Clifford Chance: TAQA invests in Xlinks Morocco-UK HVDC project
International law firm Clifford Chance has advised Abu Dhabi National Energy Company (‘TAQA’) on its GBP 25 million (cerca USD 31.38 million) investment in Xlinks First Limited (‘Xlinks’), the developer of the first of a kind Morocco – UK high-voltage direct current (HVDC) interconnector renewable energy project.
With the funding, Xlinks plans to lay the world’s longest HVDC subsea cables between Morocco and the UK. It is part of first-of-a-kind long-distance renewable energy generation and cross-border export project being planned globally, addressing the growing demand for firm power capacity.
The project will supply the UK with 3.6GW of renewable energy-sourced electricity generated in the Guelmim Oued Noun region of Morocco by a 10.5GW facility of solar and wind farms. This amounts to nearly 8% of the UK’s current requirements and enough electricity to power seven million British homes by the end of the decade. The project is expected to create around 10,000 jobs in Morocco during construction and lead to significant foreign direct investments into the country.
The Clifford Chance team advising TAQA was led from the UAE by M&A partner, Jason Mendens (pictured), together with support from a core team including senior associate Gareth Dray, associate Callum Gribbin and trainee solicitor Mehran Azzam.
The team was assisted by various experts from across the Clifford Chance network in London and Morocco, including Mustapha Mourahib (managing partner, Casablanca) and Yousra Hadji (trainee solicitor, Casablanca)