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GE Vernova invests in Xlinks Morocco – UK power project

GE Vernova has invested $10.2 million in the Xlinks Morocco – UK power project, becoming a minority stakeholder.

Once complete, the project’s wind and solar generation, combined with flexible battery storage, is expected to supply 3.6GW, approximately 8% of Britain’s current electricity needs.

The new electricity generation and battery storage facilities located in south Morocco will be connected exclusively to Britain via 4,000km HVDC sub-sea cables.

GE Vernova joins other significant investors from the energy sector, including TAQA, TotalEnergies, Octopus Energy and AFC.

Nomi Ahmad, CEO of GE Vernova’s Financial Services business, said: “We are pleased to be part of the Morocco – UK Power Project, as collaboration across the energy sector is key to ensuring that more affordable, renewable energy is delivered to help meet the UK’s electrification demands and help the nation meet its net zero goals.”

The Xlinks project is expected to help address electricity demand in the UK, which is expected to double from ~300 to 600TWh by 2050 based on scenarios published by the Climate Change Committee, in part due to the electrification of the nation’s heating, transportation, and industry.

Furthermore, the project is expected to drive the creation of employment opportunities, including a significant proportion of qualified jobs, supported by training and certification programmes, which is expected to help consolidate the pioneering role of Morocco’s renewables expertise as a regional and continental energy hub.

James Humfrey, CEO Xlinks First Ltd, said: “Bringing in an investor of the calibre of GE Vernova represents a further strategic step in the Morocco – UK Power Project’s development, as we progress the project across several fronts. Xlinks is committed to meeting the UK’s need for reliable, affordable, zero-carbon energy while maximising the socio-economic benefits of the Project in Morocco.”

Source: PEi