Africa Finance Corporation (AFC) is to make a $14.1 million investment to further the development of project to generate solar power in Morocco and export it direct to GB, according to XLink First.
XLink First is the investment vehicle for the Morocco – UK Power Project, which it says will deliver the equivalent of 3.6GW of firm energy for over 19 hours a day. The energy will come from 11.5GW of solar and wind plant and an onsite 22.5GWh/5GW battery. The new electricity generation and battery facilities in Morocco will be connected to Great Britain via 4,000km HVDC sub-sea cable.
Samaila Zubairu, AFC President & Chief Executive Officer, said “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 catalyses 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.” Other investors in Xlinks First Ltd are Abu Dhabi National Energy Company (TAQA), TotalEnergies and Octopus Energy.