Northleaf Capital Partners, a global private markets investment firm, has announced the sale of its majority stake in NCP Mula Solar, a 494 MWp solar photovoltaic plant in Murcia, Spain. This successful transaction marks the completion of Northleaf’s value creation plan for Mula and will deliver substantial returns to its investors. The sale was conducted jointly with minority partner Qualitas Energy to China Three Gorges (Spain), S.L.U., a subsidiary of China Three Gorges Corporation, a leading clean energy company in China.
Mula is one of Europe’s largest operational solar plants, featuring a strong financial foundation. It operates under a long-term pay-as-produced power purchase agreement with an investment-grade counterparty and benefits from financing by top-tier banks. Located in a region with some of Spain’s highest solar irradiation levels, Mula is supported by robust transmission networks and holds potential for further renewable energy development.
Roderick Gadsby, Managing Director & Head of European Infrastructure at Northleaf, stated, “Northleaf’s successful sale of Mula underscores our ability to consistently deliver value by focusing on mid-market infrastructure assets with stable cash flow, strong yield and inflation linkage. Our approach to bilaterally sourcing, prudently growing, de-risking, and opportunistically exiting core infrastructure assets is how we achieve attractive returns for our investors across market cycles.”
Northleaf Capital Partners acquired a controlling interest in Mula Solar in 2018 and successfully managed its construction and optimization. In late 2023, Northleaf initiated a structured sale process, with the transaction expected to close in early 2025. The sale was supported by advisory services from Société Générale (financial), Watson Farley & Williams (legal), E&Y (accounting and tax), and DNV (technical), ensuring a smooth and well-structured process.
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