Conenergy, a German investor in the European energy market, has made a multi-million-pound investment in the Xlinks projects, providing a significant boost to building the underwater cable connecting Morocco and the UK.
Conernergy has formed a “financial and strategic” partnership with Xlinks to collaborate on the initiative as part of the agreement, according to British media.
Conenergy’s founder and CEO, Roman Dudenhausen, stated, “It is bold, innovative, and sustainable, and we believe it represents a game changer on the path to European energy security from renewables.”
“Needless to say, we are thrilled to be Xlinks and its team’s financial and strategic partner. More joint projects are already being discussed,”he said.
Speaking on the new deal with the Conenergy, Simon Morrish, CEO of Xlinks, said “we look forward to partnering with Conenergy, who bring their sustainability-led, solutions-driven approach to the energy world.”
” Their investment in us demonstrates the growing confidence the markets and our industry have in the project and the benefits it will bring.”
The company proposes to complete the GBP16 billion cable link between Morocco and the UK by the end of this decade, which will provide enough electricity to power more than 7 million UK homes.
Xlinks plans to connect the energy generated from solar and wind power with an underwater electric cable in the world, stretching 3,800 km between North Africa and Britain.
The emergence of the plan comes as the UK faces an energy crisis, with prices increasing, difficulties in fuel supply chains, and ongoing talks about approving the construction of new nuclear power plants to meet demand.
The deal also coincides with Morocco’s increasing clean and sustainable energy investments, and its ambitions to become an international leader in supplying clean energy.
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