TotalEnergies has invested £20 million to acquire a minority stake in Xlinks First Limited, a UK-based company formed in 2019.
This move positions TotalEnergies alongside existing investors Octopus Energy and Abu Dhabi National Energy Company.
Xlinks First Limited is developing a large scale renewable energy project in Morocco, combining solar and wind resources.
The project aims to supply green electricity to the UK through the implementation of high voltage direct current subsea cables and a battery energy storage system.
Upon completion, the project is anticipated to provide renewable electricity for more than seven million British households.
Simon Morrish, Chief Executive Officer of Xlinks, said: “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 Renewables at TotalEnergies, said: “We are delighted to join the Xlinks project and its other investors to support the development of such a pioneering and ambitious endeavour.
“This innovative project will benefit from our track record in developing large and complex integrated energy projects.”
