Casablanca-Exciting developments are underway for the electricity interconnection project between Morocco and the United Kingdom, as it welcomes significant investments and advances towards its ambitious goals. In recent revelations reported by Reuters, Chinese company Ningbo Orient Wire & Cable (NBO) is poised to inject fresh capital into the project owned by British firm Xlinks.

According to Tradingview, NBO plans to invest a substantial £15 million to acquire approximately 11% of the capital of Xlinks First Limited, the entity spearheading this megaproject. This move signifies a major step forward in diversifying investment sources for the project, with NBO aiming to secure a 2.4% stake for £5 million initially, followed by an additional 8.5% stake valued at £10 million.

NBO’s involvement adds a new dimension to the project, highlighting the global trend towards collaboration and partnership in economic endeavors. As a leading player in the submarine cable market in China, NBO brings a wealth of experience and expertise to the table, further bolstering the project’s prospects for success.

This infusion of Chinese investment complements the earlier commitment from oil giant Total Energies, which announced a £20 million investment last November to acquire a minority stake in Xlinks. Other partners include British sustainable energy specialist Octopus Energy and the Emirati Abu Dhabi National Energy Company (TAQA), reflecting a diverse and international consortium dedicated to driving renewable energy initiatives forward.

The Morocco-UK submarine cable project, backed by the British government, aims to generate 3.6 gigawatts (GW) of electricity from renewable sources by 2030, powering approximately 7 million households in the UK. The electricity will be sourced from solar and wind farms with a capacity of 10.5 GW in the Guelmim-Oued Noun region of Morocco.

Furthering the project’s momentum, XLCC, a subsidiary of Xlinks specializing in high voltage direct current (HVDC) cable manufacturing, has received a significant boost from Scottish Enterprise. The agency granted £9 million to support the development of XLCC’s £1.4 billion Hunterston cable manufacturing plant.

This grant underscores Scotland’s commitment to fostering innovation and investment in renewable energy infrastructure. With planning approval secured for the Hunterston site, the project is poised to create up to 900 permanent, highly skilled jobs, further contributing to regional economic growth.

Once operational, the Hunterston facility will manufacture the 3,800 km submarine cables crucial to the project, connecting Morocco to the UK via Portugal, Spain, and France. These cables will transport clean energy generated from Moroccan solar and wind installations, supported by substantial battery storage capacity, to meet the UK’s growing energy demands.

The combined efforts of international investors, industry leaders, and governmental support are propelling the Morocco-UK electricity interconnection project towards fruition, marking a significant step forward in the global transition to renewable energy.