Renewables investment platform Qualitas Energy has bought independent power producer (IPP) Cero Generation’s 5.8GW European solar PV and battery energy storage project portfolio.
Qualitas bought the IPP from its founding owner, the Australia-headquartered finance firm Macquarie Group. The portfolio includes 2GW of operational assets across the UK, Spain and Italy and a further 3.8GW solar and energy storage pipeline.
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Financial details of the transaction, which took place through the Qualitas Energy Fund VI financing vehicle, were not disclosed.
Cero Generation will continue to operate under its current name. Qualitas Energy said that the company’s integrated, in-house IPP model will “closely align with Qualitas Energy’s vertically integrated industrial model”.
“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,” said Daniel Parejo, managing partner and chief investment officer of Qualitas Energy. “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.”
Macquarie Group founded Cero Generation in 2021, with an 8GW project portfolio. The company has since developed a range of solar and energy storage projects across Southern Europe and the UK, including a 360MW UK solar and energy storage portfolio for which it secured financing in summer 2025.
Qualitas Energy said it has committed around €14 billion of capital to energy transition projects and assets since 2006 across its six funds. In July, it secured a €53 million financing package for a 117MWp solar PV portfolio in Poland, and earlier this year its US project subsidiary, Heelstone Energy, began construction on two solar PV projects in Georgia and Michigan with a combined 200MW generation capacity.
