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Qualitas Energy has signed a definitive agreement to acquire Cero Generation’s core European platform from Macquarie Group, expanding its footprint across the UK, Italy, and Spain through a business focused on solar photovoltaic (PV) and battery energy storage system (BESS) projects.
The deal covers a 5.8 GW portfolio, including more than 2 GW of assets that are already in operation, under construction, or at the ready-to-build stage. It also includes a further 3.8 GW development pipeline, as well as Cero Generation’s local teams and offices in London, Milan, and Madrid.
Cero Generation was established in 2021 by Macquarie Group and has operated as a standalone Macquarie portfolio company. The company is described as a European independent power producer (IPP) specializing in the development, construction, and operation of solar PV and BESS projects.
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According to Qualitas Energy, Cero Generation’s integrated in-house approach across the full project lifecycle aligns with its own vertically integrated industrial model. The acquisition is being made through Qualitas Energy Fund VI (QE VI), which the firm said supports one of the fund’s core investment strategies: a private-equity-driven approach centered on larger-scale corporate and platform-level transactions to accelerate growth.
Daniel Parejo, Managing Partner and Chief Investment Officer of Qualitas Energy, said: "Cero Generation is a natural strategic fit for Qualitas Energy’s European portfolio and a compelling example of Qualitas Energy Fund VI’s platform-led growth strategy. Macquarie Group and the Cero Generation team have built a strong business, with a sizeable portfolio, deep local capabilities, and established positions across three of our core markets. We look forward to building on these foundations to support Cero Generation’s next phase of growth."
Following completion, the acquired business will continue to operate under the Cero Generation brand as an independent portfolio company of Qualitas Energy.
The transaction is expected to close in the coming months, subject to customary conditions. Qualitas Energy was advised by Nomura (M&A), Herbert Smith Freehills Kramer (legal), DNV and Kiwa Moroni (technical), and KPMG (financial, tax, and labour).
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