Lagos — 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 to develop large-scale renewable energies projects in Europe and Africa spanning across renewable power generation, power interconnections, and green molecules.
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.
With this round of financing, Zhero Europe will advance the development of its project portfolio, leveraging the world-class expertise of its new investors.
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 of 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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