French oil and gas company TotalEnergies announced on Wednesday the purchase of a minority stake in the Xlinks Morocco-UK Power Project, reported Reuters.
This investment, totaling 20 million pounds ($25 million), is expected to help the company meet its upcoming financial targets. Other investors in the project include Britain’s Octopus Energy Group and the Abu Dhabi National Energy Company.
TotalEnergies’ Senior Vice-President of Renewables Vincent Stoquart expressed confidence in the project’s potential, citing the company’s expertise in developing large and complex integrated energy solutions.
Xlinks aims to transmit solar and wind energy from Morocco to Britain through a network of high-voltage direct current (HVDC) subsea cables spanning 3,800 kilometers (2,361 miles), with the goal of providing renewable energy to seven million British households.