A powerful group of companies hailing from the oil and gas sector have teamed up with other investors and agreed to back Zhero Europe, a vehicle for developing large scale renewable energies projects in Europe and Africa.

In a statement on the preliminary agreement announced today (Thursday), French supermajor TotalEnergies said it was joining up with oilfield services giant Baker Hughes and engineering and construction outfit Technip Energies, along with European asset manager Azimut and other investors, in order to step up investments in the renewables space.