Clifford Chance advises TAQA on its GBP 25 million investment in Xlinks’ first of a kind Morocco – UK renewable energy project

Leading international law firm Clifford Chance has advised Abu Dhabi National Energy Company PJSC (TAQA) on its 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.

TAQA will invest GBP 25 million in the project as part of the development funding round and with this 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, 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, including:

• Morocco: Mustapha Mourahib (managing partner, Casablanca) and Yousra Hadji (trainee solicitor)
• London Real Estate: Nigel Howorth (partner and Head of London Real Estate), Kirsty Souter (senior associate) and Kate Mackintosh (associate)
• London Energy and Infrastructure: Michael Pearson (partner), Bryony Theaker (senior associate) and Thomas Hobbs Martin (associate)
• Anti-trust: Jennifer Storey (partner, London)
• Tax: Richard Kalaher (partner), Edward Page (director) and Eli Bursky (senior associate) (all based in London)

Clifford Chance’s leading corporate team is known as a go-to-firm in the region for big ticket, strategic and first-of-its-kind transactions. Working across various international offices, Clifford Chance has advised on some of the most ground-breaking transactions over the past twelve months, including advising DP World on the US$5 billion sale of a stake in three of its flagship UAE assets, as well as advising TAQA on its landmark transaction with ADNOC and Mubadala in relation to Masdar’s renewables and green hydrogen businesses.