United Kingdom-based Cero Generation has acquired 100-percent ownership of Nara Solar by purchasing Univergy Solar’s 50-percent stake.
Spain-based Nara Solar, a developer specializing in utility-scale early-stage photovoltaic solar energy projects, was launched in 2019 as a 50-50 joint venture between Cero and Univergy. Nara Solar operates across Spain, France, and the Netherlands.
The move is a “key strategic acquisition” as Cero expands its geographical reach and portfolio, which is currently over 11 gigawatts (GW), Cero said in a recent news release.
The acquisition will bring together two teams with “extensive market expertise and a shared mission of driving forward Europe’s transition to net-zero”, Cero said. Nara Solar’s portfolio in the European renewables industry includes 1.0 GW of solar in development and an early-stage pipeline of over 1.0 GW, according to the news release.
“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”, Cero CEO Marta Martinez Queimadelos said.
Nara Solar CEO Yago Acon said, “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.”
“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”, Univergy President and CEO Ignacio Blanco said.
“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”, Blanco added.
In May, Cero and its UK development partner Enso Energy announced the financial close of a 49.5 megawatt (MW) / 99 MW hour battery storage system. The battery will be co-located with the Larks Green solar PV project in South Gloucestershire, which is a 49.9 MW solar farm developed jointly by Cero and Enso, according to an earlier news release.
Canadian Solar will take the lead on engineering, procurement, and construction for the battery, while EDF will optimize the battery performance “through its market-leading trading platform providing access to a variety of revenue streams for this asset”, Cero said.
Planned to be operational by late 2024, the project “represents a meaningful step towards creating a secure, home-grown energy system for the UK” and supports the UK government’s recently revised energy security strategy targeting a five-fold increase in the deployment of solar generation by 2035, Cero said.
Cero and Enso have over 30 standalone or co-located battery projects, amounting to over 2.0 GW within the joint venture’s existing 5.0 GW UK development pipeline, the news release said.
Cero is an independent portfolio company of Macquarie Asset Management’s Green Investment Group.
