Xlinks First Limited has closed its new development funding round, raising £30m.
The company has secured £25m of investment from Abu Dhabi National Energy Company PJSC (TAQA) and £5m from Octopus Energy Group.
With their investment, TAQA and Octopus are validating 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, the developer said.
It is a first-of-a-kind long-distance renewable energy generation and cross-border export project being planned globally, addressing the growing demand for firm power capacity, it added.
Xlinks expects to 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 has established a dedicated team to work with Xlinks to consider the merits of the project and understand how it could contribute to the UK’s energy security.
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, chief executive 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.”