Funds under management of Northleaf Capital Partners, a global private markets investment firm, are divesting their majority interest in NCP Mula Solar (Spain), a 494 MWp solar photovoltaic plant located in Murcia, Spain. This exit is aimed at generating cash proceeds for Northleaf’s investors. The transaction was conducted alongside minority investment partner Qualitas Energy in a joint sale to China Three Gorges (Spain), an indirect subsidiary of China Three Gorges, a clean energy group in China.
Funds managed by Northleaf acquired a controlling interest in Mula in 2018 and oversaw the plant’s construction and optimization before launching a structured sale process in late 2023.
“Northleaf’s successful sale of Mula underscores our ability to consistently deliver value by focusing on mid-market infrastructure assets with stable cashflow, strong yield and inflation linkage,” Roderick Gadsby, managing director and head of European infrastructure at Northleaf, said. “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.”
Closing of the transaction is expected to take place in early 2025.
Northleaf was advised on the transaction by Société Générale (financial), Watson Farley & Williams (legal), E&Y (accounting & tax) and DNV (technical).
