Cero Generation acquires full ownership of Nara Solar

Facebook
Twitter
LinkedIn
Reddit
Email
Cero Generation’s 100MW Extremadura solar plant in Spain. Credit: Cero Generation

UK-headquartered Cero Generation, a subsidiary of the Green Investment Group, has purchased Univergy Solar’s 50% stake in Nara Solar, taking full ownership of the Spanish solar developer.

Cero and Univergy launched Nara Solar as a joint venture in 2019, with each company owning 50%. Nara Solar initially developed a portfolio of solar projects with a combined capacity of 700MW owned by Univergy, and the company now owns 2GW of solar projects under construction and in development across Spain, France and the Netherlands.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

This portfolio will now be owned entirely by Cero, which is eager to expand its renewable power facilities in Europe.

“We are delighted to welcome Nara Solar fully into Cero, having worked with the brilliant team at Univergy to create this thriving platform, and seeing it go from strength to strength since its launch in 2019,” said Cero CEO Marta Martinez Queimadelos.

“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.”

European companies have made considerable progress in expanding the continent’s solar power capacity in recent years. According to SolarPower Europe, developers installed 41.4GW of new solar capacity in Europe in 2022, up from the 28.1GW added in 2021, a year-on-year increase of 47%.

The think tank expects solar to dominate Europe’s energy mix in the long-term, expecting solar to account for between 48-64% of European power generation by 2050, depending on how comprehensively the continent commits to decarbonisation. While neither Cero nor Nara Solar announced if the deal would affect their day-to-day operations, leaders at both companies are eager about the future of the firms.

“We’ve always had great ambitions for Nara Solar and now we are excited to step into this next phase, bolstering our expertise and extending our reach as part of the Cero group,” said Nara Solar CEO Yago Acon. “We’re joining a company that is leading the solar transition across Europe, allowing us to grow and deliver more impactful clean energy projects.”

The news is Cero’s latest investment into its European solar portfolio, following its appointment of Ameresco Energy Hellas to operate as the engineering, procurement and construction firm for its 100MW Delfini project in Greece.

Read Next

June 20, 2024
The smarter E Award has five categories in total, including photovoltaics, energy storage, e-mobility, smart integrated energy and outstanding projects.
Sponsored
June 20, 2024
At SNEC 2024, PV Tech spoke with Dennis Shi, president of Sunman Energy, about his views on markets offering great potential and financing.
Sponsored
June 19, 2024
PV Tech speaks with the Ellen Wang, VP of global sales at Runergy, about the company's market position and work in the European solar sector.
June 19, 2024
A leading German solar distributor has predicted “crazy” ongoing pricing pressures in Europe as the PV industry continues to face huge product oversupply and competition prompted by the easing of the recent energy crisis in Europe.
June 18, 2024
Soltec has published its financial results for the first quarter of 2024, which include revenues of €121 million (US$130 million).
June 18, 2024
Fraunhofer ISE has launched a project to improve tracking algorithms, using a digital twin to calculate optimised control approaches.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia