Matrix secures funding for US solar projects

Oct 26, 2022 03:39 PM ET
  • Loan facilities will certainly fund Gaskell West 2 and 3 schemes in California in addition to 80MW storage system

TPG Rise-backed Matrix Renewables has actually closed on its very first US building and construction loan, tax equity swing loan and also back-levered term loan facility for the Gaskell West 2 and Gaskell West 3 projects.

The Gaskell West 2 and also 3 projects complete 143 MWdc of solar energy and include an 80MWh power storage system, located in Kern County, California.

The projects are totally contracted, holding five long-lasting PPAs with utilities and also cities in California.

The projects are well progressed in construction, Matrix included.

The financing of US$ 217m (EUR217m) was provided by MUFG, HSBC, National Bank of Canada and also Commonwealth Bank, as well as adheres to the US$ 92m in tax equity financing Matrix received from Bank of America in June 2022.

Matrix Renewables taking care of supervisor as well as head of US Cindy Tindell stated: "The team has actually attained another new milestone for Matrix Renewables in shutting the platform's initial non-recourse financing in the United States for our flagship Gaskell solar power project.

" We are glad to have actually partnered on this project with MUFG, HSBC, National Bank of Canada as well as Commonwealth Bank which together gave an unique funding service."

Matrix was advised by Cohn Reznick Capital and also Norton Rose Fulbright Latham & Watkins acted as lending institutions' advise.

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