utility companies in the Middle East and North Africa region and GBP5 million (AED22 million) from global energy technology business, Octopus Energy Group,” according to a joint statement.

With this funding, Xlinks will undertake development of 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, said the same source.

“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,” said CEO of Xlinks, Simon Morrish, quoted in the statement.

For his part TAQA’s Group Chief Executive Officer and Managing Director, Jasim Husain Thabet, said that “as a champion of low carbon power and water, TAQA’s investment in the Xlinks project shows that we are serious about helping reduce emissions whilst maintaining the security of energy supply that societies depend on. 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 PV plants. 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 Group, stressed that “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.”

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 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.

This project will rely on the Moroccan renewable energy expertise whilst supporting its leading role globally in the fight against climate change and providing further value to its natural resources and reinforcing its renewable energy export strategy.

The project will create around 10,000 jobs in Morocco during construction and lead to significant foreign direct investments in the country, concluded the statement.

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