en.Wedoany.com Reported - Matrix Renewables (backed by TPG Rise) has completed a financing package totaling over $1.3 billion (approximately €1.14 billion), with funds directed toward its portfolio of utility-scale solar and battery energy storage projects in the United States.
This asset portfolio comprises four projects with a total installed capacity of 859 MWdc of solar and 167 MWh of battery energy storage, located in California, Idaho, and Texas. Among them, the Tormes Solar project in Navarro County, Texas, is a 457 MWdc photovoltaic (PV) plant under construction, scheduled to commence commercial operations in the first half of 2027, at which point it will become the largest operational site in Matrix Renewables' global portfolio. The Alamo BESS project in Kern County, California, has a planned capacity of 86.5 MWh and is currently under construction adjacent to the existing Gaskell West project, targeting commercial operation by August 2026. The Gaskell West project, which began operations on May 16, 2023, includes 143 MWdc of solar and 80 MWh of battery storage. The Pleasant Valley Solar project in Ada County, Idaho, is a 261 MWdc solar PV plant that entered commercial operation in March 2025.
The financing instruments include over $470 million in construction-to-term loans, approximately $400 million in tax equity bridge loans, and about $100 million in letters of credit, jointly coordinated by Mitsubishi UFJ Financial Group (MUFG), HSBC, Nomura, and Santander. DE Shaw Renewable Investments (DESRI) has also committed $210 million in preferred equity investments for two projects under construction.
In terms of legal and financial advisory, Norton Rose Fulbright served as legal counsel to Matrix Renewables on construction financing, project refinancing, and tax equity arrangements, while CG/CRC-IB acted as financial advisor. Latham & Watkins represented the lender group, and King & Spalding served as legal counsel to DESRI. Engineering, procurement, and construction supervision for the Tormes Solar project is handled by SOLV Energy, while BEI Construction is responsible for the Alamo BESS project. Equipment for the projects is sourced from U.S. manufacturers First Solar, Nextpower, and Tesla, enabling the projects to meet the U.S. Treasury Department's domestic content requirements.
Matrix Renewables holds over 8.7 GW of projects at various stages of development across five U.S. regional power markets, with its global portfolio in Europe and Latin America exceeding 15.5 GW. Cindy Tindell, Managing Director and Head of the U.S. division, stated that this transaction marks a significant milestone for Matrix in the United States, optimizing financing for two existing assets and establishing an efficient and scalable structure for the construction portfolio. She noted that shifting from single-asset financing to a multi-asset strategy covering both operational and under-construction projects helps unlock additional value and lays the foundation for continued growth in the U.S. In March 2026, the company also signed a long-term battery optimization agreement with EDF involving a 500 MW/1 GWh BESS project under construction in Eccles, Scotland.
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