(Bloomberg) -- Xlinks, a power company co-founded by former Tesco Plc boss Dave Lewis, says it's in talks with the British government over a project to import electricity from solar and wind farms in Morocco.
If realized, the power cable would be able to supply 8% of the nation's electricity demand directly from the north African nation. By using a variety of sources, including the link, the U.K. would be able to reach its net zero emissions target earlier, Lewis said in a statement on Friday.
The project would deliver renewable power to 7 million homes at 48 pounds ($60) per megawatt-hour. That compares with a price of 92.50 pounds for the nation's new nuclear reactor at Hinkley Point.
Ex-Tesco CEO Wants $22 Billion Power Link From Morocco to U.K.
“We are not looking for government funding to assist with the cost of the project which presents an enormous opportunity, consistent with U.K. net zero commitments and with minimal risk,” said Xlinks Chief Executive Officer Simon Morrish.
While it is aware of the proposal, no “formal discussions” have taken place, the U.K.'s Department for Business, Energy and Industrial Strategy told Bloomberg News in a statement.
If it goes ahead, the project would cost 16 billion pounds, with work on the cable starting in 2025 with the aim of completing it in 2029.
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