GE Vernova (NYSE:GEV) has invested $10.2 million (£8.1mn) in Xlinks First’s proposed UK-Morocco power project.
The deal will see GE Vernova join the project as a minority stakeholder to further accelerate its delivery and buildout.
Once complete, the project will combine Moroccan wind and solar generation with flexible battery storage, connected to the UK grid via 4,000km of HVDC sub-sea cables.
This could deliver around 3.6GW of clean power to Britain, approximately 8% of its current electricity needs.
GE Vernova joins other significant investors from the energy sector, including TAQA, TotalEnergies, Octopus Energy and AFC.
The project is expected to help address electricity demand in the UK, which is expected to double from around 300 to 600TWh by 2050 based on scenarios published by the Climate Change Committee, in part due to the electrification of the nation’s heating, transportation, and industry. The UK Government has acknowledged the potential of the Project and the Department for Energy
Furthermore, the project is expected to drive the creation of thousands of employment opportunities, including a significant proportion of qualified jobs, supported by training and certification programmes, which is expected to help consolidate the pioneering role of Morocco’s renewables expertise as a regional and continental energy hub.
Chief executive officer of GE Vernova’s Financial Services business Nomi Ahmad said: “By leading the energy transition through our vast energy expertise, we help large scale energy projects ensure deliverability and bankability.
“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.”
CEO Xlinks First James Humfrey added: “Bringing in an investor of the calibre of GE Vernova represents a further strategic step in the Morocco – UK Power Project’s development, as we progress the project across several fronts.
“Xlinks is committed to meeting the UK’s need for reliable, affordable, zero-carbon energy while maximising the socio-economic benefits of the Project in Morocco.”
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