China Three Gorges Corporation is acquiring a 494MWp photovoltaic solar plant in Spain from Northleaf Capital Partners and Qualitas Energy.
Northleaf and Qualitas Energy said they have sold their respective majority and minority stakes in the Mula solar plant to a Spanish division of the Chinese state-owned power company.
Financial details were undisclosed.
Mula, situated in the Region of Murcia, became part of Northleaf’s portfolio in 2018 when the firm acquired a controlling interest. Northleaf managed the plant’s construction and optimisation, initiating a sale process in late 2023.
Roderick Gadsby, managing director and head of European infrastructure at Northleaf, said: “Northleaf’s successful sale of Mula underscores our ability to consistently deliver value by focusing on mid-market infrastructure assets with stable cash flow, 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.”
Manuel Espinosa, partner at Qualitas Energy, said: “We are pleased to hand over this asset to such an experienced partner as China Three Gorges Spain.
“This successful divestment will enable us to continue our investments in renewable energy sources in Spain and internationally, reinforcing our commitment to driving the change towards a decarbonised economy. It also highlights our dedication to delivering strong, sustainable value for our investors.”
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