Xlinks Triggers Energy Revolution with Record $14.1 Million Investment

Friday 26 April 2024 - 13:56

In a groundbreaking move for the future of renewable energy, Xlinks First Ltd. has announced a major investment of $14.1 million from the Africa Finance Corporation (AFC), a leading provider of infrastructure solutions across the African continent. This bold investment aims to advance the development of the Xlinks Morocco-UK Power Project, a pioneering initiative that promises to supply the UK with affordable, reliable, and clean energy directly from Morocco within a decade.

The AFC's support marks a decisive turning point for this ambitious project, cementing Morocco's leadership in renewable energy and demonstrating how Africa's vast potential can contribute to the global energy transition. Once completed, this large-scale project, combining wind, solar, and flexible battery storage, will provide an impressive 3.6 GW of clean, reliable, and affordable power, covering 8% of the UK's current electricity needs and supplying energy to more than 7 million British households.

The new power generation and battery storage facilities, located in southern Morocco, will be exclusively connected to the UK via high-performance submarine cables stretching a remarkable 4,000 km. This technical and logistical feat will create thousands of jobs, including a significant number of skilled positions, supported by training and certification programs. This will further establish Morocco's pioneering expertise in renewable energy and its status as a regional and continental energy hub.

Additionally, this significant project will encourage the emergence of an integrated renewable energy industry ecosystem, including equipment manufacturing, processing, transportation, storage, and repurposing. This is expected to be a powerful driver of growth and economic development for the region.

Samaila Zubairu, President and CEO of AFC, emphasized the crucial importance of this project for the future of energy in Africa and globally: "Africa, with its vast renewable energy potential and abundant natural resources, is at the forefront of global net-zero energy ambitions. The Xlinks Morocco-UK Power Project illustrates this central role, demonstrating Africa's ability to drive Europe's transition to sustainable energy while addressing urgent climate challenges. By harnessing the Sahara's abundant wind and solar energy and delivering it directly to one of Europe's largest energy markets, this project not only stimulates Morocco's economic growth through significant export revenue but also catalyzes the development of local clean energy industries. As this transformative project progresses, it will benefit not only Morocco and Africa but also significantly contribute to reducing greenhouse gas emissions, recognizing that most investments for this transition are being made in the Global South."

James Humfrey, CEO of Xlinks First, expressed his excitement about this strategic partnership: "The AFC's arrival as an investor is a significant milestone in the project's development. We are thrilled to partner with the AFC, a leading financial institution established by African sovereign states, including the Kingdom of Morocco. The AFC brings unparalleled understanding and experience in African infrastructure. Its mission to foster economic growth and industrial development on the continent aligns perfectly with the expected outcomes of the Xlinks Morocco-UK Power Project."

The AFC joins a constellation of major investors in Xlinks First Ltd., alongside the Abu Dhabi National Energy Company (TAQA), TotalEnergies, and Octopus Energy, in what is set to be an unprecedented energy revolution for the African continent and beyond.