Deloitte and EY advise on the acquisition of NCP Mula Solar
Deloitte Legal and EY Abogados have advised on the acquisition of NCP Mula Solar, with an installed capacity of 493.7 MWp, from Northleaf (81%) and Qualitas Energy (19%), by China Three Gorges (CTG), one of China’s leading clean energy providers.
NCP is located in Mula (Murcia, southeastern Spain), one of the most irradiated regions in Spain and southern Europe. The plant benefits from a long-term contracted revenue profile, thanks to a PPA (Power Purchase Agreement) with an investment-grade international counterparty and an estimated annual production of 800 GWh, which represents approximately 35% of the total solar PV production in the region. With these figures, the plant is positioned as a key market maker in ancillary services revenues.
This acquisition, which will be CTG’s flagship project in Europe, allows the company to access critical mass and economies of scale in Spain due to its significant presence in the country, with close to 1.9 GW of operational renewable capacity. It also becomes a key transaction a few months after the latest collaboration with China Three Gorges International Ltd., CTG’s main overseas investment platform, following the signing of a green loan in September last year.
Deloitte’s support in this transaction has integrated financial and tax capabilities, both in the area of due diligence and tax structuring, all within the framework of the end-to-end strategy on which the differential M&A service offered by Deloitte is based.
Advisors
The Deloitte Legal team has advised China Three Gorges (CTG) in the transaction, composed, among others, by: Javier Pérez Olivares (partner), Sergio Ramirez Soto (senior associate) and Carlota Rosanas Lopez (manager). The transaction team has been formed mainly by: David Díez García (partner) and Manuel Bolaños García (manager).
EY Abogados has acted as tax advisors to the sellers (Northleaf and Qualitas Energy) in this transaction with a team led by partner Silvia Alonso. Also, with senior managers Noelia Baranda and Matilde Gómez, and senior associate Leire Bárcena.