Morocco-UK power link attracts new investor
Conenergy, a Germany-based investor in the European energy industry, has joined the Xlinks Morocco-UK Power Project with a multi-million-pound investment.
Xlinks and Conenergy have entered into a financial and strategic partnership to collaborate on the link that will offer an exclusive supply of renewable energy to the UK from Morocco.
“We look forward to partnering with con|energy, who bring their sustainability-led, solutions-driven approach to the energy world” said Simon Morrish, CEO of Xlinks. “Their investment in us demonstrates the growing confidence the markets and our industry have in the project and the benefits it will bring.”
The Morocco-UK Power Project is a multi-technology renewable energy project of approximately 10.5 GW of generation capacity to be constructed in Morocco.
It will combine solar and wind generation assets coupled with energy storage, connected exclusively to the UK through dedicated 3,800-kilometer HVDC subsea cables with a combined capacity of 3.6 GW at the receiving end.
Scheduled to become operational by the end of the decade, the project is expected to supply clean power to the UK for an average of 20 hours a day, enough green energy to power over seven million British homes by 2030.
Roman Dudenhausen, Conenergy’s founder and CEO, said that the project is “bold, innovative and sustainable” and that it represents a game changer on the way to European energy security from renewables: “Needless to say, we are extremely happy to be a financial and strategic partner to Xlinks and its team. Further joint projects are already under discussion.”
Earlier this year, British Octopus Energy Group entered into a financial and strategic partnership with Xlinks for the project.