MIAMI, October 25, 2022 /PRNewswire/ — Matrix Renewables, the global renewable energy platform backed by TPG Rise, announced today that it has closed its first US home loan, tax participation bridge loan and re-indebted term loan facility for Gaskell West 2 and Gaskell West 3 projects. The funding of $217 million was provided by MUFG, HSBC, National Bank of Canada and Commonwealth Bank, and follows the $92 million in Tax Equity Financing Matrix obtained from Bank of America NA in June 2022.

The Gaskell West 2 and 3 projects have a total of 143 MWdc of solar power and include an 80 MWh energy storage system located in Kern County, California. The projects are fully contracted and have five long-term power purchase agreements with utilities and cities across California. The projects are structurally well advanced.

Cindy TindelManaging Director and Head of US of Matrix Renewables, said, “The team has achieved another new milestone for Matrix Renewables by completing the platform’s first non-recourse financing in the United States for our flagship solar energy project, Gaskell. We are pleased to partner on this project with MUFG, HSBC, National Bank of Canada and the Commonwealth Bank, who together have provided a unique financing solution.”

Matrix was advised by Cohn Reznick Capital and Norton Rose Fulbright. Latham & Watkins acted as legal counsel to the lenders.

Matrix Renewables continues to expand its presence in the US with a growing team and portfolio, including the recently announced 4.6 GW acquisition of a developing portfolio of utility-scale solar power projects in the central US, contributing to its position as the leading global renewable energy platform contributes about North America, Europe and Latin America. Matrix Renewables’ current portfolio includes 2.3 GW of operating, under construction or near-construction PV and storage projects with an additional 7.3 GW pipeline.

About Matrix Renewables
Matrix Renewables is a renewable energy platform…