Northleaf Capital Partners has announced that funds under its management are divesting their majority interest in NCP Mula Solar (Spain), S.L., a 494-megawatt-peak solar photovoltaic plant located in Murcia, Spain.
Mula is one of Europe’s largest operational solar plants. It 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 said this exit reflects the completion of Northleaf’s value-creation plan for Mula and will generate significant cash proceeds for Northlea
