en.Wedoany.com Reported - Matrix Renewables, the global renewable energy platform backed by TPG Rise, has completed a $1.3 billion financing package comprising construction-to-term loans, tax equity bridge loans, and preferred equity to support a portfolio of solar projects with a total installed capacity of 859 megawatts (DC) and 167 megawatt-hours of battery energy storage systems (BESS) in the United States.

The transaction covers four utility-scale assets in California, Idaho, and Texas, including two projects under construction and the refinancing of two operational facilities. Total debt financing exceeds $970 million, consisting of $470 million in construction-to-term loans, approximately $400 million in tax equity bridge loans, and $100 million in letters of credit. MUFG, HSBC, Nomura, and Santander served as coordinating lead arrangers for the debt issuance.

Concurrently with the debt structure, D. E. Shaw Renewable Investments (DESRI) committed $210 million in preferred equity to support the two projects under construction. CG/CRC-IB, acquired by Canaccord Genuity Group in January 2026, acted as the exclusive financial advisor to Matrix Renewables for this transaction.

The specific assets supported by this financing include: the Tormes Solar project in Navarro County, Texas, a 457 MW solar project under construction and the largest operational asset in Matrix Renewables' global portfolio, expected to achieve commercial operation in the first half of 2027; the Alamo BESS project in Kern County, California, an 86.5 MWh standalone storage project under construction adjacent to the existing Gaskell West project, expected to reach commercial operation by August 2026; the Gaskell West project, also in Kern County, an operational facility comprising 143 MW of solar and 80 MWh of battery storage, which achieved commercial operation in May 2023; and the Pleasant Valley Solar project in Ada County, Idaho, a 261 MW operational solar project that entered service in March 2025.

Matrix Renewables manages a global portfolio of projects across Europe, North America, and Latin America, totaling 15.5 GW, encompassing solar, energy storage, and green hydrogen projects.