(Boursier.com) — TotalEnergies invests 20 million pounds to acquire a minority stake in Xlinks First Limited, a company founded in 2019 in the United Kingdom, joining investors Octopus Energy and Abu Dhabi National Energy Company (TAQA).
The ambition of the Xlinks project is to develop a giant renewable project (combining solar and wind) in Morocco, coupled with large storage batteries, to provide green electricity to the United Kingdom using submarine cables. Once completed, the project could provide enough reliable and affordable renewable electricity to power more than 7 million UK homes.
“We are delighted to welcome Europe’s largest energy company to support our ambitious vision: fostering long-distance energy exchanges through this iconic partnership with the United Kingdom and Morocco,” said Simon Morrish, CEO of Xlinks. “Beyond the capital contribution, TotalEnergies’ investment will provide us with valuable technical expertise corresponding to the unique challenges we face. This operation is a great success to close the year 2023, and gives us an impetus even greater to achieve our objectives in 2024.”
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