TotalEnergies, along with companies Baker Hughes, Technip Energies, Azimut and others, signed a preliminary agreement to invest in Zhero Europe for the development of large scale renewable energy projects across Europe and Africa, according to an Aug. 3 TotalEnergies press release.
The renewable projects will involve renewable generation from wind and solar, power interconnections and green molecules to support the energy transition, according to the release.
“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,” Zhero Europe Chairman Paddy Padmanathan and CEO Alessandra Pasini said. “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 by Padmanathan, Pasini, Marco Alverà and Enrico Vitali to develop and operate green energy production and infrastructure projects in the U.S., Europe and Middle East. The company’s goal is to have 5 gigawatts of projects be in the final investment decision phase by 2026.
Recommended Reading
Total CEO: US LNG Shaky, Global Projects Brought into Spotlight
2024-02-21 - U.S. President Joe Biden’s decision to pause approvals for new U.S. LNG projects benefits similar projects around the world and casts doubt around U.S. supply, TotalEnergies’ Pouyanné told analysts during the company’s quarterly webcast.
CERAWeek: Sens. Manchin, Sullivan Say LNG Pause Needs to be Paused
2024-03-20 - U.S. Sens. Joe Manchin and Daniel Sullivan argued against the recent LNG pause announced by U.S. President Joe Biden, saying it creates doubts among allies and creates an opening for competitors as well as U.S. rival Russia.
CERAWeek: JERA CEO Touts Importance of US LNG Supply
2024-03-22 - JERA Co. Global CEO Yukio Kani said during CERAWeek by S&P Global that it was important to have a portfolio of diversified LNG supply sources, especially from the U.S.
US Expected to Supply 30% of LNG Demand by 2030
2024-02-23 - Shell expects the U.S. to meet around 30% of total global LNG demand by 2030, although reliance on four key basins could create midstream constraints, the energy giant revealed in its “Shell LNG Outlook 2024.”
White House Open to Ending LNG Export Pause in Push for Ukraine Aid, Sources Say
2024-04-02 - Reversing the pause could be tolerable to the White House in order to advance Ukraine aid, in part because the pause has no bearing on near-term LNG exports, the White House sources said.