Xlinks pulls in GBP 30m for Morocco-UK renewables export project

Xlinks First Limited, the developer of a subsea cable project that will export 3.6 GW of renewable power from Morocco to the UK, has raised GBP 30 million (USD 37.3m/EUR 33.8m) in fresh funds from Abu Dhabi National Energy Company PJSC (TAQA) and British energy firm Octopus Energy Group.

TAQA is pouring GBP 25 million into the project's development phase while existing backer Octopus Energy is investing GBP 5 million, the UK-headquartered firm said in a statement on Wednesday.

Xlinks first disclosed its ambitious plan to build the world’s longest high-voltage direct current (HVDC) subsea cable between the UK and Morocco in 2021. Octopus joined as a financial and strategic partner in 2022.

The Xlinks Morocco-UK Power Project envisages the laying of 3,800 km of subsea HVDC cables to export electricity from 10.5 GWp of wind and solar parks in Morocco's Guelmim Oued Noun region to Devon in South West England. The power generating facilities will be supported by 5 GW/20 GWh of battery storage. The complex is expected to go online in 2027.

(GBP 1 = USD 1.246/EUR 1.129)

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