Norton Rose Fulbright advises TotalEnergies on strategic minority investment in first-of-its-kind Xlinks Morocco-UK Power Project

Global law firm Norton Rose Fulbright has advised TotalEnergies on its strategic minority investment in Xlinks First (Xlinks) in connection with the development of the Xlinks Morocco-UK Power Project, a first-of-its-kind long-distance renewable energy generation, battery storage and cross-border export project.

Xlinks plans to lay the world’s longest (3,800km) high-voltage direct current subsea cables between Morocco and the UK to deliver 3.6GW to the UK via a connection to the UK power grid in Devon, South West England. The project’s 11.5GW electricity generation facility will be based in the Guelmim Oued Noun region of Morocco, powered by solar and wind energy and combined with a battery storage facility.

The investment completes Xlinks’ initial funding round, following investments by Abu Dhabi National Energy Company PJSC (TAQA) and Octopus Energy earlier in 2023.

The Norton Rose Fulbright team was led out of London by Partner Andrew Davies, assisted by Senior Associate Sam Morrey, Associate Francesca Walker, and Trainees Craig Langsdale and Hector Ribeiro.

Andrew Davies commented:

“The Xlinks Morocco-UK Power Project will be a first-of-a-kind renewable energy generation and battery storage facility, and is indicative of the pioneering projects required to secure our long-term energy supply as part of the energy transition. It was a pleasure to support our long-standing client, TotalEnergies, in connection with this transaction, which builds on a number of other energy transition-related transactions we have advised them on recently. We have a strong track record in supporting clients with leading energy M&A, joint venture and equity investment transactions, and this transaction forms part of a trend of increased interest from major energy players in pursuing strategic minority investments.”

Further advice was provided by Partner Stephen Rigby (Corporate); Partner Ian Giles, Senior Associate Shaha El Sheemy and Associate Maria Cristina Cancilleri (Antitrust); Partner Matt Hodkin and Senior Associate Will Scott (Tax); Partner Chris Down and Counsel Suncica Miletic (Projects); and Partner Mike Knapper and Trainee Maria Mercedes Stajszczyk (IP). Partners Alain Malek and Simon Cudennec, Counsel Anne-Laure Bernard-Bouissieres, Arnaud Sanz and Mathieu Dahan, and Associate Yasmine Najid advised on Moroccan law aspects.