French oil and gas company TotalEnergies said on Wednesday it had bought a minority stake in the Xlinks Morocco-UK Power Project.
A TotalEnergies tanker truck with sustainable aviation fuel (SAF) © Reuters
French oil and gas company TotalEnergies said on Wednesday it had bought a minority stake in the Xlinks Morocco-UK Power Project, a move it said would help the company achieve its targets in the coming year.
TotalEnergies said it had acquired a 20 million pound ($25 million) stake. Other investors include Britain's Octopus Energy Group and the Abu Dhabi National Energy Company, which both took part in a development funding round earlier this year.
Vincent Stoquart, TotalEnergies' senior vice-president of renewables, said the project would benefit from the company's "track record in developing large and complex integrated energy projects".
Xlinks plans to transfer solar and wind energy produced in Morocco to Britain via four 3,800 kilometres-long (2,361 miles) high-voltage direct current (HVDC) subsea cables, hoping to offer renewable energy to seven million British households.
The project says it has reached an agreement with Britain's national grid to start transmitting energy by the end of the decade.
($1 = 0.7872 pounds)
Reporting by Victor Goury-LaffontEditing by Mark Potter
In a significant diplomatic milestone, Morocco has secured a major victory on the international stage with the United Nations Security Council endorsing its autonomy plan for Western Sahara, a move widely seen as a major setback for Algeria, which has long supported the separatist Polisario Front.
In a landmark diplomatic victory for Morocco and a stinging setback for Algeria, the United Nations Security Council on Friday adopted a resolution endorsing autonomy under Moroccan sovereignty as the most viable path toward resolving the decades-old conflict in Western Sahara.
Tunisian authorities on Friday ordered the suspension of the Nawaat journalists' group, which runs one of the country’s leading independent investigative media outlets, in a widening crackdown on free speech and civil society.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.