Africa Finance Corporation invests $14.1m in developing Xlinks’ Morocco-UK Power Project
- AFC is Xlinks’ first African investor in project set to deliver 8% of Britain’s electricity needs
LONDON, 25 APRIL 2024: Xlinks First Ltd. has announced a $14.1 million investment from Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, to further the development of Xlinks’ Morocco – UK Power Project, which will provide affordable, reliable, clean energy from Morocco to Britain within a decade.
AFC’s support marks a significant milestone for the project, affirming Morocco’s role as a continental renewable energy leader, and demonstrating how Africa’s enormous renewable energy potential can provide solutions to benefit the global energy transition. Once complete, the project’s wind and solar generation, combined with flexible battery storage, will supply 3.6GW of affordable, reliable, clean power to deliver 8% of the Britain’s current electricity needs – or the equivalent of 7 million homes. 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.
The project will drive the creation of thousands of employment opportunities including a significant proportion of qualified jobs, supported by training and certification programs, which will help to consolidate the pioneering role of Morocco’s renewables expertise as a regional and continental energy hub. The project will also foster the establishment of an integrated renewable energy industrial ecosystem, including industrial production of renewable energy equipment, transformation, transport, storage, and reconversion, which combined will serve as a locomotive for growth and economic development.
Samaila Zubairu, AFC President & Chief Executive Officer, said: "Africa, with its immense renewable energy potential and vast natural resources, stands at the forefront of global net zero aspirations. Xlinks’ Morocco-UK Power Project exemplifies this pivotal role, showcasing Africa's capability to fuel Europe's shift to sustainable energy while simultaneously addressing urgent climate challenges. By harnessing the abundant wind and solar power of the Sahara and channeling it directly to one of Europe's largest energy markets, this project not only boosts the growth of Morocco's economy through significant export revenues but also catalyzes the development of local clean energy industries. As this transformative project advances, it will not only benefit Morocco and Africa but also significantly contribute to reducing greenhouse gas emissions, with the majority of investments set to drive this change occurring within the Global South."
James Humfrey, CEO of Xlinks First, said: “Securing AFC as an investor is a significant step forward in the development of the project. We are excited to be partnering with AFC, a leading financial institution created by African sovereign states, including the Kingdom of Morocco. They bring an unparalleled understanding of, and experience in, African infrastructure. Their mission - to foster economic growth and industrial development on the continent - aligns closely with the planned outcomes of the Morocco-UK Power Project."
AFC is the latest major investor in Xlinks First Ltd., joining Abu Dhabi National Energy Company (TAQA), TotalEnergies and Octopus Energy.
-ENDS-
Media enquiries:
For AFC:
Yewande Thorpe
Africa Finance Corporation
+234 1 279 9654
For Xlinks:
Alison Hicks/Alex Crean Yellow Jersey PR
+44 7753 170 777
About AFC
AFC was established in 2007 to be the catalyst for pragmatic infrastructure investment across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.
Seventeen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 43 member countries and has invested US$13 billion across Africa since inception.
About Xlinks’ Morocco – UK Power Project:
The Morocco – UK Power Project will harness the power of nature to generate a near-constant, affordable energy supply and connect it to customers in real-time.
The Morocco – UK Power Project will generate 11.5GW of zero-carbon electricity from the sun and wind with energy storage to deliver the equivalent of 3.6GW of firm, flexible and reliable energy for over 19 hours a day on average. The new electricity generation and battery storage facilities, located in renewable energy-rich Morocco, will be connected exclusively to Great Britain via 4,000km HVDC sub-sea cables. The project will provide affordable, clean power to cover the equivalent of 7 million British homes within a decade. Once complete, the project is expected to be capable of supplying 8% of Great Britain’s electricity needs.
Alongside the output from solar panels and wind turbines, an onsite 22.5GWh/5GW battery facility provides sufficient storage to reliably deliver a dedicated, near-constant source of flexible and predictable clean energy for the National Grid, designed to complement the renewable energy already generated across the UK.
NOTE:
- Xlinks First Limited (“Xlinks First”) is the investment vehicle for the Morocco – UK Power Project
- Xlinks Limited (“Xlinks) is the founding shareholder of Xlinks First Limited.
For more information visit www.xlinks.co.