Matrix closes $230m US solar-storage financing

May 18, 2023

Matrix Renewables, the TPG Rise-backed global renewable energy platform, has completed the $230 million financing of the Gaskell West 2 and 3 solar-storage projects located in Kern County, California.  

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

Following the completion of construction, Matrix Renewables closed $106 million of tax equity financing and $99 million of permanent financing provided by Bank of America, as well as an additional $25 million letter of credit facility provided by MUFG, HSBC, National Bank of Canada and Commonwealth Bank of Australia.

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