TotalEnergies and others agree to invest in Zhero Europe

France-based energy company TotalEnergies and other firms – including Azimut, Technip Energies, and Baker Hughes – have preliminarily come to an agreement to invest in the Zhero Europe venture, which seeks to develop renewable energy projects on a large scale in Africa and Europe.

TotalEnergies, which makes the Total coolant and lubricant range, is committed to becoming a net-zero business by 2050, and it intends to have 100 GW in renewable generation and storage capacity by the end of this decade. Stephane Michel of TotalEnergies said the company welcomed the chance to work with Zhero Europe and support its pioneering projects.

Alessandra Pasini and Paddy Padmanathan, the CEO and Chairman of Zhero Europe, respectively, said they were excited to welcome companies that shared their ambitions as investors, adding:

“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 Europe was founded on the idea of accelerating the energy transition by establishing generation capacity at the most productive locations, so that the biggest energy consumers can benefit from clean energy that is both abundant and affordable. A notable example of this would be generating energy in North Africa and supplying it to Europe through interconnects.

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