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A huge $10.2m invested into renewable energy link between UK and Morocco
Xlinks First Ltd are a UK company planning a vast renewable energy project in Morocco, along with an impressive 4000km undersea cable to transport the energy to Britain. The planned power plant will consist of wind turbines, solar panels and batteries and is predicted to bring 3.6 gigawatts of electricity over to the UK via the world’s longest subsea power cable. With Morocco having a more consistent supply of sunshine and wind, the project will guarantee the UK reliable and cheap green energy. This is especially beneficial for when there’s times that the UK’s own output may drop.
GE Vernova Inc. helped to close the latest round of funding for Xlinks First Ltd., tipping it over $110m raised to date. However, the total project is set to cost as much as $30.1 billion.
Xlinks First is currently still in the development stage and CEO James Humfrey reveals that the recent investments will contribute largely to conducting in depth surveys along the route where it plans to lay its cable. The investment from GE Vernova is in addition to investors such as: Octopus Energy (the UK’s biggest retail energy supplier), France’s TotalEnergies and Abu Dhabi National Energy.
The company is also in conversation with the government to grant it access to a support mechanism that is primarily used by offshore wind farms today. According to Humfrey, the project would need a strike price in the range of £70 to £80 per megawatt hour in 2012 terms. This amount is higher than UK onshore wind and solar, although it is below the £92.50 per megawatt hour guaranteed to the Hinkley Point C nuclear power station.
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