UAE Energy Giant Taqa Eyes Stake in $22 Billion Morocco-UK Submarine Cable Project

Taqa, an Abu Dhabi holding company specializing in energy (oil and gas, water and carbon capture and storage) and 75% owned by the United Arab Emirates, is negotiating the purchase of a significant stake in the potential £18 billion project, and a deal could be reached within a few weeks as part of the fundraising for the development capital that Xlinks is about to finalize, Sky News reports. In total, more than £30 million in new funding is expected to be raised by the British company in its latest round.

With a total cost of £16 billion (US$21.9 billion), the project to build the 3,800 km submarine power cable will connect Morocco and the United Kingdom. Xlinks will build a 10.5 GW power plant (7 GW for solar, and 3.5 GW for wind) in Morocco. The latter will be able to supply 8% of the UK’s electricity needs. According to the British company’s calculations, this facility will provide 3.6 GW of reliable and clean electricity to the British for an average of 20 hours a day.