Author: PPD Team Date: 03/01/2025
Northleaf Capital Partners has sold its majority stake in the 494 megawatts peak (MWp) Mula photovoltaic solar plant in Murcia, Spain, to China Three Gorges Spain, a subsidiary of the China Three Gorges Corporation.
The deal, executed with minority partner Qualitas Energy, includes the sale of a 100% equity interest and is part of Northleaf’s value creation plan, yielding significant cash returns to investors.
Mula Solar, one of Europe’s largest operational solar plants, has a long-term power purchase agreement with an investment-grade energy company signed in February 2023. It also benefits from high solar irradiation, robust transmission access, and further renewable energy development potential.
Northleaf acquired a controlling stake in 2018 and oversaw the plant’s construction and optimisation. A structured sale process was initiated in late 2023, with the exit expected to close in early 2025.
Northleaf European Infrastructure head Roderick Gadsby highlighted the firm’s success in creating value through mid-market infrastructure assets with stable cashflows and strong yields.
Société Générale, Watson Farley & Williams, E&Y, and DNV advised on the transaction.