Qualitas Energy has signed a definitive agreement to acquire Cero Generation’s core European platform from Macquarie Group, adding a 5.8 GW portfolio of solar photovoltaic and battery energy storage projects across the U.K., Italy and Spain.
The transaction includes more than 2 GW of assets that are operational, under construction or ready to build, along with an additional 3.8 GW development pipeline.
Financial terms were not disclosed.
Cero Generation is an independent power producer focused on developing, constructing and operating solar PV and battery energy storage system projects.
The business was established by Macquarie Group in 2021 and has operated as a standalone Macquarie portfolio company.
The acquisition includes Cero Generation’s local teams and offices in London, Milan and Madrid, strengthening Qualitas Energy’s presence in three markets where it already operates.
Cero has built an integrated model covering the full project lifecycle from development and construction through operations.
Qualitas Energy said those capabilities align closely with its vertically integrated industrial investment approach.
Following completion, the acquired business will continue operating under the Cero Generation brand as an independent portfolio company of Qualitas Energy.
The acquisition is being made through Qualitas Energy Fund VI, the firm’s latest flagship vehicle.
The deal reflects one of the fund’s core investment strategies, focused on using larger corporate and platform-level transactions to accelerate growth.
The addition will substantially increase Qualitas Energy’s renewable energy pipeline and operating footprint across Europe.
Qualitas Energy’s existing portfolio includes approximately 11 GW of operational and development-stage renewable energy assets spanning solar PV, concentrated solar power, wind, energy storage, hydroelectric power and renewable natural gas.
The firm’s portfolio extends across Spain, Germany, the U.K., Italy, Poland, Chile and the U.S.
Since 2006, the Qualitas Energy team has committed more than €14 billion to the global energy transition through multiple investment vehicles.
The company has more than 500 professionals across 15 offices.
The transaction is expected to close in the coming months, subject to customary closing conditions.
Nomura served as M&A advisor to Qualitas Energy, while Herbert Smith Freehills Kramer advised on legal matters.
DNV and Kiwa Moroni provided technical advice, and KPMG advised on financial, tax and labor matters.
KEY QUOTE:
“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
