Morocco-UK renewables interconnector project investor Xlinks First has secured more than $10m of backing from GE Vernova.
GE Vernova has invested $10.2m in the Xlinks Morocco – UK Power Project as a minority stakeholder to further accelerate delivery and buildout of the project.
Xlinks First chief executive James Humfrey (pictured) said: “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.
“Xlinks is committed to meeting the UK’s need for reliable, affordable, zero-carbon energy while maximising the socio-economic benefits of the project in Morocco.”
Once complete, Xlink’s wind and solar generation, combined with flexible battery storage, in Morocco, is expected to supply 3.6GW of affordable, reliable and clean power meeting approximately 8% of Britain’s current electricity needs.
The project also includes a 4000km high voltage direct current subsea cable between Morocco and the UK.
GE Vernova joins other significant investors from the energy sector, including TAQA, TotalEnergies, Octopus Energy and AFC.
Xlinks is expected to help address electricity demand in the UK, which is expected to double from 300 to 600 terawatt-hours by 2050 based on scenarios published by the Climate Change Committee, in part due to the electrification of the nation’s heating, transportation and industry.
The UK government has acknowledged the potential of the Xlinks project and the Department for Energy Security and Net Zero is developing an Outline Business Case.
Chief executive of GE Vernova’s financial services business Nomi Ahmad said: “By leading the energy transition through our vast energy expertise, we help large scale energy projects ensure deliverability and bankability.
“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.”