Xlinks Project: Africa Finance Corporation joins the trio of investors with a significant investment

If the technical and financial obstacles remain enormous, the

The Xlinks project, a real energy connection between Morocco and the United Kingdom, reaches another important milestone with the investment of $14.1 million by the Africa Finance Corporation (AFC). This leading African multilateral financial institution joins the trio of investors that have already committed, namely TAQA, Total Energies and Octopus Energy.

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“The AFC’s support marks an important milestone for the project and confirms Morocco’s role as a continental leader in renewable energy,” Xlinks First Ltd underlined in a joint press release. Samaila Zubairu, President and CEO of the AFC, agrees: “Africa, with its vast renewable energy potential, is leading the global ambitions for net zero emissions. The Xlinks project illustrates this central role. »

Ambitious technical and financial challenge

When completed, the Xlinks project will provide 3.6 GW of wind and solar energy, combined with battery storage, equivalent to 8% of Britain’s current electricity needs. To achieve this, huge solar and wind farms will be built in the Moroccan desert, while a 4,000 kilometer network of high-voltage submarine cables will transport this green electricity to the British coast.

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“By harnessing the Sahara’s abundant wind and solar energy and channeling it directly into one of Europe’s largest energy markets, this project will boost the growth of the Moroccan economy through significant export revenues,” analyzes Samaila Zubairu.

With a total cost estimated at more than $20 billion, Xlinks represents one of Africa’s largest ever investments in renewable energy. A significant financial and technical challenge, but essential according to James Humfrey, CEO of Xlinks First.

Catalyst of the energy transition

In addition to commercial prospects, Xlinks embodies a decisive step in the global energy transition. “This project will not only stimulate economic growth, but also catalyze the development of local clean energy industries,” said the AFC boss.

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In fact, it is expected that a truly integrated industrial ecosystem will emerge around renewable energy sources, from the production of equipment to its revaluation, including storage and transport. An important development opportunity for Morocco, which will consolidate its energy expertise on a regional and continental scale.

“As this project progresses, it will benefit Morocco and Africa, but it will also contribute significantly to the reduction of greenhouse gas emissions, with the majority of investments expected to drive this change in the Global South,” predicts Samaila Zubairu.

An unprecedented energy partnership

The Xlinks project, classified as “nationally important” by Britain, reflects the new geopolitical and economic reality. Moroccan energy expertise, combined with immense African natural resources, makes it possible to realize unprecedented energy partnerships with European countries facing important transitions.

Also read | Xlinks. Another milestone towards the completion of the project that will supply 7 million British households with clean energy from Morocco

The investment from the AFC, a leading pan-African financial institution, confirms this crucial role of Africa in the global energy transition. A strong signal in a context where financing large-scale green projects is one of the biggest challenges to be met.