Xlink’s project aiming to transmit renewable energy to the UK from Morocco via a subsea power line has received investment from Abu Dhabi National Energy Company PJSC (TAQA) and Octopus Energy.
Following previous reports that both were set to invest in the key infrastructure project, Xlinks confirmed it has received £25 million from TAQA, one of the largest listed integrated utility companies in the Middle East and North Africa region, and £5 million from Octopus Energy.
This funding has been secured under a new development funding round which raised £30 million in total. As a result, Xlinks will now prepare plans to lay the “world’s longest” high-voltage direct current (HVDC) subsea cables which will run from a site in Morocco’s Geulmim Oued Noun region to Devon in the UK via four 3,800km HVDC subsea cables.
In Morocco, the cables will connect to a 10.5GW facility of solar and wind farms which will be supported by 20GWh/5GW of battery energy storage. The export potential of this is 3.6GW and, upon completion in 2030, it could supply 8% of the UK’s electricity needs.
“Xlinks’ ambition is to supply British households with secure, affordable, and green energy all year round. With this investment and support from our partners TAQA and Octopus, along with the support received from both the UK and Moroccan Governments, we take another step toward achieving that ambition,” said Simon Morrish, CEO of Xlinks.
“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.”
The Xlinks megaproject will cost around £18 billion according to reports.
Octopus Energy was rumoured to be participating in the capital fundraise having previously entered into a financial and strategic partnership with the Xlinks in May 2022. At the time, Octopus said further investments were under discussion.
Greg Jackson, CEO and founder of Octopus Energy Group, said: “This partnership between Xlinks, TAQA and Octopus enables us to drive forward one of the most visionary energy projects in the world. When people ask ‘how will you power heat pumps and electric cars when it’s not windy?’- this is a big part of the answer.
“This is a new global industry, and the UK and our partners can do it first, helping cement Britain as a leader in the transition to low-cost renewable energy – bringing down bills, powering industry and creating green jobs both in the UK and Morocco.”