Watson Farley & Williams supported Northleaf Capital Partners (“Northleaf”) and Qualitas Energy, on the negotiation and execution of a long-term power purchase agreement (“PPA”) regarding their 493.92 MW photovoltaic (“PV”) plant situated in the municipality of Mula in Murcia in South East Spain.

Long-standing WFW client Northleaf is an international private markets investment firm with US$22bn+ in capital commitments raised to date and a successful long-term track record as a mid-market infrastructure investor. Its Mula PV plant is one of the largest PV plants in Europe.

Also a historic client of WFW, Qualitas Energy is a leading investment and management platform focussed on renewable energy, energy transition, and sustainable infrastructure investment. Its existing portfolio currently holds more than 3.3 GW of operating and development energy assets, including more than
1 GWp of solar PV, 242 MW of solar thermal power (CSP), 1.5 GW of wind, 63 MW of battery and 435 MW of renewable natural gas assets across Spain, Germany, the UK, Italy and Poland.

The WFW Madrid Energy team that advised Northleaf and Qualitas Energy was led by Corporate Partner and WFW Madrid Office head María Pilar García Guijarro, working closely with Regulatory Partner David Diez and assisted by Corporate Senior Associate Héctor Suárez and Corporate Associate Juan Lozano.

María Pilar commented: “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”.