Xlinks renewable energy project supported by TAQA and Octopus Energy
Xlinks, an ambitious project to supply 8% of the UK’s renewable electricity, has reached a crucial milestone by raising £30 million in funding for its development phase. It is supported by Abu Dhabi National Energy Company PJSC (TAQA) and Octopus Energy Group.
| Sectors | Solar Energy, Wind Energy, Energy Storage, Onshore, Photovoltaic, Batteries |
|---|---|
| Themes | Investments & Transactions, Financing, Project Development |
| Countries | United Kingdom, Morocco |
The Xlinks project has reached a major milestone with the successful completion of its new development fundraising, raising £30 million. These investments include £25 million from Abu Dhabi National Energy Company PJSC (TAQA), one of the largest publicly traded integrated utilities in the Middle East and North Africa region, and £5 million from Octopus Energy Group, a global energy technology company.
Renewable electricity for 8% of the UK
The Xlinks project aims to supply 8% of the UK’s electricity needs from renewable energy sources in Morocco by 2030. This is a unique long-distance renewable energy generation and cross-border export project that meets the growing demand for firm power capacity.
The project will connect the UK electricity grid in Devon, in the southwest of England, to a 10.5 GW wind and solar farm in the Guelmim Oued Noun region of Morocco. This fleet will be supported by 20 GWh/5 GW of battery energy storage. To complete this link, the world’s longest submarine HVDC cables will be installed between Morocco, Portugal, Spain, France and the United Kingdom. These 3,800 km submarine HVDC cables will be manufactured in the UK.
Collaboration with the British State
Ultimately, the Xlinks project will provide 3.6 GW of renewable electricity to the UK, nearly 8% of the country’s current needs and enough to power seven million UK homes. The UK’s Department of Energy Security and Carbon Neutrality has set up a dedicated team to work with Xlinks to assess the merits of the project and understand how it could contribute to the country’s energy security.
The Xlinks project is also an opportunity for Morocco to strengthen its expertise in renewable energy, support its role as a global leader in the fight against climate change, and reinforce its renewable energy export strategy. The project is expected to create approximately 10,000 jobs in Morocco during construction and bring significant foreign direct investment into the country. The investments from TAQA and Octopus validate Xlinks’ ambitious plans to advance this groundbreaking project.
