- Northleaf Capital Partners has announced the divestment of its majority interest in NCP Mula Solar, a 494 MWp solar photovoltaic plant in Murcia, Spain. - The exit reflects the completion of Northleaf's value creation plan for Mula and will generate significant cash proceeds for its investors. - The transaction was carried out in collaboration with minority investment partner Qualitas Energy, selling to China Three Gorges, a leading clean energy group in China. - Mula is among Europe's largest operational solar plants with a strong financial profile supported by a long-term power purchase agreement and financing from top-tier banks. - The plant benefits from high solar irradiation levels and robust transmission networks, with potential for future renewable energy development. - Northleaf acquired a controlling interest in Mula in 2018 and managed its construction and optimization before initiating a structured sale process in late 2023. - Roderick Gadsby, Managing Director at Northleaf, emphasized the firm's ability to deliver value through mid-market infrastructure assets with stable cash flow and strong yields. - The closing of the transaction is anticipated in early 2025. - Northleaf was advised by Société Générale, Watson Farley & Williams, E&Y, and DNV during the transaction. - Northleaf Capital Partners manages over US$27 billion in private equity, private credit, and infrastructure commitments globally. - The firm employs a 275-person team located in multiple global cities, focusing on mid-market private market investments.

Northleaf Announces the Sale of Mula Solar Farm

December 31, 2024 03:00 AM Eastern Time

TORONTO--(BUSINESS WIRE)--Northleaf Capital Partners (“Northleaf”), a leading global private markets investment firm, today announced that funds under its management are divesting their majority interest in NCP Mula Solar (Spain), S.L. (“Mula”), a 494 MWp solar photovoltaic plant located in Murcia, Spain. This successful exit reflects the completion of Northleaf’s value creation plan for Mula and will generate significant 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), S.L.U., an indirect subsidiary of China Three Gorges Corporation, China’s leading clean energy group.

Mula is one of Europe’s largest operational solar plants and has a highly contracted financial profile, courtesy of an attractive long-term pay-as-produced power purchase agreement with an investment-grade counterparty and financing with top-tier banks. Mula benefits from some of the highest solar irradiation levels in Spain, robust transmission networks and the capacity to accommodate further renewable energy development.

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,” said Roderick Gadsby, Managing Director & Head of European Infrastructure at Northleaf. “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).

About Northleaf Capital Partners

Northleaf Capital Partners is a global private markets investment firm with more than US$27 billion in private equity, private credit and infrastructure commitments raised to date from public, corporate and multi-employer pension plans, endowments, foundations, financial institutions and family offices. Northleaf’s 275-person team is located in Toronto, Chicago, London, Los Angeles, Melbourne, Menlo Park, Montreal, New York, Seoul and Tokyo. Northleaf sources, evaluates and manages private markets investments, with a focus on mid-market companies and assets. For more information on Northleaf, please visit www.northleafcapital.com.

This document is for informational purposes only and does not constitute a general solicitation, offer or invitation in any Northleaf-managed funds in the United States or in any other jurisdiction and has not been prepared in connection with any such offer.

Contacts


Sneha Satish
Stanton
t: +1.646.502.3556
e: ssatish@stantonprm.com

Gina Lee
Northleaf
Director, Corporate Communications & Investor Relations
t: +1.416.389.7667
e: gina.lee@northleafcapital.com