Cero Generation

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.

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

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

• Utility-scale solar development
• Battery energy storage systems
• Renewable energy generation
• Corporate power purchase agreements
• Agrivoltaic solar projects

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Infrastructure, Technology or R&D, Operations, Personnel, Supply Chain, Marketing or Sales

Revenue model

1. 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.
2. 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).
3. 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

Core 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

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Twelve partnerships are on record, tiered minor and core.

• Gulermak RenewablesminorChannel Partner/ Reseller/ Distributor · 8 June 2026Turkish conglomerate acquiring 19.3-MWp ready-to-build solar project in West Sussex from Cero Generation. Secured CfD in Allocation Round 7.
• Enso EnergycoreStrategic or Co-development Partner · 24 February 2026UK 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)minorImplementation/ SI/ Consulting Partner · 24 February 2026EPC 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 GroupminorImplementation/ SI/ Consulting Partner · 28 August 2024EPC contractor for Delfini 100MW project in Greece. Joint company established in Greece with extensive European solar project experience (500+ projects, 1,000+ MWp completed).
• ElmyaminorImplementation/ SI/ Consulting Partner · 18 August 2024EPC 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 GroupminorImplementation/ SI/ Consulting Partner · 18 August 2024Construction contractor for Larks Green solar farm (64 GWh capacity) in South Gloucestershire, UK.
• Fattoria Solidale del CirceominorOthers · 16 November 2023Social 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 SolarminorStrategic or Co-development Partner · 26 July 2023Originally 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 vogtcoreChannel Partner/ Reseller/ Distributor · 23 February 2023Co-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.
• WattcropcoreStrategic or Co-development Partner · 12 July 2021Joint 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 RenewablescoreStrategic or Co-development Partner · 20 May 2021Partner 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)coreStrategic or Co-development Partner · 20 May 2021French 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

Direct 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

• Xx.com/CeroGeneration
• LinkedInlinkedin.com/company/cero-generation

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries4 records

Funding overview

Funding rounds2 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cero Generation