Qualitas Energy agreed to acquire from Macquarie Group the main European platform of Zero Generation , an operation that brings under its control a portfolio of 5.8 GW of solar photovoltaic projects and battery storage systems (BESS).
Of the total volume, more than 2 GW correspond to assets that are already operational, under construction or ready to start construction , while another 3.8 GW remain in different stages of development .
The transaction covers projects in the United Kingdom, Italy and Spain and also includes the teams and offices that Cero Generation maintains in London, Milan and Madrid, three markets where Qualitas Energy already has a presence.
The acquisition will be executed through Qualitas Energy Fund VI (QE VI) , the company's latest flagship vehicle, and represents one of its bets to grow through corporate transactions and large-scale renewable platform purchases.
Cero Generation was created in 2021 by the Macquarie Group and has operated as an independent company within its portfolio ever since. Its activities encompass the entire project lifecycle, from development and construction to the operation of solar and storage facilities.
Once the transaction is completed, that structure will remain: Cero Generation will continue to operate under its current brand as an independent company within the Qualitas Energy portfolio .
The operation thus allows Qualitas to add not only capacity and pipeline, but also a development and operation platform already deployed in three of its priority European markets.
“Cero Generation fits perfectly with Qualitas Energy’s European portfolio strategy and is a clear example of the Qualitas Energy Fund VI’s platform-based growth strategy,” said Daniel Parejo , managing partner and chief investment officer of Qualitas Energy.
The executive also highlighted the work done so far by Macquarie and the team at the acquired company.
“Macquarie Group and the Cero Generation team have built a strong business, with a substantial portfolio, extensive local expertise, and a well-established position in three of our core markets. We look forward to building on this foundation to drive Cero Generation’s next phase of growth,” he added.
More than 2 GW are already in advanced stages
The composition of the 5.8 GW is one of the relevant points of the transaction, since a significant part of the portfolio has passed the early stages of development.
More than 2 GW are in operation, under construction or ready to be built , while approximately two-thirds of the total volume, another 3.8 GW , constitute the platform for future growth.
The information released does not break down how much corresponds specifically to solar photovoltaics and how much to BESS, nor does it distribute the 5.8 GW between Spain, Italy and the United Kingdom.
The purchase fits with Qualitas Energy's model of taking positions in platforms capable of developing, building and operating their own assets, rather than limiting investment to individual projects.
For QE VI, the transaction also embodies its strategy of using private capital to accelerate growth through large-scale corporate and platform acquisitions .
The closing is expected in the coming months and remains subject to customary closing conditions. The parties did not disclose the financial value of the acquisition.