Spanish renewables investor Qualitas Energy has agreed to acquire Cero Generation’s core European platform from Macquarie Group, securing a portfolio of solar photovoltaic (PV) and battery energy storage system projects totalling 5.8GW.
The portfolio features more than 2GW of assets that are operational, under construction or at the ready-to-build stage, along with an additional 3.8GW still in development across the UK, Italy and Spain.
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The agreement involves the acquisition of Cero Generation’s teams and offices in London, Milan and Madrid.
The transaction aims to bolster Qualitas Energy’s position in these markets, where it already maintains a presence.
Cero Generation operates an in-house model covering the full life cycle of renewable energy projects, from development and construction to ongoing operations.
This approach aligns with Qualitas Energy’s own vertically integrated industrial model.
Cero Generation was founded in 2021 by the Macquarie Group and has operated as an independent portfolio company ever since.
Upon completion of the transaction, the acquired business will continue under the Cero Generation brand as an independent portfolio company owned by Qualitas Energy.
Qualitas Energy managing partner and chief investment officer Daniel Parejo 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.”
The acquisition is being made through Qualitas Energy Fund VI, the company’s newest investment vehicle, which targets large-scale corporate and platform-level deals using a private equity-led strategy.
The deal is expected to close in the coming months, contingent upon customary conditions.
Nomura advised Qualitas Energy on mergers and acquisitions matters, and Herbert Smith Freehills Kramer served as legal counsel. DNV and Kiwa Moroni provided technical support, while KPMG advised on financial, tax and labour issues.
In July 2026, Qualitas Energy received around $196.7m (€172m) in non-recourse financing to fund a 156MW-peak greenfield solar PV portfolio in Italy.
