Casablanca – The Xlinks project, which involves an underwater electrical cable linking Morocco and the United Kingdom, has reached a new phase. Xlinks First has appointed “J.P. Morgan” and “Société Générale” as financial advisors for the project’s debt financing.

With an estimated value of $22.4 billion, the initiative aims to supply up to 8% of the UK’s energy needs. This marks a significant step in the joint effort to provide clean energy for both nations.

Choosing these prominent institutions underscores the project’s strategic importance. Their expertise in financial markets, particularly in managing large-scale projects like this electrical connection between Morocco and the UK, ensures effective access to the required capital, including debt financing from various sources.

Effective management of financial risks is crucial for the project’s success. Moreover, Société Générale’s strong reputation in Morocco enhances the project’s credibility, fostering confidence among future investors.

The project’s ultimate goal is to provide electricity to nearly seven million British households. James Humphrey, CEO of Xlinks First, expressed his enthusiasm about this major development: “This is an exciting phase in the energy project between Morocco and the UK. Securing access to all forms of capital is vital for creating this long-term sustainable energy infrastructure. J.P. Morgan and Société Générale are the perfect partners for our debt strategy, offering their proven expertise to Xlinks First.”

The project plans to generate 3.6 gigawatts of clean energy using wind and solar power, with flexible battery storage, contributing approximately 8% of the UK’s electricity needs over the next decade.

Wind and solar farms will be constructed in southern Morocco, connected by 4,000 kilometers of HVDC submarine cables to the UK. This will provide an environmentally friendly energy source to meet the energy demands of households and businesses throughout Great Britain.