Matrix Secures Funding for Texas Solar Initiative

• Matrix Renewables powers forward in Texas with $376M financing for its 210-MWac Stillhouse Solar project, set to energize Hyundai by 2025!

Matrix Renewables, a Spain-based renewable energy platform, has secured financing for its 210-MWac Stillhouse Solar project in Bell County, Texas. The financing consists of a preferred equity investment from Acadia Infrastructure and $376 million in debt from a lender consortium led by MUFG. Microsoft has also purchased environmental attribute certificates from the project.

Construction is currently underway, with the solar plant expected to begin commercial operations in the third quarter of 2025. Once completed, it will supply electricity to Hyundai Motor and its affiliates through a 15-year power purchase agreement. Matrix acquired the project from OCI Solar Power in June 2022.

What are the key details of Matrix Renewables' Stillhouse Solar project in Texas?

Here are the key details of Matrix Renewables' Stillhouse Solar project in Texas, presented in a bulleted list:

• Project Name: Stillhouse Solar
• Location: Bell County, Texas
• Capacity: 210 MWac (megawatts alternating current)
• Financing:
• Preferred equity investment facilitated by Acadia Infrastructure
• $376 million in debt from a consortium of lenders, headed by MUFG (Mitsubishi UFJ Financial Group)
• Estimated Commercial Operations Start Date: Expected in the third quarter of 2025
• Construction Status: Currently underway
• Power Purchase Agreement: Signed with Hyundai Motor and its affiliates for a duration of 15 years, ensuring a steady supply of electricity
• Environmental Attribute Certificates: Microsoft has purchased environmental attribute certificates generated by the solar project, highlighting its commitment to sustainability
• Acquisition History: Matrix Renewables acquired the Stillhouse Solar project from OCI Solar Power in June 2022, indicating a strategic move to expand its renewable energy portfolio in the U.S.
• Strategic Importance: The project is part of Texas's broader efforts to enhance its renewable energy capacity, further diversifying the state's energy landscape.
• Impact on Local Economy: The construction and operation of the solar facility are expected to create job opportunities and contribute positively to the local economy.
• Energy Contribution: Once operational, Stillhouse Solar will contribute significantly to renewable energy targets while supporting Hyundai’s sustainability goals.
• Community Engagement: As a responsible developer, Matrix Renewables is likely to engage with the local community regarding the project’s impacts and benefits.