UK-Morocco power project adds GE Vernova as investor
GE Vernova (NYSE:GEV) has invested $10.2 million (£8.1mn) in Xlinks First’s proposed UK-Morocco power project.
GE Vernova (NYSE:GEV) has invested $10.2 million (£8.1mn) in Xlinks First’s proposed UK-Morocco power project.
Xlinks First has announced a $14.1 million investment from Africa Finance Corporation (AFC) to further the development of Xlinks’ UK-Morocco Power Project.
The developer of a £16 billion ($20.6 billion) project to export renewable power from Morocco has added an option that could transmit the electricity to Germany instead of the UK.
Xlinks First Ltd. has appointed a new chief executive officer to lead its ambitious plan to transmit electricity from a solar and wind power plant in Morocco to the UK via a subsea cable,
“This innovative project will benefit from our track record in developing large and complex integrated energy projects.”
The project could create 10,000 jobs in Morocco during construction, of which 2,000 will be permanent. In the UK, Xlinks believes it could create 1,350 permanent jobs.
Political chaos has derailed plans to power the UK grid with a huge buildout of solar and wind power in Morocco, as its developers struggle to secure backing from government.
European energy security faces a seemingly impossible task of meeting short-term demand with longer-term decarbonisation. Society does not have the luxury of declaring this to be impossible, though, so must take steps now to meet the challenges.
Green grids and international renewable energy are the only way to save Africa – and the world – with the alternative being a “climate abyss”.
Octopus Energy has struck a deal to invest in Xlinks, a project that aims to transport renewable energy from Morocco to the UK.
Xlinks has set out plans to export clean electricity from Morocco to the UK, via HVDC subsea cables.
Of all the things the UK is internationally renowned for, good and reliable weather certainly isn’t one of them.