Xlinks confirms investment of Africa Finance Corporation in Morocco-UK power project

Xlinks First Ltd. has confirmed the news reports announcing a $14.1 million investment of Africa Finance Corporation (AFC), the leading multilateral financial institution, in the Morocco-UK Power Project expected to provide affordable, reliable, clean energy from Morocco to Britain within a decade.

The support of AFC of Xlinks project shows the trust Morocco enjoys on the international scene as it becomes a leader in renewable energy in the Continent and demonstrates 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 create thousands of 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 CEO 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”.

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 which brings an unparalleled understanding and experience African infrastructure.”

The AFC mission – to foster economic growth and industrial development on the continent – aligns closely with the planned outcomes of the Morocco-UK Power Project, added Mr. Humfrey.