{"id":80943,"date":"2023-11-30T00:00:00","date_gmt":"2023-11-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/11\/30\/totalenergies-buys-a-usd-25-mn-stake-in-xlinks-morocco-uk-interconnector-project\/"},"modified":"2023-11-30T00:00:00","modified_gmt":"2023-11-30T00:00:00","slug":"totalenergies-buys-a-usd-25-mn-stake-in-xlinks-morocco-uk-interconnector-project","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/11\/30\/totalenergies-buys-a-usd-25-mn-stake-in-xlinks-morocco-uk-interconnector-project\/","title":{"rendered":"TotalEnergies buys a USD 25 mn stake in Xlinks Morocco-UK interconnector project"},"content":{"rendered":"

French oil and gas company TotalEnergies has acquired a minority stake worth USD 25 <\/strong>mn in the Xlinks Morocco-UK interconnector project<\/strong>, according to a statement<\/a>. The company joins Britain's Octopus Energy Group and the Abu Dhabi National Energy Company (Taqa) in helping fund the project to \u201csupport the development of such a pioneering and ambitious endeavor,\u201d the statement notes.<\/p>\n

Who\u2019s paying what: <\/strong>Xlinks secured GBP 25 mn in funding from the Abu Dhabi National Energy Company (Taqa) and GBP 5 mn from UK-based energy supplier and renewables investor Octopus Energy for the project back in April<\/a>.<\/p>\n

The latest in a string of support:<\/strong> State-owned development agency Scottish Enterprise also pledged GBP 9 mn<\/a> in funds to help connect Morocco and Britain\u2019s energy grids for the project this month, while German energy consultancy Conenergy also invested an undisclosed sum<\/a> in the project under a \u201cfinancial and strategic partnership\u201d last year.<\/p>\n

REFRESHER-<\/strong> The Xlinks interconnector project will lay 3.8k km high-voltage direct current (HVDC) subsea cable to eventually transport 3.6 GW of renewable energy<\/a> \u2014 nearly 8% of the UK\u2019s current requirements \u2014 from a 10.5 GW solar and wind farm in Morocco\u2019s Guelmim-Oued Noun region to Britain\u2019s power grid in Devon. <\/p>\n

This should help the project\u2019s timetable stay on track:<\/strong> The project was expected to be fully operational at its complete 10.5 GW capacity in 2030, but has seen much delay<\/a> raising the question of whether the company will stick to the initial timeline set last year.<\/p>\n","protected":false},"excerpt":{"rendered":"

TotalEnergies joins Octopus Energy Group and UAE\u2019s Taqa in funding the project<\/p>\n","protected":false},"author":1,"featured_media":80944,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2016],"tags":[11,79,88,272,328],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-80943","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-enterpriseclimate","tag-ma-watch","tag-renewables","tag-totalenergies","tag-xlinks","wpautop","entry"],"acf":{"mongo_id":"5ed4a123-aa66-4838-89e9-e1ff240ff69d","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/1680.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TotalEnergies buys a USD 25 mn stake in Xlinks Morocco-UK interconnector project","related_issue":[80931],"teaser":"TotalEnergies joins Octopus Energy Group and UAE\u2019s Taqa in funding the project","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.6d7cb5cd-f7f7-44e3-bd1f-c4410f6ebdf6.mp3"},"yoast_head":"\nTotalEnergies buys a USD 25 mn stake in Xlinks Morocco-UK interconnector project - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/11\/30\/totalenergies-buys-a-usd-25-mn-stake-in-xlinks-morocco-uk-interconnector-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TotalEnergies buys a USD 25 mn stake in Xlinks Morocco-UK interconnector project\" \/>\n<meta property=\"og:description\" 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