In a significant development, Northleaf Capital Partners and Qualitas Energy have finalised a substantial power purchase agreement for one of Europe’s largest photovoltaic plants in Spain. This move underscores the appeal of Spain’s renewable energy sector to international investors. Watson Farley & Williams played a crucial role in advising the parties involved. The involvement of leading law firm WFW highlights their expertise in complex renewable energy agreements.
Northleaf Capital Partners and Qualitas Energy have successfully negotiated and executed a long-term power purchase agreement (PPA) for their 493.92 MW photovoltaic plant located in Mula, Murcia, South East Spain. This development marks a significant step for both companies, reinforcing Spain’s position as an attractive destination for renewable energy investment on a global scale. The Mula PV plant stands among the largest in Europe, reflecting Northleaf’s robust portfolio and commitment to sustainable energy projects.
Northleaf, a prominent player in international private markets, has raised over US$22 billion in capital commitments and boasts a solid track record in mid-market infrastructure investment. This PPA enhances their involvement in the renewable sector, further demonstrating their strategic investment in sustainable infrastructure.
Qualitas Energy, a key figure in renewable energy management, has an impressive portfolio exceeding 3.3 GW of operating and development energy assets. Their diverse holdings include more than 1 GWp of solar PV and substantial investments in wind, solar thermal power, batteries, and renewable natural gas across multiple countries.
The legal team at Watson Farley & Williams, led by Corporate Partner and head of WFW Madrid Office María Pilar García Guijarro, alongside Regulatory Partner David Diez, played a pivotal role in advising Northleaf and Qualitas Energy. Their expertise was crucial in navigating the complex legal landscape associated with the PPA. Corporate Senior Associate Héctor Suárez and Corporate Associate Juan Lozano also contributed significantly.
María Pilar García Guijarro remarked on the occasion, stating, “It was a great pleasure to have been able to continue to assist our clients Northleaf and Qualitas Energy regarding the Mula PV plant. The execution of this PPA highlights both the attractiveness of the Spanish renewable energy market to major international investors, as well as WFW’s position as a leading law firm in the renewables sector with extensive experience advising on highly complex PPAs.”
The completion of this PPA confirms Spain’s growing appeal to international investors in the renewable energy sector.
