UK-based renewable energy group Octopus Energy Group has announced a financial and strategic partnership with Xlinks, the company building an interconnector between solar farms in Morocco and the UK.
For the Morocco-UK power project, Xlinks is laying four 3,800km-long subsea cables that will link a renewable energy facility in the Moroccan desert with Devon, UK.
The site will have the capacity to deliver 3.6GW of clean energy to the UK for an average of 20 hours a day, which will be enough to power nearly seven million heat pumps throughout the year.
Xlinks CEO Simon Morrish said: “This partnership presents an enormous opportunity to bring down energy bills significantly and help the UK achieve net-zero.
“The investment demonstrates the ambition of both Xlinks and Octopus to deliver a cheaper, greener future for the UK public.”
The project is currently in its development stage and is undertaking economic, environmental and archaeological impact assessments. It is scheduled to become operational in 2027.
Once operational, Xlinks is expected to deliver power at £48/MWh ($58/MWh), which is claimed to be comparable with offshore wind.
In addition, the Morocco-UK power project is expected to diversify the UK’s supply routes and boost the country’s energy security.
Octopus and Xlinks are also exploring potential off-taking rights for Octopus and considering an agreement to implement KrakenFlex, Octopus’s proprietary technology platform, to increase value for consumers.
Octopus Energy Group founder Greg Jackson said: “Going green will cut energy costs for Britain.
“Freeing ourselves from volatile fossil fuels was already important to help combat climate change, but it’s now clear we need to do this for affordability and security.
“Layering different sources of green energy helps answer the question ‘what do we do when the wind’s not blowing’.
“The renewables revolution has not just begun, it’s now accelerating at an unprecedented pace for the good of people and the planet.”