REG-TotalEnergies SE TotalEnergies Acquires Minority Stake in Xlinks Morocco-UK Power Project

TotalEnergies SEAnnouncement

29/11/2023 07:30

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TotalEnergies Acquires Minority Stake in Xlinks Morocco-UK Power Project

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) 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.”

***

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.

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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
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X - @xlinks_uk

LinkedIn - https://www.linkedin.com/company/xlinks
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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).

TotalEnergies Contacts

Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
(mailto:presse@totalenergies.com) l @TotalEnergiesPR 
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Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
(mailto:ir@totalenergies.com)

Nicholas Lamptey

Yellow Jersey PR on behalf of Xlinks

xlinks@yellowjerseypr.com 
(mailto:xlinks@yellowjerseypr.com) 
+44 7598 836132



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