Univergy Solar sells 50% of its stake in Nara Solar to Cero Generation, an independent portfolio company of Macquarie Asset Management’s Green Investment Group (GIG), which will strengthen the financial structure of the Univergy group.
- Univergy Solar and Cero Generation have announced the purchase agreement for 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.
- This sale will allow Univergy Solar to strengthen the Group’s financial structure and continue with the implementation of its strategic plan.
- Cero will bring Nara Solar’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.
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 strategic operation for both companies. Univergy thus strengthens the Group’s financial structure and consolidates the implementation of its strategic plan. On the other hand, Cero continues to expand its portfolio by adding the Nara Solar pipeline that covers Spain, France and the Netherlands.
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.”
Marta Martinez Queimadelos, CEO of Cero Generation, said: “We are delighted to welcome Nara Solar to Cero, having worked with the brilliant team at Univergy to create this thriving platform and see 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.”
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 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.
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 Spain, France and Holland.