A group of international companies including TotalEnergies, Baker Hughes, Technip Energies, Azimut (through the fund Azimut ELTIF – Infrastructure & Real Assets ESG), and other investors have signed a preliminary agreement to invest in Zhero Europe in order to develop large-scale renewable energy projects in Europe and Africa spanning across renewable power generation, power interconnections, and green molecules.
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Zhero was founded by Marco Alverà, Paddy Padmanathan, Alessandra Pasini, and Enrico Vitali and the company is developing and will operate green energy production and infrastructure projects in the United States, Europe, Middle East, and Africa.
Zhero is working towards a first target of bringing 5 GW of projects to a final investment decision (FID) by 2026.
Zhero Europe was founded with the vision that large integrated projects, including generation from high-quality wind and solar resources, and captive long-distance exports, would be the most effective way to accelerate the energy transition in high-demand areas.
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, said Stéphane Michel, President of Gas, Renewables & Power at TotalEnergies.
With this round of financing, Zhero will advance the development of its project portfolio, leveraging the world-class expertise of its new investors.
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, commented Paddy Padmanathan and Alessandra Pasini, Chairman and CEO of Zhero Europe respectively.
