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Taqa & Octopus Energy’s £30 Million Funding for Xlinks’ Morocco-UK Renewable Energy Project

  • Abu Dhabi’s Taqa and UK’s Octopus Energy have pooled in £30 million for Xlinks’ renewable energy project
  • This development funding will enable Xlinks to move forward with its Morocco-UK Power Project
  • Currently under public consultation, the project aims to supply the UK with 3.6 GW out of 10.5 GW planned solar, wind and storage facility in Morocco

UK based Xlinks First Limited has secured £25 million funding from Middle East and North Africa region utility Abu Dhabi National Energy Company PJSC (Taqa) and £5 million from UK headquartered energy company Octopus Energy Group for its Morocco-UK renewable electricity project.

Octopus had entered a financial and strategic partnership with Xlinks to supply power from the project to power about 7 million heat pumps in the UK for 20 hours a day on an average with the latter delivering power at £48/MWh.

It will use this development funding to progress with the project through which Xlinks aims to supply the UK with 3.6 GW clean energy generated in Morocco and supplied to the UK via 4, 3,800 km what it says will be the world’s longest high-voltage direct current (HVDC) subsea cables.

These cables are to pass through Portugal, Spain and France. Xlinks calls it first-of-a-kind long-distance renewable energy generation and cross-border export project planned globally to deliver firm power capacity.

“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,” said Xlinks CEO Simon Morrish.

Th plan is to generate 10.5 GW solar and wind energy, supported by 20 GWh/5GW battery storage in Morocco’s Guelmim Oued Noun region. It will then be connected to the UK power grid in Devon, Southwest England. This is expected to cover nearly 8% of the nation’s current requirements and enough to power 7 million British homes by the end of 2030.

Currently, Xlinks is carrying out a public consultation for the project in the UK before it can submit a full planning application to the local planning authority in summer 2023. It is also working with a dedicated team of the UK’s Department for Energy Security and Net Zero to consider the merits of the project, the company added.

“We are already working on a large scale HVDC subsea project in Abu Dhabi, and we own and operate one of the world’s largest solar PV plants,” said Taqa’s Group CEO and Managing Director Jasim Husain Thabet. “This investment offers the chance to bring both our infrastructure and renewable power expertise to the table to benefit the UK and Morocco.”

Source from Taiyang News

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