A project to manufacture the world’s longest subsea electricity cables in Scotland is seeking to raise £1.4 billion to start factory construction by next summer.
XLCC hopes to produce high-voltage cables for use in the XLinks project, led by the former Tesco boss Sir Dave Lewis, which is seeking to import solar and wind power from Morocco to Britain via a 2,360-mile cabling route.
Although a separate company, XLCC is backed by many of the same investors as XLinks, including Lewis and Greg Jackson, the Octopus Energy chief executive. It already has planning permission for its proposed cabling factory at Hunterston in Ayrshire.
Ian Douglas, XLCC chief executive, told The Times it was in the final stages of appointing a merchant bank to begin the
