Nov 29 Reuters French oil and gas company TotalEnergies said on Wednesday it had bought a minority stake in the Xlinks MoroccoUK 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 Britain39;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, TotalEnergies39; senior vicepresident of renewables, said the project would benefit from the company39;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 kilometreslong 2,361 miles highvoltage direct current HVDC subsea cables, hoping to offer renewable energy to seven million British households.

The project says it has reached an agreement with Britain39;s national grid to start transmitting energy by the end of the decade.

1 0.7872 pounds

Reporting by Victor GouryLaffont Editing by Mark Potter

Source Reuters