GE Vernova invests in Morocco-UK Power Project
The aim of the Project is to address electricity demand in the UK, expected to double from 300 to 600 TWh by 2050.
Image for illustration purposes.
UK, London: Xlinks First Limited, the investment company established by Xlinks Limited to deliver the Morocco-UK Power Project, has announced that GE Vernova has invested $10.2 million in the Project as a minority stakeholder to accelerate its delivery and buildout.
Once complete, the Project’s wind and solar generation with flexible battery storage could supply 3.6 GW of affordable, reliable, and clean power and deliver approximately 8% of Britain’s current electricity needs. The generation and battery storage facilities, located in south Morocco, will be connected to Britain via 4000 km HVDC sub-sea cables. The aim of the Project is to address electricity demand in the UK, expected to double from 300 to 600 TWh by 2050 based on scenarios published by the Climate Change Committee, partly because of the electrification of the nation’s heating, transportation, and industry.
GE Vernova joins other investors from the energy sector, including TAQA, TotalEnergies, Octopus Energy and AFC. The company has experience in providing financing solutions to help enable energy projects throughout an infrastructure life cycle.
The Project could drive the creation of thousands of employment opportunities, including a significant proportion of qualified jobs, supported by training and certification programs, which is expected to help consolidate the pioneering role of Morocco’s renewables expertise as a regional and continental energy hub.
Nomi Ahmad, CEO of GE Vernova’s Financial Services business, said: “By leading the energy transition through our vast energy expertise, we help large scale energy projects ensure deliverability and bankability.”
Source: Xlinks
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