Rabat – British renewable energy group Octopus Energy has announced a financial and strategic partnership with Xlinks, the energy company leading the Morocco-UK submarine power cable project.
Octopus’ investment in the world’s largest submarine cable sets the beginning of further investments in Xlinks projects, Octopus said on Thursday in a press release.
“The companies are exploring potential offtaking rights for Octopus and an agreement that would see Octopus’s proprietary tech platform KrakenFlex being used to increase value to consumers” the statement explained.
KrakenFlex is a tech solution that enables its commercial customers to digitally control distributed energy resources in the ancillary and wholesale trade.
Octopus-Xlinks partnership “presents an enormous opportunity to bring down energy bills significantly and help the UK achieve Net Zero,” said Simon Morrish, CEO of Xlinks.
Greg Jackson, founder of Octopus Energy Group echoed Morrish’s comments on the role of green energy in reducing energy costs in Britain. He noted that the shift from fossil fuels to affordable and secure sustainable energy sources is essential in addressing climate change.
“The renewables revolution has not just begun, it’s now accelerating at an unprecedented pace for the good of people and the planet,” Jackson added.
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The Xlinks project consists of four 3,800 km-long submarine cables that will connect a Moroccan wind and solar farm in the Guelmim-Oud Nour region to Devon in South West England.
The 10 GW project intends to help Britain diversify its energy sources to prevent coming energy crises such as the current one caused by the war in Ukraine and fears of Russia cutting its natural gas supplies to Europe.
Expected to become operational in 2027, the Xlinks cables are set to deliver 3.6 GW of green energy to the UK for an average of 20 hours a day, which is enough to power roughly 7 million heat pumps.
The renewable energy project aims to also create energy and engineering jobs in Morocco. With a total budget of $21.9 billion, Xlinks estimates that its project will generate 10,000 jobs in Morocco, of which 2,000 are intended to be permanent.
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