TotalEnergies has invested £20 million to acquire a minority stake in Xlinks First Limited, a company founded in 2019 in the UK. Joining existing investors Octopus Energy and Abu Dhabi National Energy Company (TAQA), TotalEnergies commits to an ambitious renewable energy project in Morocco. This project combines solar and wind power to supply green electricity to the UK via the installation of high-voltage direct current (HDVC) submarine cables, coupled with a large-scale battery energy storage system.
Xlinks Innovative Project
Once completed, the project is set to provide enough reliable and affordable renewable electricity to power over 7 million UK homes. Simon Morrish, CEO of Xlinks, expressed his enthusiasm at the prospect of welcoming Europe’s largest energy company into this iconic partnership with the UK and Morocco. TotalEnergies’ investment brings valuable expertise in key areas to meet the project’s unique challenges.
TotalEnergies’ involvement and expertise
Vincent Stoquart, SVP Renewables at TotalEnergies, said: “We are delighted to join the Xlinks project and its other investors in supporting the development of such a pioneering and ambitious company. This innovative project will benefit from our experience in developing large-scale, integrated and complex energy projects.”
Potential Impact on the UK Energy Market
The Xlinks project represents a significant step forward in the renewable energy sector, offering a potential solution to the UK’s growing energy needs. By linking Morocco to the UK, this project illustrates the growing importance of long-distance energy exchanges in the context of the global energy transition.
TotalEnergies’ investment in Xlinks marks an important step in the company’s commitment to renewable energies and the diversification of its energy portfolio. This project underlines the importance of international collaboration and innovation in achieving energy sustainability goals.
