Qualitas Energy buys Macquarie's 5.8GW European solar platform Cero Generation
What's the deal? Qualitas EnergyDealroom has a profile for this one. Try Dealroom → has signed a definitive agreement to acquire Cero GenerationDealroom has a profile for this one. Try Dealroom →, the European solar and battery storage platform, from Macquarie GroupDealroom has a profile for this one. Try Dealroom →. Cero Generation, an independent power producer founded by Macquarie in 2021, develops, builds, and operates solar photovoltaic and battery energy storage system (BESS) projects.
The numbers: The portfolio spans 5.8GW across the UK, Italy, and Spain. It includes more than 2GW of assets in operation, construction, or ready-to-build status, plus another 3.8GW in development.
What's the endgame? The deal adds Cero Generation's local teams and offices in London, Milan, and Madrid — three markets where Qualitas Energy already operates. Cero runs an integrated model across the full project lifecycle, aligning with Qualitas's vertically integrated industrial approach.
Why now? The acquisition runs through Qualitas Energy Fund VIDealroom has a profile for this one. Try Dealroom → (QE VI), the firm's latest flagship vehicle. It reflects one of the fund's core strategies: a private equity approach aimed at accelerating growth through larger corporate and platform deals.
What changes? After closing, the acquired business will keep operating under the Cero Generation brand as an independent portfolio company of Qualitas Energy. The deal is expected to close in the coming months, subject to customary conditions.
"Cero Generation fits naturally into Qualitas Energy's European portfolio and is a clear example of the Qualitas Energy Fund VI investment strategy," said Daniel Parejo, managing partner and chief investment officer of Qualitas Energy (translated from Spanish). He added that Macquarie and the Cero team "have built a solid business, with a relevant portfolio, broad local capabilities, and established presence in three of our core markets."
The signal: The transaction underscores continued consolidation in European renewables, as private equity-backed platforms acquire scale in solar and storage across the UK, Italy, and Spain.
Image credit: Generated with Gemini
