Mula: Northleaf Sells Majority Stake in Major Solar Plant
Deal News | Dec 31, 2024 | Northleaf Capital Partners
Northleaf Capital Partners, a global private markets investment firm, announced the divestment of their majority interest in NCP Mula Solar—a 494 MWp solar photovoltaic plant situated in Murcia, Spain—to China Three Gorges (Spain), a subsidiary of China Three Gorges Corporation. This transaction involved Northleaf's minority investment partner, Qualitas Energy, in a joint sale. Mula, one of Europe’s largest operational solar plants, is backed by a robust financial profile achieved through strategic partnerships, high solar irradiation levels, and the potential for renewable energy development. Northleaf acquired control of Mula in 2018, oversaw its construction and optimization, and initiated its sale in late 2023. The deal is anticipated to close early in 2025. This divestment aligns with Northleaf's infrastructure investment strategy, focused on delivering stable cash flows and inflation-linked returns. The firm was advised by Société Générale, Watson Farley & Williams, Ernst & Young, and DNV on the transaction.
Sectors
- Renewable Energy
- Private Equity
- Infrastructure Investment
Geography
- Spain – The solar plant, Mula, is located in Murcia, Spain, making it central to the transaction.
- Canada – Northleaf Capital Partners is based in Toronto, Canada, making it geographically relevant.
- China – China Three Gorges Corporation, the buyer of the Mula solar plant, is based in China.
Industry
- Renewable Energy – The article involves the sale of a large solar photovoltaic plant, indicating activity within the renewable energy sector.
- Private Equity – Northleaf Capital Partners, a private equity firm, is involved in the divestment transaction of the solar plant.
- Infrastructure Investment – The transaction involves mid-market infrastructure assets with stable cash flows, which is a focus of Northleaf Capital Partners.
Financials
- Not specified – The financial terms of the sale of Mula Solar were not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Northleaf Capital Partners | Selling Company | Company | A global private markets investment firm managing funds involved in this divestment. |
| NCP Mula Solar (Spain), S.L. | Target Company | Company | The 494 MWp solar photovoltaic plant being sold. |
| China Three Gorges (Spain), S.L.U. | Bidding Company | Company | The purchaser of Mula solar plant, a subsidiary of China Three Gorges Corporation. |
| Qualitas Energy | Other Company | Company | Minority investment partner involved in the joint sale of Mula. |
| Société Générale | Financial Advisor | Company | Financial advisor for the transaction. |
| Watson Farley & Williams | Legal Advisor | Company | Provided legal advice for the transaction. |
| Ernst & Young (E&Y) | Accounting & Tax Advisor | Company | Advisor on accounting and tax for the transaction. |
| DNV | Technical Advisor | Company | Technical advisor for the transaction. |