TotalEnergies has invested £20 million to secure a minority stake in Xlinks First, a pioneering initiative set on supplying green electricity to the United Kingdom through High Voltage Direct Current (HDVC) subsea cables. This substantial investment positions the oil and gas giant alongside Octopus Energy and the Abu Dhabi National Energy Company (TAQA) as key contributors to the groundbreaking project.
Xlinks envisions the development of an expansive renewable energy scheme in Morocco, seamlessly integrating solar and wind sources, further complemented by a substantial battery energy storage system. Upon completion, the project is anticipated to deliver a substantial amount of renewable, reliable, and affordable electricity, capable of powering over 7 million British households.
Simon Morrish, CEO of Xlinks, expressed enthusiasm about TotalEnergies' involvement, stating, “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.”
Vincent Stoquart, Senior Vice President for Renewables at TotalEnergies, shared his perspective, stating, “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.”
