UK-based solar energy developer Cero Generation has taken full ownership of Nara Solar, a 50:50 joint venture (JV) of Cero and Univergy Solar.

Cero’s acquisition of Univergy’s 50% interest through the JV brings the company under its direct control.

Launched in 2019, the JV is based in Madrid, Spain. It focuses on the development of utility-scale early-stage solar energy projects operating in Europe.

Cero considers the takeover to be a strategic move, adding that the deal will transform it into a “leading” European renewables player.

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The company’s portfolio currently includes 11GW of assets.

Cero CEO Marta Martinez Queimadelos stated: “This transaction is an important achievement for Cero, reflecting our prominent role in the European renewables market, and it enables us to continue to grow our sizeable pipeline and portfolio. 

“We warmly welcome Nara Solar’s employees into the Cero group, who I know have complementary strengths and shared values. We are united in our vision of creating a sustainable future, and together we can achieve greater impact and make a substantial contribution to Europe’s journey to net zero.”

Nara Solar has a 1GW solar portfolio in development as well as 1GW in its early-stage pipeline. These projects are located across Spain, France and the Netherlands.

Nara Solar CEO Yago Acon stated: “From our inception, we have grown extensively due to our relentlessly innovative and experienced team. We have always had great ambitions for Nara Solar and now we are excited to step into this next phase, bolstering our expertise and extending our reach as part of the Cero group.”