Qualitas Energy announces the sale of the Spanish 494 MWp Mula solar PV plant to China Three Gorges Spain

Qualitas Energy, a global investment and management platform focused on renewable energy, energy transition, and sustainable infrastructure investment, announced today the sale of the Mula photovoltaic solar plant (“Mula”), to China Three Gorges Spain, a subsidiary of CTG Europe and part of China Three Gorges Corporation, the world’s largest developer and operator of hydroelectric power and China’s leading clean energy group.

This successful exit was executed in partnership with Northleaf Capital Partners, a leading global private markets investment firm, in a joint sale of 100% equity interest.

Mula, located in the Region of Murcia, Spain, has an installed capacity of 494 MWp, making it one of the largest photovoltaic generation projects in Europe. In 2023, a refinancing operation was completed with the participation of several financial institutions experienced in structured finance for renewable energy projects. Also in 2023, a Power Purchase Agreement (PPA) was signed for the sale of Mula’s generated energy to a global energy leader for the next 10 years.

Manuel Espinosa, Partner at Qualitas Energy, stated: “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 decarbonized economy. It also highlights our dedication to delivering strong, sustainable value for our investors”.

Closing of the transaction remains subject to customary processes and is anticipated to be completed within the first quarter of 2025.

Qualitas Energy was advised on the transaction by Greenhill (financial), Watson Farley & Williams (legal), E&Y (accounting & tax), and DNV (technical).

About Qualitas Energy

Qualitas Energy is a leading investment and management platform focused on renewable energy, energy transition, and sustainable infrastructure investment.

Since 2006, the Qualitas Energy team has managed investments of more than €12 billion in renewable energy worldwide. These investments have been deployed through five vehicles: Fotowatio / FRV, Vela Energy, Qualitas Energy III, Qualitas Energy IV, and Qualitas Energy V.

Qualitas Energy’s existing portfolio currently holds 11 GW of operating and development energy assets across Spain, Germany, the UK, Italy, Poland, Chile, and the United States. This includes 7 GWp of solar PV assets, 4 GW of wind energy assets, 242 MW of concentrated solar power (CSP) assets, 60 MW of hydroelectric power assets, 6 MW of battery storage assets, and 1.8 TWh of biomethane assets.

Since 2020, Qualitas Energy has produced sufficient energy to power 1.54 million homes and, since 2021, has successfully avoided emissions of 1.32 million metric tons of CO2 equivalent.

The Qualitas Energy team is composed of more than 540 professionals across fifteen offices in Madrid, Berlin, London, Milan, Hamburg, Wiesbaden, Trier, Cologne, Stuttgart, Warsaw, Wroclaw, Santiago, Durham, Bristol, and Edinburgh.

Please visit qualitasenergy.com for further information.