Zhero draws high-profile investors for renewables in Europe, Africa

Zhero Europe will receive an investment from companies such as French energy group TotalEnergies SE (EPA:TTE) and US oilfield services provider Baker Hughes (NASDAQ:BKR) to develop large-scale renewable energy projects in Europe and Africa, it was announced today.

Among the other parties that have signed a preliminary agreement for the investment are French engineering company Technip Energies NV (EPA:TE) and asset manager Azimut, through the fund Azimut ELTIF – Infrastructure and Real Assets ESG. The capital Zhero Europe is getting will support the development of projects covering renewable power generation, power interconnections and green molecules.

Zhero Europe is a relatively new company that views large integrated renewable energy projects and captive long-distance exports as the best way to speed up the energy transition in high-demand locations.

“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,” said Stephane Michel, president Gas, Renewables and Power at TotalEnergies.

“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,” Stephane Michel added.

Zhero, founded by Marco Alvera, Paddy Padmanathan, Alessandra Pasini and Enrico Vitali, aims to bring 5 GW of projects to final investment decision (FID) by 2026.

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