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Finance

Morocco-lous! Octopus and TAQA back huge UK-Morocco cable project

A massive cable project that will connect Morocco and the UK has closed a funding round, raising £30 million, after securing £25 million from Abu Dhabi National Energy Company PJSC (TAQA) and £5 million from Octopus Energy Group.

The two companies have backed Xlinks’ plan to lay what is described as the world’s longest high-voltage direct current (HVDC) subsea cables between the UK and Morocco.

The project is predicted to generate 3.6GW of renewable energy-sourced electricity, nearly 8% of the UK’s current requirements and power seven million British homes by the end of the decade.

The electricity will be generated in the Guelmim Oued Noun region of Morocco by a 10.5GW facility of solar and wind farms, supported by 20GWh/5GW of battery storage.

The facility will be connected to the UK power grid in Devon, South West England, via four 3,800-kilometre subsea HVDC cables.

Simon Morrish, Chief Executive Officer of Xlinks, said the company’s ambition is to supply British households with secure, affordable, and green energy all year round.

Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director commented that TAQA’s investment in the Xlinks project shows that the company is serious about helping reduce emissions whilst maintaining the security of energy supply.

Greg Jackson, Chief Executive Officer and Founder of Octopus Energy Group said the partnership enables the three companies to drive forward one of the most visionary energy projects in the world, helping cement Britain as a leader in the transition to low-cost renewable energy.

Read the full article here

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