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Qualitas Energy has agreed to acquire Cero Generation’s core European renewable energy platform from Macquarie Group in a deal that adds a 5.8 GW portfolio of solar photovoltaic and battery energy storage projects. Financial terms were not disclosed.
The portfolio covers the UK, Italy, and Spain. It includes more than 2 GW of projects that are operating, under construction, or ready to build, as well as a further 3.8 GW development pipeline.
The transaction also brings Cero Generation’s teams and offices in London, Milan, and Madrid into the deal, expanding Qualitas Energy’s operating capabilities in three markets where it already has an established presence.
Cero Generation was established by Macquarie Group in 2021 and has operated as a standalone portfolio company focused on developing, constructing, and operating solar PV and battery energy storage projects. After the deal closes, Cero Generation will continue to operate under its existing brand as an independent portfolio company of Qualitas Energy.
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Qualitas Energy is making the acquisition through Qualitas Energy Fund VI. The company said the move aligns with the fund’s strategy of pursuing larger corporate and platform-level transactions in renewable energy and energy transition infrastructure.
"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."
Daniel Parejo, Managing Partner and Chief Investment Officer of Qualitas Energy
The transaction is expected to close in the coming months, subject to customary conditions.
Nomura is advising Qualitas Energy on M&A. Herbert Smith Freehills Kramer is providing legal advice, DNV and Kiwa Moroni are serving as technical advisors, and KPMG is providing financial, tax, and labor advice.
Qualitas Energy has dedicated more than €14 billion to the global energy transition since 2006. Before the Cero transaction, its existing portfolio comprised approximately 11 GW of operating and development-stage renewable energy assets.
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