GE Vernova takes stake in $30bn Morocco-UK green power mega-project

Global energy giant GE Vernova has backed a project that promises to power millions of UK homes with green power brought from Morocco via a subsea HVDC cable.

Xlinks First, the company behind the plan, announced today (Tuesday) that GE Vernova has made a strategic $10.2m investment to become a minority stakeholder in the Morocco-UK Power Project.

The Xlinks project aims to harness 3.6GW of wind and solar generation, combined with flexible battery storage, on a scale that would meet approximately 8% of the UK’s current electricity needs. At the heart of the project is a plan to lay a 4,000km cable between the two countries.

In its statement, Xlinks First said the investment would further accelerate delivery and buildout of the project, and lauded GE Vernova's capabilities of delivering large scale global projects across its wind, power and electrification segments

Xlinks First also referred to GE Vernova’s “vast experience in providing financing solutions to help enable energy projects throughout an infrastructure life cycle.”

Nomi Ahmad, CEO of GE Vernova’s financial services business, commented: “By leading the energy transition through our vast energy expertise, we help large scale energy projects ensure deliverability and bankability.

“We are pleased to be part of the Morocco – UK Power Project, as collaboration across the energy sector is key to ensuring that more affordable, renewable energy is delivered to help meet the UK’s electrification demands and help the nation meet its net zero goals.”

The Morocco–UK Power Project has already attracted strategic investments from TAQA, TotalEnergies, Octopus Energy and AFC.

James Humfrey, CEO Xlinks First, commented: “Bringing in an investor of the calibre of GE Vernova represents a further strategic step in the Morocco–UK Power Project’s development, as we progress the project across several fronts."