Matrix bags USD-217m building and construction loan for solar-storage pair

• International renewable energy platform Matrix Renewables claimed on Tuesday that it has actually protected USD 217 million (EUR 220m) in building money for a pair of solar power projects with energy storage in California.

The loaning consists of the company's very first US building and construction loan, tax equity swing loan and back-levered term loan facility. The total amount was provided by lenders MUFG (TYO:8306), HSBC (LON: HSBA), National Bank of Canada (TSE: NA) and Commonwealth Bank, Matrix Renewables stated.

The funds will support the Gaskell West 2 and also 3 projects, which will include 143 MW of direct existing (DC) solar power producing capacity as well as 80 MWh of energy storage. Building and construction at the website in California's Kern County is "well advanced", according to the statement from the company.

The Gaskell West projects are completely contracted, having in area five lasting power acquisition agreements (PPAs) with utilities and also cities in California.

The current loan follows a tax equity funding of USD 92 million that Matrix safeguarded in June 2022 to back the Gaskell West schemes.