{"id":74859,"date":"2022-11-17T02:12:15","date_gmt":"2022-11-17T02:12:15","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/11\/17\/good-news-for-moroccos-xlinks-project-possibly-bad-news-for-the-uk\/"},"modified":"2022-11-17T02:12:15","modified_gmt":"2022-11-17T02:12:15","slug":"good-news-for-moroccos-xlinks-project-possibly-bad-news-for-the-uk","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/11\/17\/good-news-for-moroccos-xlinks-project-possibly-bad-news-for-the-uk\/","title":{"rendered":"Good news for Morocco\u2019s Xlinks project, possibly bad news for the UK"},"content":{"rendered":"

<\/a> Morocco\u2019s Xlinks scores new investment: <\/strong>German energy consultancy Conenergy<\/a> is investing an undisclosed sum in the USD 18 bn Morocco-UK Xlinks solar and wind energy project<\/a> under a \u201cfinancial and strategic partnership,\u201d the firm said in a statement<\/a>.<\/p>\n

Who are the investors already on board?<\/strong> Xlinks \u2014 whose board members include Acwa<\/a><\/a>Power\u2019s CEO<\/a> Paddy Padmanathan \u2014 had in May raised<\/a> an investment of undisclosed size from UK-based energy supplier Octopus Energy Group<\/a>, in addition to securing commitments from undisclosed development finance institutions.<\/p>\n

REFRESHER-<\/strong> The Xlinks renewable energy project in Morocco is set to generate 10.5 GW of solar and wind energy from just one project and on-site battery storage by 2030. Some 3.6 GW of electricity should be making its way to the UK through four sub-sea cables stretching 3.8k km \u2014 potentially the world\u2019s longest undersea electric cable connection. When completed, it is expected to supply 8% of the UK\u2019s electricity needs.<\/p>\n

But the UK\u2019s \u201cslow\u201d negotiations could push Morocco to divert the energy elsewhere. <\/strong>In an interview with The Times<\/a>, Xlinks Executive Chairman Sir Dave Lewis said that talks with the UK government on the project are \u201cfrustratingly slow\u201d and that the energy could end up going elsewhere if the country does not commit to details soon.<\/p>\n

The best case scenario for Xlinks: <\/strong>The project could be completed by 2030 if the UK delivers an assurance next year that consumers will pay a fixed price of GBP 48 per MWh for the power delivered, Lewis said.<\/p>\n

Morocco is casting a wider net:<\/strong> The country signed an agreement<\/a> with the EU to establish a \u201cgreen partnership\u201d that would see cooperation and \u201cinvestment in green technology, renewable energy production, sustainable mobility, and clean production in industry.\u201d It also recently signed an MoU<\/a> with France, Portugal, Spain and Germany to facilitate cross-border renewable corporate power purchase agreements and financial and technical cooperation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Morocco\u2019s Xlinks scores new investment: German energy consultancy Conenergy is investing an undisclosed sum in the USD 18 bn Morocco-UK Xlinks solar and wind energy project under a \u201cfinancial and strategic partnership,\u201d the firm said in a statement. Who are the investors already on board? Xlinks \u2014 whose board members include AcwaPower\u2019s CEO Paddy Padmanathan […]<\/p>\n","protected":false},"author":1,"featured_media":74860,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[152],"tags":[1283,11,173,151,45,88,78,328],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-74859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-conenergy","tag-enterpriseclimate","tag-eu","tag-investment-watch","tag-morocco","tag-renewables","tag-uk","tag-xlinks","wpautop","entry"],"acf":{"mongo_id":"23cad848-c456-4d92-9aab-718df4452c82","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/2521.jpg","photo_position":"above","related_issue":[74847],"teaser":"","voice_url":""},"yoast_head":"\nGood news for Morocco\u2019s Xlinks project, possibly bad news for the UK - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2022\/11\/17\/good-news-for-moroccos-xlinks-project-possibly-bad-news-for-the-uk\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Good news for Morocco\u2019s Xlinks project, possibly bad news for the UK\" \/>\n<meta property=\"og:description\" content=\"Morocco\u2019s Xlinks scores new investment: German energy consultancy Conenergy is investing an undisclosed sum in the USD 18 bn Morocco-UK Xlinks solar and wind energy project under a \u201cfinancial and strategic partnership,\u201d the firm said in a statement. 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