Northleaf Capital Partners finally closes the sale of Mula, the solar ‘megaproject’ that the Canadian fund had until now in the region of Murcia with 494 MW of capacity. The operation has been closed with the transfer of ownership of the asset to China Three Gorges. The foreign buyer thus manages to complete one of the largest renewable energy transactions in the countryafter having tried to buy the Saeta Yield group from Brookfield and having been interested in Acciona’s Hive project.
The operation has been closed for nearly 500 million euros, according to ‘Expansión’. The transaction has been advised by Societe Generale, BBVA and greenhill in the financial spectrum. The offices Watson Farley & Williams and A&O Shearman They have been the legal advisors.
CTG was one of the interested parties in this asset for months, according to elEconomista.es last May. The company had been monitoring the national market for months, where it has been taking positions since it entered the Portuguese EDP in 2011 with the acquisition of 20% of the capital.
So far, in 2024, the operations in which he was interested have failed. One of them was the Hive project, from Acciona, now reissued. The second major process that whetted CTG’s appetite was Saeta Yield, which ended up in the hands of Masdar.
The operation represents another step in unblocking renewable sales, although 2024 ends with operations such as Mamba (Exxus) to close.
Refinanced project
Northleaf refinanced Mula’s debt last year with Qualitas Energy. The debt was refinanced with the participation of BBVA, EDC, DekaBank, Unicaja and Bankinter. The loan, of 280 million euros, was classified as “green.” The company highlighted that the closing of this operation came “in a volatile and complex environment, both in the capital markets and in the Spanish electricity sector.”
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