PARIS, FRANCE: Zhero Europe, a company that aims to develop large-scale renewable energy projects in Europe and Africa, has signed a preliminary agreement with TotalEnergies, Baker Hughes, Technip Energies, Azimut and other investors.
The investors will provide financing and expertise to help Zhero Europe advance its project portfolio, which involves renewable power generation, power interconnections and green molecules.
Zhero Europe was founded with the vision that large integrated projects, using high quality wind and solar resources and long-distance exports, would be the most effective way to accelerate the energy transition in high demand areas. The company is working towards a first target of bringing to FID 5GW of projects by 2026.
Paddy Padmanathan and Alessandra Pasini, respectively Chairman and CEO of Zhero Europe, said: “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.”
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