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Abu Dhabi National Energy Company (TAQA) has invested 113 UAE dirhams ($31 million) in Xlinks First Ltd., a British startup which plans to build the world's longest high-voltage direct current (HVDC) subsea power cable between Morocco and the UK.
Alongside TAQA global energy technology business, Octopus Energy Group, also invested GPB5 million in the long-distance renewable energy generation and cross-border export project, a joint statement from the companies said on Wednesday.
Xlinks will supply the UK with 3.6GW of renewable electricity generated in the Guelmim Oued Noun region of Morocco by a 10.5GW facility of solar and wind farms. This will amount to nearly 8% of the UK's current requirements and enough to power seven million British homes by the end of the decade.
The Abu Dhabi ADX-listed TAQA, which is the UAE's largest power producer and operates oil and gas assets in North America and Iraq, and electricity assets in Morocco said the investment showed the company is serious about helping reduce emissions.
"We are already working on a large scale HVDC subsea project in Abu Dhabi, and we own and operate one of the world’s largest solar PV plants. This investment offers the chance to bring both our infrastructure and renewable power expertise to the table to benefit the UK and Morocco,” said Jasim Husain Thabet, TAQA’s Group CEO and Managing Director.
The project is expected to create around 10,000 jobs in Morocco during construction and lead to significant foreign direct investments in the country.
(Reporting by Brinda Darasha; editing by Seban Scaria)
