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Paris-based TotalEnergies has invested £20 million (US$25.38 million) to acquire a minority stake in U.K. renewables company Xlinks First Ltd., according to a Nov. 29 press release. With the acquisition, TotalEnergies joins fellow investors Octopus Energy and Abu Dhabi National Energy Co. (TAQA).
Xlinks is developing a renewable project in Morocco, combining solar and wind, to supply green electricity to the U.K. through the installation of high-voltage direct current subsea cables and a large battery storage, the release stated.
Upon completion, the project plans to deliver enough renewable, “reliable and affordable” electricity to power over 7 million British homes.
Xlinks CEO Simon Morrish said he welcomed Europe’s largest energy company to be a part of the company’s long distance power exchange. “TotalEnergies’ investment goes far beyond capital, providing a rare combination of expertise in areas that meet the unique challenges we face,” he said.
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