Octopus Energy, Abu Dhabi energy firm invest in UK-Morocco power cable project


Oslo (Reuters) – Abu Dhabi National Energy Company PJSC (TAQA) (TAQA.AD) and Britain’s Octopus Energy Group have invested 30 million pounds ($37.36 million) into a subsea power cable project, which aims to connect Morocco and the UK, project company Xlinks said on Wednesday.

TAQA invested 25 million pounds, and Octopus 5 million pounds in the development funding round, Xlinks said.

The company is planning to lay the world’s longest high-voltage direct current (HVDC) subsea cables running more than 3,800 km (2,361 miles) below sea between the UK and Morocco, passing Portugal, Spain and France.

The cable could supply the UK with 3.6 gigawatt (GW) of renewable electricity amounting to nearly 8% its current demand and enough to power seven million British homes by the end of the decade, Xlinks said.

The electricity will be generated in the Guelmim Oued Noun region of Morocco by a 10.5GW facility of solar and wind farms, supported by 20GWh/5GW of battery storage, it added.

“The huge potential of the Morocco – UK Power Project will help the UK accelerate its transition to clean sources of power, increase energy security and reduce consumer bills,” Xlinks CEO Simon Morrish said in a statement.

The project is also seeing government support from both Britain and Morocco, Xlinks added.

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