Renewable energy investment, management, and development platform Qualitas Energy announced an agreement to acquire solar energy company Cero Generation’s core European clean energy platform from Macquarie Group.

Launched by Macquarie in 2021, London-based Cero, specializes in the development, construction, and operation of solar photovoltaic (PV) and battery energy storage system (BESS) projects.

Under the agreement, Qualitas will acquire Cero’s 5.8 GW portfolio located across the U.K., Italy, and Spain, comprising over 2 GW of assets in operation, under construction, or at the ready-to-build stage, as well as a further 3.8 GW development pipeline. The transaction also includes Cero’s local teams and offices in London, Milan, and Madrid, which the companies said will strengthen Qualitas Energy’s scale and capabilities across three markets where it already has an established presence.

Following completion of the transaction, the acquired business will continue to operate under the Cero Generation brand as an independent portfolio company of Qualitas.

The acquisition is being undertaken through Qualitas’ most recent flagship vehicle, Qualitas Energy Fund VI (QE VI), and is designed to support one of the fund’s core investment strategies, a private-equity-driven approach focused on accelerating growth through larger-scale corporate and platform-level transactions.

Daniel Parejo, Managing Partner and Chief Investment Officer of Qualitas Energy, 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.”

The transaction is expected to close in the coming months, subject to customary conditions.