Northleaf Announces the Sale of Mula Solar Farm

TORONTO — Northleaf Capital Partners (Northleaf), a prominent global private markets investment firm, has publicly stated that its funds are selling their majority interest in NCP Mula Solar (Spain), S.L. (Mula), a significant solar photovoltaic plant boasting a capacity of 494 MWp located in Murcia, Spain. This strategic divestment represents the successful conclusion of Northleaf’s value enhancement plan for Mula and is expected to yield considerable financial returns for Northleaf’s investors.

The transaction takes place with minority partner Qualitas Energy as they enter into a joint sale to China Three Gorges (Spain), S.L.U., which is an indirect subsidiary of the renowned China Three Gorges Corporation known for its leadership in the clean energy sector in China.

Mula is among Europe’s largest operational solar facilities, characterized by a robust financial framework. The plant is backed by a long-term power purchase agreement with an investment-grade partner and financing from top-tier banking institutions. Furthermore, Mula enjoys some of Spain's best solar irradiation levels, strong transmission infrastructure, and potential for additional renewable energy development.

Northleaf funds secured a controlling stake in Mula in 2018, overseeing both its construction and optimization before initiating a structured sale process in late 2023.

Roderick Gadsby, Managing Director and Head of European Infrastructure at Northleaf, emphasized that the successful sale of Mula showcases Northleaf's ability to consistently generate value by concentrating on mid-market infrastructure investments that deliver stable cash flow, strong yields, and inflation linkage. He asserted, "Our strategy of bilaterally sourcing, tactically expanding, minimizing risks, and strategically exiting core infrastructure assets is what allows us to provide substantial returns for our investors across various market conditions."

The transaction is projected to close in early 2025, marking a significant milestone for Northleaf.

In terms of advisory, Northleaf was supported by Société Générale for financial services, Watson Farley & Williams for legal aspects, E&Y for accounting and tax consulting, and DNV for technical advisory services.

About Northleaf Capital Partners

Northleaf Capital Partners is a leading private markets investment firm with over USD 27 billion in private equity, private credit, and infrastructure commitments sourced from a diverse range of investors including public pension plans, corporate pension plans, endowments, foundations, financial institutions, and family offices. With a dedicated team of 275 professionals, Northleaf operates globally, with offices in cities such as Toronto, Chicago, London, Los Angeles, Melbourne, Menlo Park, Montreal, New York, Seoul, and Tokyo. The firm specializes in sourcing, evaluating, and managing private market investments, focusing predominantly on mid-market companies and assets. For more insights, please visit Northleaf Capital Partners.

solar, investment, energy