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.