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Xlink’s project to connect the UK and Morocco with power lines is reportedly backed by Abu Dhabi-based energy company Taqa.
According to reports, sky newsthe energy company with links to oil and gas, water and carbon capture and storage, is seeking to acquire a “significant stake” in the £18bn project.
The project, has Announced September 2021will provide the UK with a total capacity of 10.5GW, using wind and solar technology from Morocco, and will be able to export 3.6GW of renewable energy.
This equates to an average of 20 hours today and is enough to meet around 8% of the UK’s electricity needs.
The electricity generated will be transported from a site in Morocco’s Geulmim Oued Noun region to the UK via four 3,800km HVDC subsea cables, which Xlinks says will be the longest of their kind.
Taqa will invest in the project through development capital funding, and Xlinks is reportedly nearing completion.Octopus Energy is also rumored to have participated in the financing, having previously partnered with Financial and Strategic Partnerships May 2022 with Xlinks. At the time, Octopus said it was discussing further investments.
current ± Octopus and Xlinks were contacted about the investment rumors, but both said “we don’t comment on market rumors or speculation”. current ± Taqa was also contacted but had not heard back by the time of publication.
Xlink previously highlighted many benefits That will be the case once the project becomes operational by the end of the decade. These include using the Contracts for Difference scheme (CfD) to make the project a source of income for providing energy at £48/MWh and providing around 1,350 new UK green jobs by 2024.
2021, current ± Interview with Simon Morrish, CEO of Xlinks Discuss how the project is a “highly attractive solution” for meeting the UK’s baseload electricity needs.
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