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 project aims to combined wind and solar generation with flexible battery storage to supply 3.6GW of clean power, delivering 8% of Britain’s current electricity needs.
The new electricity generation and battery storage facilities, located in south Morocco, will be connected exclusively to the UK via 4,000km of HVDC sub-sea cables.
The project will drive the creation of thousands of employment opportunities including a significant proportion of qualified jobs, supported by training and certification programmes.
The project will also foster the establishment of an integrated renewable energy industrial ecosystem, including industrial production of renewable energy equipment, transformation, transport, storage, and reconversion, which combined will serve as a locomotive for growth and economic development.
AFC is the latest major investor in Xlinks First Ltd., joining Abu Dhabi National Energy Company (TAQA), TotalEnergies and Octopus Energy.
Samaila Zubairu, AFC president & chief executive officer said: “Africa, with its immense renewable energy potential and vast natural resources, stands at the forefront of global net zero aspirations.
“Xlinks’ Morocco-UK Power Project exemplifies this pivotal role, showcasing Africa’s capability to fuel Europe’s shift to sustainable energy while simultaneously addressing urgent climate challenges. By harnessing the abundant wind and solar power of the Sahara and channelling it directly to one of Europe’s largest energy markets, this project not only boosts the growth of Morocco’s economy through significant export revenues but also catalyses the development of local clean energy industries.
“As this transformative project advances, it will not only benefit Morocco and Africa but also significantly contribute to reducing greenhouse gas emissions, with the majority of investments set to drive this change occurring within the Global South.”
James Humfrey, CEO of Xlinks First, said: “Securing AFC as an investor is a significant step forward in the development of the project. We are excited to be partnering with AFC, a leading financial institution created by African sovereign states, including the Kingdom of Morocco.
“They bring an unparalleled understanding of, and experience in, African infrastructure. Their mission – to foster economic growth and industrial development on the continent – aligns closely with the planned outcomes of the Morocco-UK Power Project.”
