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.