Minority Interest in Xlinks Morocco-UK Power Project Acquired by TotalEnergies

Acquiring a minority position in Xlinks First Limited, a UK-based firm established in 2019, TotalEnergies has committed £20 million, joining previous investors Abu Dhabi National Energy firm (TAQA) and Octopus Energy.

High-voltage direct current (HDVC) subsea cables will be installed in Morocco as part of Xlinks’ massive renewable energy project, which will combine solar and wind power to bring green electricity to the UK. The cables will be connected to a big battery energy storage system. After it’s finished, the project should provide more than 7 million homes in Britain with affordable, dependable, and renewable electricity.

“We are thrilled 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,” stated Simon Morrish, CEO of Xlinks. The investment made by TotalEnergies goes much beyond money; it offers a unique blend of knowledge in fields that address the particular difficulties we confront. This is a really successful way to conclude 2023, and it will motivate us even more to meet our objectives in 2024.

SVP of Renewables at TotalEnergies Vincent Stoquart stated: “We are thrilled to partner with the Xlinks project and its other investors to assist the growth of such an innovative and ambitious endeavour. Our history of creating intricate, large-scale integrated energy projects will be advantageous to this creative endeavor.

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About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, more sustainable, more reliable and accessible to as many people as possible. Active in nearly 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people

SOURCE:https://totalenergies.com/media/news/press-releases/totalenergies-acquires-minority-stake-xlinks-morocco-uk-power-project