Sunday, May 19, 2024

Linklaters counsels Cero Generation on stake acquisition in Nara Solar

Linklaters Spain has advised Cero Generation on the acquisition of Univergy Solar's 50% stake in Nara Solar, making Cero the sole owner of the European solar developer


Nara Solar, a developer specialising in utility-scale early-stage photovoltaic solar energy projects operating across Europe, was launched in 2019 as a 50:50 joint venture between Cero and Univergy Solar (Univergy). Today, 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 key strategic acquisition for Cero, which continues to rapidly expand its growing portfolio – currently over 11GW – and its geographical reach. With Nara Solar’s portfolio including 1GW of solar in development and an early-stage pipeline of over 1GW, spanning Spain, France and The Netherlands, the transaction reflects Cero’s growth and position as a leading player in the European renewables industry.

The acquisition will bring together two teams of professionals with extensive market expertise and a shared mission of driving forward Europe’s transition to net zero.

Univergy, a company specialising in the development of solar, wind, green hydrogen and BESS projects, has a solid track record proven by long-term global partnerships.

Marta Martinez Queimadelos, CEO of Cero Generation, said: “We are delighted to welcome Nara Solar fully into Cero, having worked with the brilliant team at Univergy to create this thriving platform and seeing 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.”

Yago Acon, CEO of Nara Solar, said: “From our inception, we have grown extensively due to our relentlessly innovative and experienced team. We’ve always had great ambitions for Nara Solar, and now we are excited to step into this next phase, bolstering our expertise and extending our reach as part of the Cero group. We’re joining a company that is leading the solar transition across Europe, allowing us to now grow and deliver more impactful clean energy projects.”

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.”

Linklaters’ Corporate and Public Law team was led by José María López San Claudio, together with Jorge Toral, Lucía Herrero García, Laura Regas Rosell and Alejandra Arribas Turrado.

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