TotalEnergies acquires stake in UK-Moroccan solar-wind interconnector

Date December 04, 2023

Type Projects - M&A Transactions

Subtype Transaction completed

Countries Morocco

Subsectors Photovoltaic Offshore Wind Subsea Transmission

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TotalEnergies has invested GBP 20 million (US$25 million) in Xlinks’ 11.5 GW hybrid solar and wind facility in Guelmim Oued Noun, Morocco.

The project, endowed with a storage capacity of 5 GW/20 GWh, now includes France-based petroleum supplier TotalEnergies as a minority stakeholder. This facility is designed to supply 3.6 GW of energy continuously for at least 20 hours a day to Wales and England via an extensive network of 3,800 km of High-Voltage Direct-Current (HVDC) subsea cables.

TotalEnergies joins government-controlled energy holding company Abu Dhabi National Energy Company and UK investment firm Octopus Energy as investors in the project. Abu Dhabi National Energy Co. invested GBP 25 million (USD 31 Million) while Octopus Energy invested GBP 5 million (USD 6.3 Million).