TotalEnergies said on Wednesday that it had acquired a minority stake in Xlinks First Limited, while investing as much as GBP 20 million.
TotalEnergies joined investors Octopus Energy and Abu Dhabi National Energy Company.
Xlinks intends to develop a huge renewable project in Morocco, which combines solar and wind, to supply green electricity to the United Kingdom via the installation of high-voltage direct current subsea cables, coupled with a large battery energy storage.
Once completed, the project is expected to generate sufficient renewable and affordable electricity to power more than 7 million UK households.
“We are excited to welcome Europe’s largest energy company to be a part of our ambitious vision to foster long distance power exchanges through this iconic partnership with the UK and Morocco. TotalEnergies’ investment goes far beyond capital, providing a rare combination of expertise in areas that meet the unique challenges we face. This marks a highly successful end to 2023 and will give us an even greater impetus to achieve our goals as we enter 2024,” Simon Morrish, Chief Executive Officer of Xlinks, said in a press release.
“We are delighted to join the Xlinks project and its other investors to support the development of such a pioneering and ambitious endeavor. This innovative project will benefit from our track record in developing large and complex integrated energy projects,” Vincent Stoquart, SVP Renewables at TotalEnergies, commented.
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