Qualitas Energy, an investment firm specializing in renewable energy, energy transition, and sustainable infrastructure, has signed a definitive agreement to acquire Cero Generation’s core European platform from Macquarie Group, comprising a 5.8 GW portfolio of solar photovoltaic and battery energy storage projects across the United Kingdom, Italy, and Spain.

The portfolio includes more than 2 GW of projects in operation, under construction, or at the ready-to-build stage, along with a further 3.8 GW development pipeline.

The acquisition also includes Cero Generation’s local teams and offices in London, Milan, and Madrid. Qualitas Energy already has a presence in all three markets.

After the transaction closes, Cero Generation will continue operating under its existing brand as an independent portfolio company of Qualitas Energy.

Qualitas Energy is undertaking the acquisition through its latest flagship investment vehicle, Qualitas Energy Fund VI. The fund’s investment strategy includes corporate and platform-level transactions intended to support the growth of acquired businesses.

The companies did not disclose the financial terms of the transaction. The acquisition is expected to close in the coming months, subject to customary conditions.

Macquarie Group established Cero Generation in 2021, and the company has since operated as a stand-alone portfolio company. Cero develops, constructs, and operates solar and battery storage projects in Europe. The company manages projects internally throughout their life cycles, including development, construction, and operations.

Nomura advised Qualitas Energy on the transaction, while Herbert Smith Freehills Kramer served as legal adviser. DNV and Kiwa Moroni provided technical advice, and KPMG advised on financial, tax, and labor matters.

In 2026, Qualitas Energy announced the acquisition of a development-stage solar project in Illinois, U.S., with a planned capacity of 164 MW from Bechtel Enterprises, and a portfolio of nine operational solar photovoltaic projects with a total installed capacity of 376 MWp in Poland.

The company also secured approximately €53 million (~$61 million) to finance the construction of a 117 MW solar portfolio in Poland, located near Słoniawy in the Masovian Voivodeship and Końskie in the Świętokrzyskie Voivodeship.

In 1H 2026, corporate M&A activity in the solar sector increased to 57 transactions, compared to 50 transactions in the first half of 2025, as per the recently released Mercom’s 1H and Q2 2026 Solar Funding and M&A Report.