Cero Generation

Cero Generation strengthens its leading position in the European renewables market by taking full ownership of Nara Solar, purchasing Univergy Solar’s 50% stake

26 July 2023
  • Cero Generation has purchased Univergy Solar’s 50% stake in Nara Solar, making Cero the sole owner of the European solar developer
  • In 2019, Cero and Univergy Solar created Nara Solar as a 50:50 joint venture 
  • Headquartered in Madrid, Nara Solar specialises in the development of utility scale early-stage photovoltaic solar energy projects, operating across Spain, France, and The Netherlands
  • Cero will bring Nara’s pipeline under direct control within its existing portfolio, supporting Cero’s ambitious growth plans and cementing its position as a leading player in the European renewables market
  • The sale will allow Univergy Solar to strengthen its Group financial structure and continue with the implementation of its strategic plan

London, UK – Cero Generation (Cero), a leading European specialist in solar energy development, production, and storage, has become the sole owner of Nara Solar. 

Nara Solar, a developer specialising in utility scale early-stage photovoltaic solar energy projects, operating across Europe, was launched in 2019 as a 50:50 joint venture between Cero and Univergy Solar (Univergy). Today, Cero has taken full ownership of Nara Solar, purchasing Univergy’s 50% shareholding in the company to bring it under direct control within the Cero portfolio. 

This is a key strategic acquisition for Cero, which continues to rapidly expand its growing portfolio and its geographical reach. With Nara Solar’s portfolio including 1GW of solar in development and an early-stage pipeline of over 1GW, spanning Spain, France and The Netherlands, the transaction reflects Cero’s growth and position as a leading player in the European renewables industry. 

The acquisition will bring together two teams of professionals with extensive market expertise and a shared mission of driving forward Europe’s transition to net-zero. 

Univergy, a company specialising in the development of solar, wind, green hydrogen and BESS projects, has a solid track record proven by long term global partnerships. 

Marta Martinez Queimadelos, CEO of Cero Generation, said: “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. 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. 

We warmly welcome Nara Solar’s employees into the Cero group, who I know have complementary strengths and shared values. We are united in our vision of creating a sustainable future, and together we can achieve greater impact and make a substantial contribution to Europe’s journey to net zero.”

Yago Acon, CEO of Nara Solar, said: “From our inception we have grown extensively due to our relentlessly innovative and experienced team. 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. 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.” 

Ignacio Blanco, President and CEO of Univergy Solar, said: “Today, Univergy is reaching a very important milestone for its stakeholders, with special mention to all our people. The proceeds resulting from the Nara sale will allow us to strengthen the Group’s financial structure and continue with the implementation of our strategic plan. It has been a real privilege to work shoulder to shoulder with Cero and all the professionals in Nara in such a successful alliance throughout all these years.

Univergy will keep working to be a driving force and part of the energy transition by developing, building and operating projects on consolidated markets with the aim of decarbonizing the economy.”


Media enquiries contact: 

Cero Generation: cero@standagency.com 

About Cero Generation 

Cero Generation is a leading specialist in solar energy development, production and storage, accelerating the delivery of a net-zero future across Europe. 

Powered by an experienced team that brings world-class industry, commercial, engineering and environmental expertise to its projects, Cero is active through every stage of the lifecycle, from planning and construction to operation.  It works closely with local development partners, suppliers and stakeholders to deliver high-impact projects that positively benefit the environment and community.  

Cero is an independent portfolio company of Macquarie Asset Management’s Green Investment Group (GIG), operating on a standalone basis. 

About Univergy Solar

Univergy Solar is a leading vertically integrated developer of solar, wind, green hydrogen and BESS projects. It was founded in 2012 and has a strong international presence focused on the safest and most attractive geographies for renewable energies. Its reference markets are in Europe, Asia-Pacific and Latin America.

Univergy manages a pipeline of over 10 GW in various stages of development. The Company success is based on a team of specialised professionals with extensive experience and an agile organisation focused on quality and strong commitment to all stakeholders. 


About Nara Solar

Nara Solar is a European company developing large-scale photovoltaic solar energy projects. The company was born from the synergy between Cero Generation and Univergy International, in a 50:50 Joint Venture format, with the objective of operating as a platform for the development of solar projects in Europe based in Spain, France and Holland.


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