(Source: Shutterstock.com)
Funds managed by private equity firm Northleaf Capital Partners are divesting a majority interest in solar farm NCP Solar Mula in Murcia, Spain, the global private markets investment firm said on Dec. 31.
Minority investment partner Qualitas Energy participated in the sale to China Three Gorges (Spain) SLU, an indirect subsidiary of clean energy company China Three Gorges Corp.
Northleaf acquired a controlling interest in the Mula solar farm in 2018. Upon completion of the firm’s value creation plan for construction and optimization of the photovoltaic plant, Northleaf launched a structured sale process in 2023.
Mula holds a long-term pay-as-produced power purchase agreement with an investment-grade counterparty, Northleaf said.
The transaction is expected to close in early 2025. Financial terms were not disclosed.
Northleaf’s financial adviser was Société Générale. Watson Farley & Williams provided legal counsel; EY, accounting and taxes advice; and DNV, technical advice.
Recommended Reading
PHX Minerals Explores Sale After Rejecting Acquisition Bids
2024-12-13 - PHX Minerals hired bankers to explore a potential merger or sale of the firm, which manages assets across the Midcontinent and Haynesville Shale play. PHX has rejected multiple unsolicited acquisition bids in the past two years.
Diamondback Subsidiary to Invest $50MM in Verde Clean Fuels
2024-12-19 - Diamondback Energy subsidiary Cottonmouth Ventures LLC’s investment will consist of buying 12.5 million shares of Verde Class A common stock, making Cottonmouth the company’s second largest shareholder.
Exxon: Longer Laterals, Cube Well Design Lowering Permian Costs
2024-12-11 - Exxon Mobil is boosting spending to grow global oil and gas production by 18% by 2030. U.S. rival Chevron Corp. recently said it’s cutting spending in favor of free cash flow.
Chevron Closes $6.5B Sale of Canadian Oil Sands
2024-12-10 - Canadian Natural Resources Ltd. completed its $6.5 billion deal to acquire Chevron’s Canadian oil sands assets as well as a 70% stake in Duvernay Shale assets.
Asset Manager Buys SandRidge Stake, Looks for More Midcon M&A
2024-10-22 - Investment manager Third Avenue believes Midcon E&P SandRidge Energy is primed for M&A and a boost to shareholder returns.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.