GE Vernova invests $10.2 million in Xlinks Morocco-UK Power Project

GE Vernova,  an energy equipment manufacturing and services company headquartered in Cambridge, has invested $10.2 million in the Xlinks Morocco-United Kingdom Power Project, becoming a minority stakeholder, according to an official statement published on Wednesday.

Xlinks First Limited explained that this investment was to “further accelerate the delivery and buildout of the green power mega-project.”

“GE Vernova is well positioned to help lead the energy transition by harnessing its collective energy portfolio to deliver large-scale global energy projects across its Wind, Power, and Electrification segments,” elaborated further the investment company established by Xlinks to deliver the project.

GE Vernova thus becomes the latest investor in Xlinks First Ltd., joining the major stakeholders, namely Abu Dhabi Nationa Energy Company (TAQA), TotalEnergies, Africa Finance Corporation (AFC), and Octopus Energy.

“We are pleased to be part of the Morocco-UK Power Project, as collaboration across the energy sector is key to ensuring that more affordable, renewable energy is delivered to help meet the UK’s electrification demands and help the nation meet its net zero goals,” commented Nomi Ahmed, CEO of the GE Vernova’s Financial Services business.

From his part, James Humfrey, CEO of Xlinks First, stressed that “bringing in an investor of the caliber of GE Vernova represents a further strategic step in the Power Project’s development, as we progress across several fronts.”

Humfrey reiterated Xlinks First Ltd.’s commitment to meeting the UK’s needs while “maximizing the socio-economic benefits of the project in Morocco.”

The company underscored that the project is set to serve as an opportunity to inject a significant proportion of qualified jobs, supported by training and certification programs.

This is expected to strengthen Morocco’s reputation as a leading renewable energy hub in the region and continent, mentioned in the same source.