Xlinks First Limited board review
Following the successful closure of Series B fundraising, Xlinks First Limited (‘XLF’), which is developing the Morocco-UK Power Project, has undertaken a board review and confirms its board composition as comprising:
- Sir Dave Lewis – Chair
- Paddy Padmanathan – Vice-Chair
- Sir Ian Davis – Non-Executive Director
- Dayae Oudghiri - Non-Executive Director
- Mark Budd – Non-Executive Director
- Dr. Afif Saif Al Yafei - Non-Executive Director
- Omar Al-Hashmi - Non-Executive Director
- Sophie Chevalier - Non-Executive Director
- Greg Jackson - Non-Executive Director
- Simon Morrish – Chief Executive
- Rebecca Wright –Company Secretary
NEW Just Have A Think video on Xlinks’ Morocco-UK Power Project
Dave Borlace, founder and face of the Just Have A Think YouTube channel, has published a new video on Xlinks’ Morocco-UK Power Project.
The channel, which has over 565k subscribers, seeks to understand the issues that face our civilisation today, and the potential solutions to save lives and increase equality.
The Rt Hon Claire Coutinho, Secretary of State for Energy Security and Net Zero comments on the Morocco-UK Power Project.
Yesterday, at the 2024 Morocco Investment Forum we heard from The Rt Hon Claire Coutinho, Secretary of State for Energy Security and Net Zero who opened the forum and gave the following opening remarks:
“Make no mistake, we are in a global race for energy. The growth in demand from emerging economies is soaring. In Sub-Saharan Africa, there are 600 million people with no access to electricity at all. That will change in the decades ahead, and rightly so. And we can look to Asia, where the construction of renewable energy infrastructure and demand for fossil fuels is breaking records.
“When it comes to energy and its supply chains, we need to be realistic about each sources strengths and also its weaknesses. Which is why allies and partners across the world must come together to make sure that we don’t just wean ourselves of Russian oil & gas, only to become dependent on other parts of the world for critical minerals.
“There is a clear partnership here between our great nations. The United Kingdom, long known for our innovation ecosystem; as home to the rule of law; world-leading universities; deep capital markets; and strong protections for intellectual property. And Morocco, a source of solutions to global challenges like energy security; a hot bed of new ideas and huge energy potential.
“It is a show of strength that our trading relationship stands at an all-time high […] and thanks to the UK-Morocco Association Agreement, this is set to grow even further.
“And energy can, and will, be a significant part of that relationship. That’s why I’m so optimistic about what we can do together. Take the example of Xlinks, a sub-sea cable connecting Morocco to the South West of England. One of my first actions as Secretary of State was to designate it as a Nationally Significant Infrastructure Project.
“Xlinks could supply 8% of our electricity needs, powering over 7m British homes, with electricity generated 4,000 km away by solar farms and wind turbines in Morocco.
“If it succeeds, it could be the foundation of our great energy future together. Because, together, we have all the ingredients we need to achieve our shared ambition of cheap, secure energy. We’ve got the skills, the investment, the infrastructure, and, of course, the innovators.
“And that’s why I believe the alliance between our countries is so important because, united, we can play our parts in these global challenges and also reap the rewards of global opportunities.”
Public consultation announced on updated proposals for Xlinks’ Morocco-UK Power Project
- Xlinks 1 Limited (Xlinks) will seek views on its proposals for the UK element of the Morocco-UK Power Project (the “Project”) between Thursday, 16 May 2024 and Thursday, 27 June 2024.
- Members of the local community and the public will be able to find out more by attending a series of public exhibitions, webinars or reading consultation documents online.
- Feedback from the consultation will inform updated proposals before Xlinks submits a Development Consent Order application to the Secretary of State later this year.
Xlinks announced today a statutory consultation on the updated proposals for the UK element of the Morocco-UK Power Project. The Project is expected to generate 11.5 GW of zero-carbon electricity from the sun and wind in Morocco, complemented by energy storage, which will be connected to the National Grid at Alverdiscott, Devon, via subsea HVDC cables to provide 3.6GW of affordable, reliable and renewable power to the UK.
The consultation will run for six weeks, allowing members of the local community and public to share their feedback from Thursday, 16 May 2024 to 23:59 on Thursday, 27 June 2024.
During the consultation, members of the public and the local community will be able to find out more about the proposals by attending a series of public exhibitions in the local area, visit www.xlinks.co/devon, or reading the consultation material about the proposals.
This latest statutory consultation is an important step in what has been an evolving process over several years working with the local community and stakeholders. It is expected to be the final round of consultation before Xlinks submits an application for a Development Consent Order for the parts of the project located in the UK to the Secretary of State for Energy Security and Net Zero later this year. Feedback from this stage of consultation will be used to inform the proposals before the application is submitted.
James Humfrey, CEO, Morocco-UK Power Project, said:
“We have made substantial progress in developing our proposals, which would provide enough clean, reliable electricity to supply 8% of the country’s needs within a decade. Our consultation process includes speaking with the community in Devon to ensure that our proposals have been shaped by local views and expertise.
“Before we submit our application for development consent to the Secretary of State – we are asking for feedback on our updated proposals. We encourage members of the local community and public to get in touch, meet with us and share their views during the consultation period.”
A series of public exhibitions will take place as part of the consultation process:
- Monday 20 May 2024, 4pm - 8pm - Abbotsham Village Hall Abbotsham, Bideford EX39 5AP
- Tuesday 21 May 2024, 4pm - 8pm - Alverdiscott Village Hall, Stoney Cross, Bideford EX39 4PZ
- Friday 31 May 2024, 1pm - 5pm - Pollyfield Community Centre, Avon Rd, Bideford EX39 4BL
- Saturday 1 June 2024, 11am - 3pm - Huntshaw Parish Hall, Huntshaw, Torrington EX38 7HH
The exhibitions will offer members of the public and the local community an opportunity to view information about the updated proposals, meet with the team behind the Morocco-UK Power Project and ask any questions they may have. There will also be webinars for those who are unable to attend in person.
Further information on the different ways to take part in the consultation is available from www.xlinks.co/devon or by contacting the team behind the project on 0800 038 3486 or at [email protected].
GE Vernova invests in Xlinks’ Morocco – UK Power Project to support electrification and decarbonisation goals
Xlinks First Limited (“Xlinks First”), the investment company established by Xlinks Limited (“Xlinks”) to deliver the Morocco – UK Power Project (“Project”), today announces that GE Vernova (NYSE: GEV), a purpose-built global energy company, has invested $10.2 million in the Project as a minority stakeholder to further accelerate delivery and buildout of the Project.
Once complete, the Project’s wind and solar generation, combined with flexible battery storage, is expected to supply 3.6 gigawatts (GW) of affordable, reliable, and clean power and deliver approximately 8% of Britain’s current electricity needs – or the equivalent electricity of seven million homes. The new electricity generation and battery storage facilities, located in south Morocco, will be connected exclusively to Britain via 4,000km HVDC sub-sea cables.
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 and has vast experience in providing financing solutions to help enable energy projects throughout an infrastructure life cycle. It 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 ~300 to 600 terawatt-hours 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.1 The UK Government has acknowledged the potential of the Project and the Department for Energy Security and Net Zero is developing an Outline Business Case.
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 programs, which is expected to help consolidate the pioneering role of Morocco’s renewables expertise as a regional and continental energy hub.
Nomi Ahmad, CEO of GE Vernova’s Financial Services business, 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.”
James Humfrey, CEO Xlinks First Ltd, said:
“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."
Africa Finance Corporation invests $14.1m in developing Xlinks’ Morocco-UK Power Project
Xlinks First Ltd. has announced a $14.1 million investment from Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, to further the development of Xlinks’ Morocco – UK Power Project, which will provide affordable, reliable, clean energy from Morocco to Britain within a decade.
AFC’s support marks a significant milestone for the project, affirming Morocco’s role as a continental renewable energy leader, and demonstrating how Africa’s enormous renewable energy potential can provide solutions to benefit the global energy transition. Once complete, the project’s wind and solar generation, combined with flexible battery storage, will supply 3.6GW of affordable, reliable, clean power to deliver 8% of the Britain’s current electricity needs – or the equivalent of 7 million homes. The new electricity generation and battery storage facilities, located in south Morocco, will be connected exclusively to Britain via 4,000km HVDC sub-sea cables.
The project will drive the creation of thousands of employment opportunities including a significant proportion of qualified jobs, supported by training and certification programs, which will help to consolidate the pioneering role of Morocco’s renewables expertise as a regional and continental energy hub. The project will also foster the establishment of an integrated renewable energy industrial ecosystem, including industrial production of renewable energy equipment, transformation, transport, storage, and reconversion, which combined will serve as a locomotive for growth and economic development.
Samaila Zubairu, AFC President & Chief Executive Officer, said:
"Africa, with its immense renewable energy potential and vast natural resources, stands at the forefront of global net zero aspirations. Xlinks’ Morocco-UK Power Project exemplifies this pivotal role, showcasing Africa's capability to fuel Europe's shift to sustainable energy while simultaneously addressing urgent climate challenges. By harnessing the abundant wind and solar power of the Sahara and channeling it directly to one of Europe's largest energy markets, this project not only boosts the growth of Morocco's economy through significant export revenues but also catalyzes the development of local clean energy industries. As this transformative project advances, it will not only benefit Morocco and Africa but also significantly contribute to reducing greenhouse gas emissions, with the majority of investments set to drive this change occurring within the Global South."
James Humfrey, CEO of Xlinks First, said:
“Securing AFC as an investor is a significant step forward in the development of the project. We are excited to be partnering with AFC, a leading financial institution created by African sovereign states, including the Kingdom of Morocco. They bring an unparalleled understanding of, and experience in, African infrastructure. Their mission - to foster economic growth and industrial development on the continent - aligns closely with the planned outcomes of the Morocco-UK Power Project."
AFC is the latest major investor in Xlinks First Ltd., joining Abu Dhabi National Energy Company (TAQA), TotalEnergies and Octopus Energy.
Xlinks First updates guidance on construction costs and strike price for the Morocco-UK Power Project
Xlinks First, the investment company for Morocco - UK Power Project (‘the Project’), is today updating guidance on the construction costs and strike price for the Project.
The Project guidance, as at April 2024, is as follows:
- estimated construction cost of £22-24 billion
- estimated strike price range of £70-80/MWh (2012 pricing).
There has been significant upward pressure on the cost of all energy projects, as reflected in this DESNZ press release. The increase in the Xlinks’ guidance on the Morocco - UK Power Project strike price is broadly in line with what we are seeing in CfD estimations. This is driven by macroeconomic effects: the impact of global events on the supply chain account for c.60% of the change, driven by a myriad of factors, including market-wide increases in raw material and energy costs, as well as a global increase in demand for renewables; while c40% of the change relates to direct macroeconomic effects, with interest rates responsible for the vast majority of this change. We continue to optimise the Project as we progress, but the impact of this has been de minimis compared to the effect of macroeconomic changes.
To note, this is Xlinks First’s guidance based on internal cost projections as they stand today. The final strike price will be determined by the UK’s Department for Energy Security and Net Zero.
James Humfrey, CEO of Xlinks First, commented:
“Our new guidance on the Morocco - UK Power Project strike price is broadly in line with what we are seeing in the wider market, and is caused by the impact of macroeconomic factors.
“Xlinks remains 100% committed to delivering the Morocco – UK Power Project in the next decade, to supply 8% of the UK’s electricity demand, with affordable, reliable, clean power. We continue to make good progress in raising the private capital needed to deliver the project, as well as constructive dialogue with key stakeholders, including the UK’s Department for Energy Security and Net Zero.”
Delivering the Xlinks Morocco – UK Power Project is our priority activity
Xlinks was founded in order to promote the development of long-distance energy projects, with the Morocco - UK Power Project as our primary target. We remain totally committed to delivering the Morocco – UK Power Project as our recent appointment of James Humfrey as CEO for Xlinks First Ltd to lead this project proves.
While our Xlinks First business is 100% focused on the UK market, which is progressing towards financial close, our group holding company Xlinks Ltd is evaluating the feasibility of other links with markets including Germany – it is not either or, but in addition to.
It was always our vision that this project would serve as a model for further links that support the transition to clean and sustainable energy. It is in this context that we are exploring the feasibility of other markets.
Click here to link through to the ENTSO-E TYNDP.
Xlinks growth sees appointment of new CEO to lead the Morocco – UK Power Project
Xlinks First Ltd (“Xlinks”) has appointed James Humfrey as its new CEO to lead the Xlinks Morocco – UK Power Project, following an extensive global search.
With the anticipated growth of Xlinks’ portfolio, the Xlinks Morocco - UK Power Project now requires a dedicated CEO as it continues to progress its mission to provide a clean, affordable power supply to deliver economic and social benefits for both the UK and Morocco.
James has 25 years’ experience in leading complex international energy projects, most recently as EVP for Growth and Industry in ADNOC in Abu Dhabi, where he led capital project development and business development including the development of the new $25 billion Chemical Park in Ruwais. He also led ADNOC’s New Energies Division, developing the region’s first world scale Blue Ammonia plant and CCS pilot and delivered the acquisition of a stake in Masdar (an international Renewable Generation Company with a 20GW portfolio) and the formation of Masdar Green Hydrogen. He served on the Boards of Infineum and Masdar Green Hydrogen.
Previously, James held senior roles at Shell, with his last as SVP Downstream M&A and prior to that he was in charge of Global Capital Projects Contracting (including the $14 billion Canada LNG EPC LS contract) and Chemicals Capital Projects.
Simon Morrish, Founder and Group CEO, Xlinks Ltd will work hand-in-hand with James during the development period to ensure the success of the project and continue as Group CEO, where he is responsible for key strategic relationships and growing Xlinks’ portfolio of projects. Simon founded Xlinks in 2019, spearheading the concept and development of the Xlinks Morocco - UK Power Project, which is backed by some of the biggest global energy brands as investors including TotalEnergies, Octopus Energy, and Abu Dhabi National Energy Company (TAQA).
Sir Dave Lewis, Executive Chairman of Xlinks Ltd, said:
“James brings a wealth of expertise in delivering large complex energy projects to Xlinks, along with experience of working with major global investors in the industry. James’ appointment will allow our Founder and Group CEO, Simon Morrish, to focus on developing future energy projects to boost the global grid and help meet global net-zero targets.”
Simon Morrish, Group CEO, Xlinks Ltd added:
“I’m delighted that James has joined us to lead and grow a world-class team to deliver our ambitious vision. The Morocco – UK Power Project is Xlinks’ first project, and we have other markets that are excited to harness the enormous benefits that long distance HVDC connectors can deliver to help solve the intermittency of renewables. We expect the Morocco – UK Power Project will serve as a model for future initiatives.”
James Humfrey, CEO of Xlinks First said:
“Joining Xlinks First as CEO is a fantastic opportunity to lead the first-of-its-kind Morocco – UK Power Project in achieving its goal to deliver a near constant, clean and affordable supply of electricity to the UK. This will play a key role in the Morocco and UK’s future prosperity. I look forward to working with the Board, Simon and the rest of the team as we work to deliver this much needed project.”
TotalEnergies invests £20 million in developing Xlinks
The investment from TotalEnergies represents another significant step in Xlinks’ plans to develop a 11.5GW capacity renewable energy facility in Morocco and connect it to Devon in the UK.
Xlinks will gain from the significant knowledge and expertise at TotalEnergies for developing and managing multi-billion-dollar projects, particularly in the offshore energy sector.
The UK Government has recently classified the Xlinks Morocco-UK Power Project as a Nationally Significant Infrastructure Project (NSIP) and the Department for Energy Security and Net Zero is developing an Outline Business Case for the project. This represents the most detailed phase to-date of the UK Government’s appraisal and evaluation process, assessing the merits of the project and its potential contribution to the UK’s long-term energy security.
This project will rely on the proven Moroccan renewable energy expertise and investment framework. It will support the creation of more than 10,000 jobs in Morocco during construction and lead to significant industrial investments, fostering the deployment of the Moroccan renewable energy industry.
Simon Morrish, CEO of Xlinks, said:
“We are excited to welcome Europe’s largest energy company to be a part of our ambitious vision to foster long distance power exchanges through this iconic partnership with the UK and Morocco. TotalEnergies’ investment goes far beyond capital, providing a rare combination of expertise in areas that meet the unique challenges we face. This marks a highly successful end to 2023 and will give us an even greater impetus to achieve our goals as we enter 2024.”
Vincent Stoquart, SVP Renewables at TotalEnergies, said:
“We are delighted to join the Xlinks project and its other investors to support the development of such a pioneering and ambitious endeavor. This innovative project will benefit from our track record in developing large and complex integrated energy projects.”