To finance the construction of Xlinks’ 3,800-kilometer undersea cable linking Morocco and the United Kingdom, two major companies from the United Arab Emirates and the UK are ready to enter into financing agreements for the project.
According to “Sky News,” Xlinks is almost done with the financing round, which includes contributions from the British company “Octopus Energy” and the Emirati company “Taqa.”
The same source claims that the “Taqa” corporation, which has activities in the oil, gas, and water sectors, is in talks to purchase a sizable interest in the future project, which is valued at 18 billion pounds (about 20 billion dollars).
As part of the developmental capital fundraising that Xlinks is about to complete, the deal is anticipated to be concluded in the next few weeks.
One of the leading providers of gas and electricity in Britain, “Octopus Energy,” will be taking part in the financing.
The project aims to construct a 3,800-kilometer underwater cable connecting Morocco and the United Kingdom, capable of transmitting enough electricity to power more than 7 million British households.
In the Moroccan desert, a facility will be built to produce power from the sun and wind, store it in batteries, and then transmit it to the United Kingdom.
The project received a major boost last week when the British government recognized it as a crucial project for its “Powering Up Britain” energy plan.
Due to its unprecedented nature, this Moroccan-British project will help consumers save money and ensure supply security by using renewable energy to meet 8% of the country’s electrical consumption.
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