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Xlinks First Limited, the investment company established by Xlinks Limited, announced on Tuesday, April 30, that American energy equipment manufacturing giant GE Vernova has invested $10.2 million in Xlinks' Morocco-UK power link project as a minority shareholder.
In a press release sent to Yabiladi on Tuesday, Xlinks said the step is to further accelerate the delivery and construction of the project, which consists of building four 3,800-kilometer high-voltage direct current (HVDC) cables. These cables will run from the UK's south coast, connecting to a planned solar and wind energy project in Morocco. Upon completion, the subsea power cable is expected to provide 8% of the UK's electricity needs.
GE Vernova will bring its extensive experience to provide financing solutions to help deliver the energy project. GE Vernova will also be joining other significant energy sector investors involved in the project, including TAQA, TotalEnergies, Octopus Energy, and Africa Finance Corporation.
«Driving the energy transition through our extensive energy expertise, we help large-scale energy projects secure deliverability and bankability. We are delighted to be part of the Morocco-UK power link project, as collaboration in the energy sector is essential to ensure that more affordable renewable energy is delivered to meet the UK's electrification demands and help the country achieve its net-zero goals», Nomi Ahmad, CEO of GE Vernova's Financial Services business, said.
«The entry of an investor of the caliber of GE Vernova marks another strategic milestone in the development of the Morocco-UK power link project as we progress the project on multiple fronts. Xlinks remains committed to meeting the UK's need for reliable, affordable, and zero-carbon energy while maximizing the socio-economic benefits of the project in Morocco», James Humfrey, CEO of Xlinks First Ltd, said.
For the record, the Morocco-UK power link project will connect Morocco's vast solar and wind energy resources to the UK grid, meeting its electricity demand, which is expected to double from around 300 to 600 terawatt-hours by 2050.
