Energy
| Sector | Energy transition |
| Sub-sector | Solar and storage |
| Location | Europe |
Both in Europe and globally, solar remains the fastest growing renewable energy technology.2 2023 marked the third record-breaking year in a row for solar photovoltaic installations in the EU, with an annual growth rate of 40 per cent.2
Policymakers are depending on the technology more than ever before, with targets for solar energy increasing by an average of 87 per cent across EU countries over the past five years.3
To integrate this volume of new generating capacity into Europe’s energy systems, however, significant upgrades to grid networks are required. Alongside this, greater investment is needed in battery storage, which will play an increasingly important role as the industry works to create flexible, low-carbon energy systems.4
Faced with congested grids and volatile energy prices, solar companies must carefully navigate complex market dynamics, and require deep technical expertise and technological innovation. Businesses that can optimise grid utilisation and integrate storage and flexibility solutions will play a key role in driving the sector’s next phase of growth.
Cero leverages deep local expertise and rigorous development processes to identify, develop, build and operate utility-scale solar energy and battery projects.
Upon launch, Cero took on board 150 projects and Macquarie’s specialist solar development team. As an independent business, backed by Macquarie’s expertise, global reach and resources, Cero has continued to expand its portfolio and established an array of in-house capabilities.
Macquarie has supported Cero to develop its team of in-house experts and the business continues to attract leading talent from across the sector. Cero’s executive team holds an average of more than 20 years of industry experience and is well positioned to guide the business through its next stage of growth.
Outcome
This includes industry and country firsts, such as Greece’s first utility-scale subsidy-free project and the UK’s first transmission-connected solar and battery energy storage system.6,7
Recognising that grid capacity is becoming a material industry challenge, Cero has become an early mover in developing co-located solar and battery storage assets, and transmission-connected solar plants. Cero is looking to unlock new market opportunities, optimise grid utilisation and create innovative offtake solutions.
years of operation with a rapid growth trajectory
utility-scale projects under development
pan-European experts in total8
With one of the biggest European solar and energy storage development pipelines, we continue to be excited by the vast potential of Cero Generation. The business has only been operational for three years and has already shown its ability to be a significant market player. From pioneering industry-first transmission-connected co-located solar and battery energy storage system projects, to supporting grid optimisation initiatives, Cero is at the core of a fast-moving market with high levels of demand.”
Mark Dooley
Global Head, MAM Green Investments
Macquarie Asset Management
