GE Vernova, a purpose-built global energy company, invested $10.2 million (£8.1 million) in the Morocco-UK interconnector project headed by Xlinks. Once complete, the project is expected to supply 3.6GW of clean power, delivering about 8% of Britain’s current electricity demand.
The wind and solar generation and 5GW/22.5GWh battery storage facilities will be connected exclusively to Britain by 4,000km High-Voltage Direct Current (HVDC) subsea cables.
With its collective energy portfolio, GE Vernova is well-placed to deliver large scale global energy projects across its wind, power and electrification segments and has experience delivering financing solutions to energy projects throughout the infrastructure lifecycle.
The Africa Finance Corporation (AFC) also recently announced investment in the project. GE Vernova and AFC join significant investors from the energy sector, including TotalEnergies, TAQA and Octopus Energy.
Addressing UK demand
Xlinks’ interconnector project is expected to address electricity demand in the UK, projected by the Climate Change Committee to double to 600 terrawatt-hours by 2050.
It is further anticipated that the project will drive the creation of thousands of employment opportunities, consolidating the role of Morocco’s renewables expertise as a regional and continental energy hub.
Nomi Ahmad, CEO of GE Vernova’s financial services business, said: “By leading the energy transition through our vast energy expertise, we help large-scale energy projects ensure deliverability and bankability.
“We are pleased to be part of the Morocco – UK Power Project, as collaboration across the energy sector is key to ensuring that more affordable, renewable energy is delivered to help meet the UK’s electrification demands and help the nation meet its net zero goals.”
Due to the sheer scale and importance of the project, the Morocco-UK power project was deemed a Nationally Significant Infrastructure Project (NSIP) by the UK secretary of state for energy security and net zero in October 2023.
James Humfrey, CEO of Xlinks First, said: “Bringing in an investor of the calibre of GE Vernova represents a further strategic step in the Morocco – UK Power Project’s development, as we progress the project across several fronts. Xlinks is committed to meeting the UK’s need for reliable, affordable, zero-carbon energy while maximising the socio-economic benefits of the Project in Morocco.”
