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Abu Dhabi National Energy Company (TAQA) has invested AED 113 ($31 million) in British start-up Xlinks First Ltd., which plans to build the world’s longest high voltage direct current (HVDC) between Morocco and the UK submarine cable.
In addition to TAQA’s global energy technology business, Octopus Energy Group is investing £5m in remote renewable energy generation and cross-border export projects, the companies said in a joint statement on Wednesday.
Xlinks will provide the UK with 3.6GW of renewable electricity from a 10.5GW solar and wind farm facility in the Guelmim Oued Noun region of Morocco. This would account for nearly 8% of the UK’s current demand, enough to power seven million UK homes by the end of the decade.
ADX-listed TAQA, the UAE’s largest power producer, which operates oil and gas assets in North America and Iraq and power assets in Morocco, said the investment demonstrated its commitment to helping reduce emissions.
“We are already working on a large HVDC subsea project in Abu Dhabi and we own and operate one of the largest solar PV plants in the world. This investment presents an opportunity to bring our infrastructure and renewable energy expertise to the to the table for the benefit of the UK and Morocco,” said Jasim Husain Thabet, CEO and Managing Director of TAQA Group.
The project is expected to create approximately 10,000 jobs in Morocco during construction and bring significant foreign direct investment to the country.
(Reporting by Brinda Darasha; Editing by Seban Scaria)
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