TotalEnergies invests in Morocco-UK green energy project
TotalEnergies, a French oil and gas giant, has announced that it has acquired a minority stake in X links First Limited, a UK-based company that plans to develop a massive renewable energy project in Morocco.
The project, dubbed X links, aims to harness the abundant solar and wind resources in Morocco and deliver green electricity to the UK via high-voltage direct current (HDVC) subsea cables. The project will also include a large battery energy storage system to ensure the reliability and stability of the power supply.
TotalEnergies has invested £20 million ($25 million) to join the project, which is expected to cost around £16 billion ($20 billion) in total. The company will also provide its expertise in developing large and complex integrated energy projects.
The project is one of the largest and most ambitious of its kind, as it will span across 3,800 kilometers (2,361 miles) and deliver enough renewable electricity to power over 7 million British homes. The project is also seen as a strategic partnership between the UK and Morocco, especially after Brexit, as it will strengthen their diplomatic and economic ties.
TotalEnergies is not the only investor in the project, as it joins Octopus Energy and Abu Dhabi National Energy Company (TAQA), which both participated in a development funding round earlier this year. The project has also secured an agreement with Britain’s national grid to start transmitting energy by the end of the decade.
TotalEnergies is one of the world’s leading energy companies, with a diversified portfolio of various energies, including oil, gas, renewables and electricity. The company aims to get to net zero by 2050 and to become one of the world’s top 5 producers of electricity from wind and solar energy. Last year, TotalEnergies produced over 33 TWh of power, with a renewable energy capacity of 17 GW. The company plans to grow its power generation to more than 100 TWh by 2030.
X links is one of several proposed interconnectors between the UK and other countries, such as Norway, France, Belgium, Denmark and Ireland. Interconnectors can help balance the supply and demand of electricity, reduce carbon emissions, and lower energy prices. Interconnectors are also part of the UK’s plan to achieve net zero by 2050 and to increase its renewable energy share to 40% by 2030.