Xlinks First Ltd. Secures $14.1 Million Investment from AFC for Morocco – UK Power Project
In a notable development for renewable energy initiatives, Xlinks First Ltd. has announced a substantial investment of $14.1 million from Africa Finance Corporation (AFC), the premier infrastructure solutions provider on the African continent. This infusion of capital is poised to propel the advancement of Xlinks’ ambitious Morocco – UK Power Project, aimed at delivering affordable, reliable, and clean energy from Morocco to Britain within the next decade.
Significant Milestone for Renewable Energy
AFC’s backing represents a significant milestone for the Morocco – UK Power Project, underscoring Morocco’s pivotal role as a leader in renewable energy within the continent. It also highlights how Africa’s abundant renewable energy potential can offer solutions that contribute to the global energy transition. Once operational, the project’s combined wind and solar generation, complemented by flexible battery storage, will provide an impressive 3.6GW of clean power. This substantial output is equivalent to fulfilling 8% of Britain’s current electricity requirements or powering approximately 7 million homes.
Strategic Location and Seamless Energy Transmission
The heart of this transformative project lies in south Morocco, where new electricity generation and battery storage facilities will be strategically located. These facilities will be exclusively connected to Britain via 4,000km of high-voltage direct current (HVDC) subsea cables, ensuring a seamless and efficient energy transmission process.
Socio-Economic Growth and Renewable Energy Ecosystem
Beyond its immediate energy benefits, the Morocco – UK Power Project holds the promise of fostering significant socio-economic growth. The initiative is anticipated to generate thousands of employment opportunities, with a notable emphasis on skilled jobs. These positions will be supported by comprehensive training and certification programs, further solidifying Morocco’s position as a pioneering force in renewable energy expertise on both regional and continental scales.
Moreover, the project is expected to catalyze the establishment of an integrated renewable energy industrial ecosystem. This ecosystem will encompass various aspects such as the industrial production of renewable energy equipment, its transportation, storage, and reconversion. Together, these elements will serve as a catalyst for broader economic development and growth, positioning Morocco as a key player in the global renewable energy landscape.
Strengthening Partnerships for Sustainable Energy Future
Commenting on AFC’s investment, Samaila Zubairu, President & Chief Executive Officer of AFC, emphasized the project’s significance in Africa’s journey towards achieving global net-zero aspirations. He underscored the project’s ability to leverage Africa’s vast renewable energy potential to support Europe’s transition to sustainable energy, while simultaneously addressing pressing climate challenges.
James Humfrey, CEO of Xlinks First, expressed his enthusiasm for the partnership with AFC, recognizing the institution unparalleled understanding and experience in African infrastructure. He emphasized the alignment between AFC’s mission to foster economic growth and industrial development in Africa and the anticipated outcomes of the Morocco – UK Power Project.
AFC’s investment further solidifies Xlinks First Ltd.’s position as a leading player in the renewable energy sector. With previous major investors including Abu Dhabi National Energy Company (TAQA), TotalEnergies, and Octopus Energy, the collaboration with AFC marks another significant milestone in the journey towards a sustainable energy future.