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Zhero Europe, a developer of green and clean energy projects, announced on Thursday, August 3, that it has signed a preliminary agreement to receive investment from various investors.
The investors include TotalEnergies, Baker Hughes, Technip Energies, Azimut (through the fund Azimut ELTIF – Infrastructure & Real Assets ESG), and others.
Zhero Europe says the funds will help it to develop large-scale renewable energy projects in Europe and Africa spanning renewable power generation, power interconnections, and green molecules.
Paddy Padmanathan and Alessandra Pasini, Chairman and CEO of Zhero Europe respectively, say, “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.”
Zhero: Focused on large scale low-cost projects
Founded by Marco Alverà, Paddy Padmanathan, Alessandra Pasini, and Enrico Vitali, Zhero is developing and will operate green energy production and infrastructure projects in the US, Europe, the Middle East, and Africa.
Zhero Europe, the European subsidiary of Zhero, was founded with a 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 is working towards a target of bringing 5GW of projects by 2026.
TotalEnergies: Global multi-energy company
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables, and electricity.
As part of its ambition to get to net zero by 2050, TotalEnergies is building a portfolio of activities in electricity and renewables.
At the end of July 2023, TotalEnergies’ gross renewable electricity generation installed capacity was 19 GW.
The company will continue to expand this business to reach 35 GW of gross production capacity from renewable sources and storage by 2025, and then 100 GW by 2030 with the objective of being among the world’s top 5 producers of electricity from wind and solar energy.
Stephane Michel, President of Gas, Renewables & Power at TotalEnergies, says, “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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