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OSLO, April 26 (Reuters) – Abu Dhabi National Energy Company PJSC (TAQA) (TAQA.AD) UK-based Octopus Energy Group has invested 30 million pounds ($37.36 million) in a submarine cable project that aims to link Morocco and the UK, project company Xlinks said on Wednesday.
TAQA invested £25 million in the development funding round, while Octopus invested £5 billion, Xlinks said.
The company plans to lay the world’s longest high-voltage direct current (HVDC) submarine cable between the UK and Morocco, at more than 3,800 kilometers (2,361 miles), passing through Portugal, Spain and France.
Xlinks said the cable could provide the UK with 3.6 gigawatts (GW) of renewable electricity, equivalent to nearly 8% of its current needs and enough to power seven million UK homes by the end of the decade.
It added that electricity will be generated by a 10.5GW solar and wind farm facility in the Guelmim Oued Noun region of Morocco, supported by 20GWh/5GW of battery storage.
“The Morocco-UK Power Project has huge potential to help accelerate the UK’s transition to clean energy, improve energy security and reduce consumer bills,” Xlinks chief executive Simon Morrish said in a statement.
Xlinks added that the project also has the support of the governments of the United Kingdom and Morocco.
($1 = £0.8031)
Reporting by Nora Buli, Editing by Louise Heavens
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