TotalEnergies Invests £20 Million to Take a Minority Stake in Xlinks First Limited
TotalEnergies' investment of £20 million in Xlinks First Limited marks a significant step in renewable energy development. By acquiring a minority stake in the UK-based company, TotalEnergies joins other major investors like Octopus Energy and TAQA, signaling a strong commitment to sustainable energy solutions.
Xlinks is working on a notable renewable energy project in Morocco, focusing on integrating solar and wind energy sources. The objective is to transmit clean electricity to the United Kingdom through high-voltage direct current (HDVC) subsea cables. Additionally, the project includes a large-scale battery energy storage system, enhancing the efficiency and reliability of the energy supply. The successful completion of this project is expected to produce enough renewable electricity to power over 7 million homes in the UK.
Simon Morrish, CEO of Xlinks, expressed excitement about TotalEnergies' participation. He recognized the value TotalEnergies brings, not just financially but also through their expertise in tackling complex energy projects. This collaboration is seen as a significant milestone for 2023 and a crucial step towards achieving the ambitious goals set for 2024.
Vincent Stoquart, Senior Vice President of Renewables at TotalEnergies, also conveyed his enthusiasm for the project. He highlighted TotalEnergies' dedication to contributing to this innovative initiative, leveraging their extensive experience in executing comprehensive integrated energy projects. This collaboration symbolizes a substantial advancement in the shift towards sustainable energy sources and highlights the increasing importance of multinational partnerships in addressing global energy challenges.
According to the article by Procurement Resource, TotalEnergies invested £20 million for a minority stake in UK's Xlinks, joining Octopus Energy and TAQA. Xlinks plans to supply clean energy to the UK from Morocco through a renewable project, aiming to power 7 million homes using solar, wind, HDVC cables, and battery storage. Simon Morrish, Xlinks CEO, welcomes TotalEnergies' expertise, while Vincent Stoquart, SVP Renewables at TotalEnergies, expresses enthusiasm for the project.