The deal, which includes the joint sale of a 100% equity interest, marks the fulfilment of Northleaf’s value creation plan for Mula, delivering significant cash returns to investors. It was executed alongside minority partner Qualitas Energy.
Mula Solar, one of Europe’s largest operational solar plants, has a highly contracted financial profile, supported by a long-term power purchase agreement with an investment-grade energy company, signed in February 2023, and financing from several banks.
The plant obtains high solar irradiation levels in Spain with access to robust transmission networks, and has the potential for further renewable energy development.
Since acquiring a controlling interest in Mula in 2018, funds managed by Northleaf have supervised the construction and optimisation of the plant. A structured sale process was initiated in late 2023. This exit is expected to close in early 2025.
Northleaf European Infrastructure managing director and head Roderick Gadsby stated: “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.”
“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.”
Northleaf’s advisory team for the transaction comprised Société Générale for financial advice, Watson Farley & Williams for legal counsel, E&Y for accounting and tax services and DNV for technical guidance.
