Cero Generation
Cero Generation is a London-based utility-scale solar PV and battery storage developer active across seven European countries, backed by Macquarie Asset Management. It develops, constructs, and operates projects — and sells portfolios to infrastructure investors — serving utilities, corporate PPA off-takers, and infrastructure funds.
- Company typePrivate
- Founded2021
- HeadquartersLondon, United Kingdom
- Headcount51–100
- GTM typeB2B
- OfferingHardware or Manufacturing
What Cero Generation does
Cero Generation is a London-headquartered utility-scale solar PV and battery energy storage system (BESS) developer operating across seven European countries (UK, Italy, Greece, Spain, France, Germany, Poland). Founded in February 2021 as a standalone portfolio company of Macquarie Asset Management's Green Investment Group, it has assembled one of Europe's largest solar development pipelines at 25-26 GW across more than 370 projects, with over 600 MW currently in operation or under construction across six operating projects and six in construction.
The company's core technology stack is utility-scale solar PV development (modules from LONGi and JA Solar), co-located and standalone BESS (Sungrow, Canadian Solar EPC, EDF for trading optimization), and grid connectivity including the UK's first transmission-connected solar farm (Larks Green, 49.9 MW). It operates specialized agrivoltaic projects (Pontinia 70 MW, Castrum 48 MW) that co-locate 65% of project land with agricultural use. Route-to-market is delivered through long-term power purchase agreements with corporate offtakers (Philips, HEINEKEN, Axpo, Centrica, EDF, an unnamed international technology company) and through portfolio sales to infrastructure investors such as DIF Capital Partners and ib vogt.
Cero generates revenue via two primary mechanics: recurring revenue from owning and operating solar and BESS projects under PPAs or merchant power sales, and one-time revenue from developing ready-to-build project portfolios and selling them to infrastructure investors (notably the 2023 sale of a 720 MW UK portfolio to DIF and ib vogt). Capital is sourced through a syndicate of European lenders (Rabobank, ING, NORD/LB, Santander UK, Banco Sabadell, Piraeus Bank, Bayern LB) on a project-by-project basis, arranged with Macquarie Capital support. The business sells into four customer segments: utilities and grid operators, corporate energy buyers, strategic development joint-venture partners (Enso Energy, Wattcrop, EDF Renewables via GLHD), and infrastructure investors, with field-based enterprise sales targeting utilities, corporations, governments, and institutional investors.
Cero Generation firmographics
Firmographics- Name
- Cero Generation
- Legal name
- Cero Generation Limited
- Website
- https://cerogeneration.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Cero Generation is a London-based utility-scale solar PV and battery storage developer active across seven European countries, backed by Macquarie Asset Management. It develops, constructs, and operates projects — and sells portfolios to infrastructure investors — serving utilities, corporate PPA off-takers, and infrastructure funds.
- Ownership category
- akta.pro rank
Cero Generation industry classification
Industry- Product category
- Solar Power Generation
- NAICS
- Solar Electric Power Generation (221114)
- SIC
- Cogeneration Services & Small Power Producers (4991)
- akta.pro primary industry
- Utility-Scale PV EPC (Engineering, Procurement & Construction) (EUACAGAB)
- akta.pro secondary industry
- Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG)
Keywords
Where Cero Generation is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices6 records
Markets served
Cero Generation business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Infrastructure, Technology or R&D, Operations, Personnel, Supply Chain, Marketing or Sales
Revenue model
- Renewable Energy Generation and Sales: Owning and operating utility-scale solar and BESS projects, generating electricity sold under PPAs or to the grid. Currently operates six projects with another six under construction.
- Project Development and Sale: Developing solar and battery storage projects from conception through planning to ready-to-build stage, then selling completed project portfolios to investors (e.g., 720MW UK portfolio sold to DIF Capital Partners and ib vogt).
- Corporate PPA Off-take: Long-term power purchase agreements with corporate off-takers like Philips, HEINEKEN providing revenue certainty for assets. Project revenues underpinned by 10-year virtual PPAs.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels5 records
Cero Generation product offering
Product offeringCore offering
Cero Generation is a European utility-scale solar PV and battery energy storage system (BESS) project developer and independent power producer. The company develops, finances, constructs, owns, and operates utility-scale solar farms and co-located storage projects across seven European countries, monetizing assets via long-term corporate Power Purchase Agreements (PPAs), electricity sales to the grid, and sale of ready-to-build project portfolios to infrastructure investors. Cero also develops agrivoltaic projects that co-locate agricultural activity with solar generation on the same land.
Product overview
Cero Generation is a utility-scale solar and battery energy storage system (BESS) developer and operator across Europe. The company's core offerings include developing and delivering utility-scale solar PV projects, co-located solar and battery storage systems, and agrivoltaic projects that combine solar power generation with agricultural activity. Cero operates through the full project lifecycle from development through construction to operations, providing route-to-market and PPA services to underpin project revenues. Key operational projects include the Pontinia and Castrum agrivoltaic projects in Italy, the Delfini project in Greece, the Castrum project in Italy, the Bolotana projects in Sardinia, and the Larks Green transmission-connected solar and storage facility in the UK. The company has a significant development pipeline and operates as a portfolio company of Macquarie's Green Investment Group.
Differentiator
Problem solved
Functional benefit
Products and services
- Utility-Scale Solar PV Project Development
- Battery Energy Storage System (BESS) Development
- Agrivoltaic Solar Project Development
- Co-Located Solar and Battery Storage Projects
- Corporate Power Purchase Agreement (PPA) Services
- Pontinia Agrivoltaic Solar PV Project
- Delfini Solar PV Project 100 MW solar PV project in Prosotsani Drama, Greece. The first Greek solar project with a private PPA (Axpo) and the first renewable project in Greece to benefit from the Next Generation EU Recovery and Resilience Facility. Avoids approximately 63,000 tonnes of CO2 per year.
- Larks Green Solar Farm and BESS 49.9 MW solar PV project in South Gloucestershire, UK, co-located with 49.5 MW/99 MWh battery storage. The UK's first transmission-connected solar farm, connecting directly to National Grid's 400kV transmission network. Capacity to power equivalent of more than 17,300 homes.
- Spanish Solar Portfolio (Palencia Region) Portfolio of five utility-scale solar PV projects in the Palencia region of Spain with total installed capacity of 244.7 MWp. Backed by a 10-year PPA with an international technology company. Financing arranged by Banco Sabadell, Rabobank, and ING. EPC by Elmya and Metlen, with modules by LONGi.
- UK Solar and BESS Co-Located Portfolio (Bramley and 360MW) 360 MW portfolio of UK solar and battery energy storage systems co-located assets, including the Bramley project expected operational by autumn 2025. Backed by a ~£200m financing package arranged by Macquarie Capital with lenders including ING, NORD/LB, Rabobank, and Santander UK.
Quantifiable outcome
- Over 9,000 homes powered by Bolotana projects
- +4 more outcomes
Companies that use Cero Generation
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles4 records
Cero Generation technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Cero Generation partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered minor and core.
- Gulermak RenewablesminorTurkish conglomerate acquiring 19.3-MWp ready-to-build solar project in West Sussex from Cero Generation. Secured CfD in Allocation Round 7.
- Enso EnergycoreUK development partner for solar and BESS projects. Joint venture Enso Green Holdings Limited (EGHL) developing UK portfolio. Major projects include Bumble Bee (198MW), Larks Green (49.9MW solar + 49.5MW/99MWh battery), and 720MW portfolio sold to DIF/ib vogt. EGHL pipeline extends to 5GW with further 5GW of early-stage opportunities.
- Metlen (formerly MYTILINEOS)minorEPC contractor for Bumble Bee Project (198MW co-located solar PV and BESS near Doncaster). Also EPC contractor for Spanish 244.7 MWp portfolio. Metlen Energy & Metals provides complex large-scale solar and storage project construction.
- Ameresco/SUNEL GroupminorEPC contractor for Delfini 100MW project in Greece. Joint company established in Greece with extensive European solar project experience (500+ projects, 1,000+ MWp completed).
- ElmyaminorEPC contractor for 244.7 MWp Spanish solar portfolio. Spanish-based renewable energy company with 3 GWp connected to grid worldwide. Also led EPC for Bolotana projects in Italy.
- Gransolar GroupminorConstruction contractor for Larks Green solar farm (64 GWh capacity) in South Gloucestershire, UK.
- Fattoria Solidale del CirceominorSocial farm partner for Pontinia agrivoltaic project in Italy. Cultivating crops across 65% of 135-hectare site using biodynamic methods. Provides work placements for vulnerable or socially excluded people.
- Nara SolarminorOriginally 50:50 JV with Univergy Solar (created 2019). Headquartered in Madrid, operating across Spain, France, Netherlands. Cero purchased Univergy's 50% stake in July 2023, gaining full ownership. Portfolio includes 1GW in development and 1GW+ early-stage pipeline.
- ib vogtcoreCo-acquirer of 720MW UK portfolio with DIF. Providing solar EPC and O&M services for the portfolio. Working with Cero and Enso to take projects through construction to operation.
- WattcropcoreJoint venture for Greek solar energy portfolio development. Targeting 750 MW development over four years. Initial portfolio of 480+ MW early-stage projects. Wattcrop brings Greek market expertise and local team. Awarded Green Start-Up of the Year 2023 at Greek Green Brand Awards.
- EDF RenewablescorePartner in Green Lighthouse Development (GLHD) French agrivoltaic portfolio. EDF acquired 45% stake in GLHD alongside Cero (45%), with founders holding 10%. GLHD has 2.4 GW French solar development portfolio - one of largest agrivoltaic portfolios in France.
- Green Lighthouse Development (GLHD)coreFrench company pioneering agrivoltaic projects. Located in Nouvelle-Aquitaine region. Developing 2.4 GW solar portfolio. Cero and EDF Renewables each own 45%, founders hold 10%. Projects co-locate agricultural activity and renewable energy production.
Scale indicators14 records
Recent moves7 records
Expansion highlights6 records
Cero Generation competitors and assessment
Company assessmentDirect peers
- EDF Renewables: French utility renewables arm and direct JV partner with Cero in GLHD France (45% stake). Major European solar and wind developer with similar utility-scale project portfolio, PPA structuring expertise, and pan-European operations.
- Encavis AG: German-listed solar and wind IPP operating across Europe with multi-GW portfolio. Comparable on PPA-backed European solar IPP model, though Encavis is more mature in operating capacity and publicly traded (acquired by KKR).
- Lightsource bp: One of Europe's largest utility-scale solar developers and operators with multi-GW pipeline, backed by bp. Directly comparable to Cero on utility-scale PV + BESS development, project sales to infrastructure investors, and corporate PPA structuring across European geographies.
- RES (Renewable Energy Systems): UK-based renewable energy developer and EPC contractor with utility-scale solar, wind, and storage across Europe. Comparable on full lifecycle solar development and BESS co-location projects.
- Sonnedix: Global solar IPP with significant European operating portfolio (acquired by EDP in 2024 for ~€2.4B). Direct peer on utility-scale PV ownership, PPA-backed revenue model, and infrastructure-style asset rotation.
- Akuo Energy: French independent renewable energy developer with utility-scale solar, wind, and storage across Europe and emerging markets. Comparable on utility-scale PV development, project financing, and corporate PPA offtake structures.
- BayWa r.e. European renewables developer with utility-scale solar pipeline, project development through to operation and trading of solar assets. Comparable on multi-country European footprint and develop-to-sell business model.
Broad incumbents
- Iberdrola Renovables: Spanish utility's renewables arm with multi-GW European solar and wind portfolio including active projects in Spain and UK. Major incumbent competitor with deeper balance sheet but slower, more utility-driven development approach.
- Statkraft: Norwegian state-owned utility and Europe's largest generator of renewable energy with utility-scale solar, wind, and hydro. Broader incumbent with overlapping European solar IPP and PPA activities but operates at much larger scale across multiple renewable technologies.
- Enel Green Power: Italian utility's global renewables arm with one of the world's largest operating solar portfolios and active across Southern Europe. Broader incumbent competitor with deeper operational track record but less focused on pure-play solar development.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Cero Generation social profiles
Digital presenceCero Generation financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cero Generation leadership team
Management profileNumber of profiles
Profiles10 records
Cero Generation subsidiaries and ownership
Company hierarchySubsidiaries4 records
Cero Generation funding detail
Funding detailFunding overview
Funding rounds2 records
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cero Generation M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cero Generation
What does Cero Generation do?
Cero Generation is a European utility-scale solar PV and battery energy storage system (BESS) project developer and independent power producer. The company develops, finances, constructs, owns, and operates utility-scale solar farms and co-located storage projects across seven European countries, monetizing assets via long-term corporate Power Purchase Agreements (PPAs), electricity sales to the grid, and sale of ready-to-build project portfolios to infrastructure investors. Cero also develops agrivoltaic projects that co-locate agricultural activity with solar generation on the same land.
Is Cero Generation a public or private company?
Cero Generation is a private company. It is classified as corporate owned and is currently operating.
When was Cero Generation founded?
Cero Generation was founded in 2021. It employs 51 to 100 people.
Where is Cero Generation based?
Cero Generation is headquartered in London, United Kingdom, in the Europe region.
How does Cero Generation make money?
Three revenue lines are on record. Renewable Energy Generation and Sales are the primary driver. The others are project Development and Sale and corporate PPA Off-take.
Who are Cero Generation's main competitors?
Direct peers on record are EDF Renewables, Encavis AG, Lightsource bp, RES (Renewable Energy Systems), Sonnedix, Akuo Energy and BayWa r.e.. Broad incumbents are Iberdrola Renovables, Statkraft and Enel Green Power.
Does Cero Generation have an API?
No public API is recorded for Cero Generation.
What industry is Cero Generation in?
Cero Generation's product category is Solar Power Generation. Its primary akta.pro industry code is EUACAGAB, Utility-Scale PV EPC (Engineering, Procurement & Construction), with a secondary code of EUAEAAAG, Solar PV Power Plant EPC (Utility-Scale). Its NAICS code is 221114 and its SIC code is 4991.