Africa Finance Corporation (AFC) is to invest $14m in a clean energy interconnector between Morocco and the UK.
Xlinks’ Morocco – UK Power Project aims to provide affordable, reliable, clean energy from Morocco to Britain within a decade.
Once complete, the project’s wind and solar generation, combined with flexible battery storage, will supply 3.6GW of renewable power to deliver 8% of Britain’s electricity needs.
The new electricity generation and battery storage facilities, located in south Morocco, will be connected exclusively to Britain via 4000 km HVDC subsea cables.
The project will drive the creation of thousands of employment opportunities including a significant proportion of qualified jobs, supported by training and certification programmes, which will help to strengthen Morocco’s renewables expertise as a regional and continental energy hub.
The project will also foster the establishment of an integrated renewable energy industrial ecosystem, including industrial production of renewable energy equipment, transformation, transport, storage and reconversion.
Samaila Zubairu, AFC President & Chief Executive Officer, said: “Africa, with its immense renewable energy potential and vast natural resources, stands at the forefront of global net zero aspirations.
“Xlinks’ Morocco-UK Power Project exemplifies this pivotal role, showcasing Africa’s capability to fuel Europe’s shift to sustainable energy while simultaneously addressing urgent climate challenges.
“By harnessing the abundant wind and solar power of the Sahara and channelling it directly to one of Europe’s largest energy markets, this project not only boosts the growth of Morocco’s economy through significant export revenues but also catalyses the development of local clean energy industries.”
James Humfrey (pictured), CEO of Xlinks First, said: “Securing AFC as an investor is a significant step forward in the development of the project.
“We are excited to be partnering with AFC, a leading financial institution created by African sovereign states, including the Kingdom of Morocco.
“They bring an unparalleled understanding of, and experience in, African infrastructure.
“Their mission – to foster economic growth and industrial development on the continent – aligns closely with the planned outcomes of the Morocco-UK Power Project.”
AFC is the latest major investor in Xlinks First, joining Abu Dhabi National Energy Company (TAQA), TotalEnergies and Octopus Energy.