PRESS RELEASE
TotalEnergies Acquires Minority Stake in Xlinks Morocco-UK
Power Project
Paris, November 29, 2023 – TotalEnergies has invested £20 million to acquire a minority
stake in Xlinks First Limited, a company founded in 2019 in the United Kingdom, joining fellow
investors Octopus Energy and Abu Dhabi National Energy Company (TAQA).
Xlinks plans to develop a giant renewable project in Morocco (combining solar and wind) to
supply green electricity to the United Kingdom through the installation of high-voltage direct
current (HDVC) subsea cables, coupled with a large battery energy storage. Upon completion,
the project is expected to deliver enough renewable, reliable and affordable electricity to power
over 7 million British homes.
Simon Morrish, CEO of Xlinks, said: “We are excited to welcome Europe’s largest energy
company to be a part of our ambitious vision to foster long distance power exchanges through
this iconic partnership with the UK and Morocco. TotalEnergies’ investment goes far beyond
capital, providing a rare combination of expertise in areas that meet the unique challenges we
face. This marks a highly successful end to 2023 and will give us an even greater impetus to
achieve our goals as we enter 2024.”
Vincent Stoquart, SVP Renewables at TotalEnergies, said: “We are delighted to join the
Xlinks project and its other investors to support the development of such a pioneering and
ambitious endeavor. This innovative project will benefit from our track record in developing
large and complex integrated energy projects.”
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TotalEnergies and electricity
As part of its ambition to get to net zero by 2050, TotalEnergies is building a world class cost-competitive
portfolio combining renewables (solar, onshore and offshore wind) and flexible assets (CCGT, storage)
to deliver clean firm power to its customers. In 2022, TotalEnergies generated more than 33 TWh of
electricity, and had a gross renewable electricity generation installed capacity of 17 GW. TotalEnergies
will continue to expand this business to grow its power generation to more than 100 TWh by 2030, with
the objective of being among the world's top 5 producers of electricity from wind and solar energy.
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels,
natural gas and green gases, renewables and electricity. Our more than 100,000 employees are
committed to energy that is ever more affordable, more sustainable, more reliable and accessible to as
many people as possible. Active in nearly 130 countries, TotalEnergies puts sustainable development
in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l [email protected] l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l [email protected]
@TotalEnergies TotalEnergies TotalEnergies TotalEnergies
About Xlinks
Xlinks will harness the power of nature to generate a near-constant, low-cost energy supply and connect
it to consumers in real-time.
The Xlinks Morocco-UK Power Project is a “first of a kind” project that will generate 11.5 GW of zero-
carbon electricity from the sun and wind to deliver 3.6GW of reliable energy for an average of 19+ hours
a day. The new electricity generation and battery storage facilities, located in renewable energy-rich
Morocco, will be connected exclusively to Great Britain via 3,800km HVDC sub-sea cables. The project
will provide low-cost, clean power to over 7 million British homes from the end of the decade. Once
complete, the project will be capable of supplying 8% of Great Britain’s electricity needs.
Alongside the output from solar panels and wind turbines, an onsite 22.5GWh/5GW battery facility
provides sufficient storage to reliably deliver a dedicated, near-constant source of flexible and
predictable clean energy for the National Grid, designed to complement the renewable energy already
generated across the UK.
The project is backed by investors including Octopus Energy and Abu Dhabi National Energy Company
(TAQA).
For more information visit www.xlinks.co
X - @xlinks_uk
LinkedIn - https://www.linkedin.com/company/xlinks
Contact:
Nicholas Lamptey
Yellow Jersey PR on behalf of Xlinks
[email protected]
+44 7598 836132
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to
designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by
TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities
or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate legal entities. This document may contain forward-looking information and statements that
are based on a number of economic data and assumptions made in a given economic, competitive and
regulatory environment. They may prove to be inaccurate in the future and are subject to a number of
risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update
publicly any forward-looking information or statement, objectives or trends contained in this document
whether as a result of new information, future events or otherwise. Information concerning risk factors,
that may affect TotalEnergies’ financial results or activities is provided in the most recent Universal
Registration Document, the French-language version of which is filed by TotalEnergies SE with the
French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the
United States Securities and Exchange Commission (SEC).
