Africa Finance Corporation is investing $14.1 million in the Xlinks project

Xlinks First Ltd on Thursday announced an investment of $14.1 million from Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, to continue the development of the Morocco-Moroccan electricity interconnection project.

According to a press release from the British company, the AFC’s support marks an important milestone for the project, reaffirming Morocco’s role as a continental leader in renewable energy and demonstrating how Africa’s vast renewable potential can offer energy solutions. promoting the global energy transition.

Once completed, the same source recalls, the project’s wind and solar energy production, combined with a flexible battery storage system, will deliver 3.6 GW of clean, reliable and affordable energy, or 8% of Britain’s current electricity needs , enough to power more than 7 million households.

The new electricity production and battery storage facilities, located in southern Morocco, will be exclusively connected to Britain via 4,000 km of submarine HVDC cables.

Significant benefits are expected

According to the press release, the project will lead to the creation of thousands of jobs, including a significant part of skilled jobs, supported by training and certification programs, “which will contribute to consolidating the pioneering role of Moroccan expertise in renewable energy . and as a regional and continental energy hub.

The project will also promote the creation of an “integrated renewable energy industrial ecosystem”, including the industrial production of renewable energy equipment, transformation, transportation, storage and reconversion, which together will serve as a locomotive for growth and economic development.

“Africa, with its immense renewable energy potential and vast natural resources, is at the forefront of global ambitions to become energy neutral. Xlinks’ Morocco-UK power link project illustrates this central role and demonstrates Africa’s ability to drive Europe’s shift to sustainable energy while responding to pressing climate challenges.

“This project will not only stimulate the growth of the Moroccan economy through significant export revenues, but also catalyze the development of local clean energy industries,” he added.

Note that AFC is the last major investor in Xlinks First Ltd, after Abu Dhabi National Energy Company (TAQA), TotalEnergies and Octopus Energy.