GE Vernova invests in Xlinks’ Morocco – UK Power Project to support electrification and decarbonisation goals

April 30, 2024

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.”