Société Générale, and J.P. Morgan were appointed as financial advisors for debt financing by Xlinks First, for the £18bn Morocco-UK link that aims to power up to 8% of the UK’s energy needs.
A significant step toward the project’s mission to provide clean power, benefiting both Morocco and the UK.
The selection of J.P. Morgan and Société Générale as the advisors marks a significant milestone for the project. These advisors possess expertise in dealing with financial markets, particularly in the context of major projects such, as the Morocco UK power connection.
The appointing of both financial advisors will give the project access to capital, including debt financing from banks, export credit agencies, and development institutions.
The project can benefit in managing financial risks as it is essential for the success of any large-scale project, as well as credibility for future investment in the project. Noting that Société Générale is well-established in Morocco.
Commenting on this step James Humfrey, Chief Executive Officer of Xlinks First, said: “This is an exciting phase in the development of the Morocco – UK Power Project. Ensuring access to capital in all its forms will be foundational in delivering this long-term sustainable energy infrastructure project. J.P. Morgan and Societe Generale are the right advisors for our debt strategy as they bring proven capabilities and expertise to Xlinks First.”
The project seeks to power approximately seven million British homes since it is expected to supply 3.6 gigawatts (GW) of clean power with the project’s wind and solar generation, in addition to its flexible battery storage. Contributing to approximately 8% of the UK’s domestic electricity needs within a decade
The project consists of the construction of wind and solar farms in southern Morocco that would connected with 4,000 km of HVDC sub-sea cables to the UK, providing eco-friendly power to fulfill the electricity requirements of households and businesses, across Britain.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.