Xlinks subsea cable project linking Morocco to the UK has attracted new investor Octopus Energy Group, aiming to contribute to the completion of this project, according to the company’s recent press release.
The UK-based renewable energy group, Octopus Energy Group offered a financial and strategic partnership to Xlinks to complete the project, which extends over a distance of 3800 km, at a financial cost of $21.9 billion.
Xlinks CEO, Simon Morrish said, “this partnership represents an enormous opportunity to bring down energy bills significantly and help the UK achieve Net-Zero.”
“The investment demonstrates the ambition of both Xlinks and Octopus to deliver a cheaper, greener future for the UK public,” he added in the press release.
Octopus Energy Group founder, Greg Jackson also said, “going green will cut energy costs for Britain. Freeing ourselves from volatile fossil fuels was already important to help combat climate change, but it’s now clear we need to do this for affordability and security.”
“ This project is magic because it’s all proven technology – on a huge and ambitious scale. The renewables revolution has not just begun, it’s now accelerating at an unprecedented pace for the good of people and the planet,” he added, according to the same source.
The Morocco – UK Power Project will speed up the UK’s transition to net-zero by laying four 3,800km-long subsea cables to connect a huge renewable energy farm in the Moroccan desert with Devon in South West England.
The subsea project is set to become operational by 2027, once up and running. Xlinks is expected to deliver power at £48/MWh (comparable with the offshore wind).
The partnership comes as the UK government is working on strengthening the country’s energy supply routes as outlined in its Energy Security Strategy, lowering its dependence on Russian gas imports whilst lowering prices for consumers and moving the country closer to net zero, according to the same source.
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