Xlinks First, the company behind the ambitious Morocco – UK Power Project, has selected J.P. Morgan and Societe Generale as lead financial advisors for its debt financing.
This move represents a significant step forward in the project’s mission to deliver clean power, benefitting both Morocco and the UK.
The project seeks to provide renewable energy to power approximately seven million British homes, contributing nearly 8% of Britain’s domestic electricity needs within a decade.
Upon completion, the project’s wind and solar generation, along with flexible battery storage, are expected to supply 3.6 gigawatts (GW) of clean power, satisfying around 8% of Britain’s current electricity demands.
The construction of wind and solar generation facilities, along with battery storage, in southern Morocco will be interconnected to Britain via 4,000 kilometres of high-voltage direct current (HVDC) sub-sea cables, facilitating electricity transmission.
As the project progresses towards implementation, securing access to various financial markets including export credit, development institutions and commercial banks becomes crucial.
James Humfrey, Chief Executive Officer of Xlinks First, said: “This is an exciting phase in the development of the Morocco – UK Power Project.
“Ensuring access to capital in all its forms will be foundational in delivering this long-term sustainable energy infrastructure project. J.P. Morgan and Societe Generale are the right advisors for our debt strategy as they bring proven capabilities and expertise to Xlinks First.”
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