European solar energy pioneer, Cero Generation (Cero), has completed an important strategic move by acquiring full ownership of Nara Solar, a specialized developer of utility-scale photovoltaic solar energy projects across Europe.
Initially launched as a joint venture between Cero and Univergy Solar (Univergy) in 2019, Nara Solar has now become a wholly-owned subsidiary of Cero. The acquisition marks a substantial step for Cero, solidifying its position as a key player in the European renewable energy sector. With an expansive portfolio surpassing 11GW, Cero is making strides in rapidly expanding its presence and geographical reach. Nara Solar’s assets include an impressive 1GW of solar projects in development, alongside an early-stage pipeline of over 1GW, spanning across Spain, France, and The Netherlands.
The strategic alignment will unite two teams of industry experts, each driven by a shared mission of advancing Europe’s transition to a net-zero carbon future. Cero’s ambition to contribute significantly to this transition is further realized through this acquisition. Marta Martinez Queimadelos, CEO of Cero Generation, expressed enthusiasm for the integration “This transaction is an important achievement for Cero, reflecting our prominent role in the European renewables market, and it enables us to continue to grow our sizeable pipeline and portfolio.” The move also heralds a positive outlook for Nara Solar.
Yago Acon, CEO of Nara Solar, stated, “We’re joining a company that is leading the solar transition across Europe, allowing us to now grow and deliver more impactful clean energy projects.” Univergy, a specialist in solar, wind, green hydrogen, and battery energy storage projects, highlighted the milestone as a significant advancement for its stakeholders. Ignacio Blanco, President and CEO of Univergy Solar, emphasized that the strategic sale of Nara Solar will further support the company’s financial structure and commitment to the energy transition.
Cero Generation’s acquisition of Nara Solar underscores its dedication to propelling renewable energy initiatives forward and accelerating the continent’s journey to a sustainable, low-carbon future.
