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Supporting the transition to a net-zero future with European solar

21 April 2021

Cero Generation was established in 2021 by Macquarie’s Green Investment Group (GIG) as a stand-alone specialist solar energy company working across Europe to support the transition to a net-zero future. Cero already has one of Europe’s largest solar development portfolios with over 8 GW under development across 150 projects.

Key facts

8+ GW

solar development pipeline

150 projects

in development

27 MW

operational rooftop portfolio


In key markets around the world we are building renewable energy development pipelines by acquiring and investing in development companies, forming joint ventures or developing projects directly.

Solar energy has a significant role to play in the global transition to net-zero. With costs having fallen by 82% since 2010, and continuing to fall, it’s now one of the lowest cost forms of new energy in most markets.1

This has helped drive the deployment of 150 GW of solar capacity across Europe to date,2 and there’s much more to come.3 Europe’s installed solar capacity is expected to more than double within this decade, creating the potential for solar to provide over 60% of the generation mix across the region by the middle of this century.4

Companies and energy-intensive industries are increasingly looking to take advantage of the cost and decarbonisation benefits presented by solar through Power Purchase Agreements (PPAs) or on-site generation.

"The launch of Cero Generation marks an important milestone in GIG’s ambition to create Europe’s leading solar development company. An agile, flexible, development-focused business, backed by the global expertise, resources and reach of GIG, Cero is the perfect vehicle to propel us forward to the next stage of that journey."

Edward Northam
Head of GIG Europe


GIG has responded to this growing demand by creating a stand-alone, specialist solar energy business, Cero Generation. Cero consolidates GIG’s European solar portfolio which, with 8 GW over 150 projects, is one of the largest solar development portfolios in the region.

Cero is a full-service business within the solar space, developing utility scale solar, onsite generation and integrated storage. It works across the project lifecycle, taking projects from origination, through development and construction, and into operation.

Backed by the global expertise, resources and reach of GIG, Cero is an agile, development-focused business. Its team of over 40 solar energy experts - led by CEO Nikolaj Harbo – previously worked within GIG’s European development team and are based across its six key markets - the UK, Italy, Spain, Poland, France and the Netherlands.

"In just two years, GIG created one of Europe’s largest solar development portfolios and assembled a world-class team of experts. Our ambition is to continue on this phenomenal growth trajectory, transforming Cero into Europe’s leading solar energy company, and helping deliver the continent’s net-zero ambition."

Nikolaj Harbo
CEO, Cero Generation


Cero's ground-mounted utility-scale projects offer strategic and financial investors opportunities to acquire ready-to-build, or fully commissioned, high-quality, high-performance solar generation assets. Through its on-site, behind the meter projects, Cero develops, finances, builds, owns and operates assets for commercial and industrial customers to help them reduce energy bills, enhance their reputation and achieve decarbonisation goals.

Cero has recently partnered with retailer Tesco on a multi-year programme to develop and build onsite solar PV installations across the UK. Cero provides power through a PPA providing long-term certainty over electricity costs and helping Tesco work toward its commitment of using 100% renewable electricity by 2030.

The agreement follows a similar partnership with Anglian Water, where Cero is delivering one of the largest, onsite, behind the meter solar PV arrays in the UK and providing power through a PPA. This is significantly contributing to Anglian Water’s sustainability targets including a commitment to becoming carbon neutral by 2030.

In Italy’s Sardinia region, the Bolotana 6 MW PV plant is the first project in Italy where Cero will engage in construction activities and is expected to be followed by the construction of a further 9 MW in an adjacent location.

Keep up to date with Cero's latest projects and information here.

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