TotalEnergies, Baker Hughes, Technip Energies, Azimut (via the Azimut ELTIF – Infrastructure & Real Assets ESG fund), and various other investors have executed a preliminary agreement to invest in Zhero Europe. The aim of this collaboration is to facilitate the expansion of large-scale renewable energy initiatives across Europe and Africa. These initiatives will encompass diverse areas such as renewable power generation, power interconnections, and green molecules. This funding will strengthen Zhero Europe’s project portfolio development, capitalizing on the exceptional expertise of its newly onboarded investors.
The foundation of Zhero Europe was driven by the vision that comprehensive integrated projects, featuring high-quality wind and solar resources along with long-distance export capabilities offer the most efficient pathway to accelerate the energy transition in regions with significant energy demand.
Paddy Padmanathan and Alessandra Pasini, respectively Chairman and CEO of Zhero Europe commented: “We are thrilled to welcome new investors who share our ambition to accelerate the energy transition by delivering large scale bankable projects that will inspire others to follow. Green energy is already cheaper than fossil fuels in many countries and we need to accelerate project development and construction to mitigate the growing gap between climate action and climate ambition. There is no time to lose.”
Stephane Michel, President Gas, Renewables & Power at TotalEnergies said: “Zhero Europe’s bold ambition is to bring abundant, affordable and clean energy from the best producing location to the large consuming markets and notably from North Africa, to Europe. We welcome the opportunity to join forces with Zhero Europe and its other investors to support the development of those pioneering projects for the mutual benefit of Europe and Africa.”