Northleaf Capital Partners announced the divestiture of its majority interest in the 494 MWp Mula solar photovoltaic plant in Spain to China Three Gorges Corporation, marking a successful exit following a value creation strategy.

Target Information

The deal involves the divestiture of Northleaf Capital Partners' majority interest in NCP Mula Solar (Spain), S.L. (“Mula”), a significant solar photovoltaic plant in Murcia, Spain, boasting a capacity of 494 MWp. Recognized as one of the largest operational solar plants in Europe, Mula operates under a highly contracted financial framework, supported by a long-term pay-as-produced power purchase agreement with an investment-grade counterparty. Additionally, the plant is backed by financing from top-tier banks, making it an attractive asset for investors.

Mula's location in Spain provides it with some of the highest solar irradiation levels in Europe, along with robust transmission infrastructure that supports potential future renewable energy developments. This strategic positioning enhances the plant's viability and value in the growing renewable energy sector.

Industry Overview in Spain

The renewable energy sector in Spain has witnessed rapid growth and innovation in recent years, driven primarily by governmental incentives aimed at reducing carbon emissions and transitioning towards sustainable energy s