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Saturday, July 13, 2024

The “submarine cable” project between UK and Morocco has the support of an international investor

The British renewable energy developer Xlinks has joined forces with London-based investment firm Octopus Energy Group to support its Morocco-UK Power Project. The mega project is a renewable electricity generation facility under development in the Moroccan desert, powered by wind and solar energy with a battery storage facility. The electricity produced will be supplied to the UK via submarine inter-connector cables.

Xlinks is helping the UK to speed up its transition to net-zero by developing the 10.5 GW of wind-solar power project coupled with a 20 GWh/5 GW battery storage and four 3,800 km-long submarine cables. The undersea cables will connect the renewable energy farm in Morocco’s Guelmim-Oued Noun region with the grid power systems in Devon, South West England and Pembroke, Wales.

The submarine cables are high-voltage direct current (HVDC) transmission lines. Each cable form the twin 1.8 GW HDVC cable systems that will follow the shallow water route from the Moroccan energy site, cross the international waters and then pass the territorial waters of Portugal, Spain, and France, reaching the UK.

Octopus Energy has entered into a financial and strategic partnership with Xlinks to accelerate its Morocco-UK Power Project. Simon Morrish, Xlinks’ CEO, said, “This partnership offers a huge opportunity to significantly reduce electricity bills and help the UK achieve carbon neutrality. This investment demonstrates Xlinks’ and Octopus’ ambition to deliver a greener, cheaper future for the British public.”

Greg Jackson, the Founder & CEO of Octopus Energy Group, mentioned that going green will free Britain from volatile fossil fuels and cut energy costs. This will not only help to combat climate change but also provide energy affordability and security.”

Upon completion, the renewable energy facility will deliver 3.6 GW of clean electricity to the UK for an average of 20+ hours a day, totaling 26 TWh of electricity each year. This is equivalent to 7.5% of the UK’s total electricity demand, enough to power nearly 7 million heat pumps all year round.

Morocco-UK Power Project is scheduled to become operational in 2027. The partnership between Xlinks and Octopus Energy augurs well for the pursuit of Xlinks’ energy ambitions in North Africa. Xlinks is expected to sell the power to the UK grid at £48 ($59.8) per MWh, under a contract for difference (CfD).

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