Matrix Renewables Completes First U.S. Project

Matrix Renewables, the TPG Rise-backed global renewable energy platform, has completed the construction and financing of the Gaskell West 2 and 3 projects, located in Kern County, Calif.

The projects include 143 MW DC of solar energy plus an 80 MWh energy-storage system and are fully contracted, holding five long-term power purchase agreements with utilities and cities in the state.

Construction on the Gaskell West projects began last year and reached commercial operation this month. Subsequently, Matrix Renewables closed on tax equity provided by Bank of America for a total of $106 million and permanent financing of $99 million with an additional $25 million letter of credit facility provided by MUFG, HSBC, National Bank of Canada and Commonwealth Bank of Australia.

Cindy Tindell, managing director and head of U.S. for Matrix Renewables, says, “We are thrilled to complete the construction of our first project in the U.S. and to partner with such strong financial institutions.”

With an expanding team and portfolio comprising over 7 GW of pipeline, Matrix Renewables continues to grow across the U.S., furthering its goal of becoming a leading renewable energy platform across North America, Europe and Latin America.

Matrix was advised by CohnReznick Capital, which served as exclusive financial advisor, and Norton Rose Fulbright providing legal support.