Matrix Renewables Closes Construction Financing for Gaskell West Project
Miami – October 25, 2022 — Matrix Renewables, the TPG Rise-backed global renewable energy platform, today announced that it has closed on its first U.S. construction loan, tax equity bridge loan and back-levered term loan facility for the Gaskell West 2 and Gaskell West 3 projects. The financing of US $217 million was provided by MUFG, HSBC, National Bank of Canada and Commonwealth Bank, and follows the US $92 million in tax equity financing Matrix received from Bank of America N.A. in June 2022.
The Gaskell West 2 and 3 projects total 143 MWdc of solar energy and incorporate an 80 MWh energy storage system, located in Kern County, California. The projects are fully contracted, holding five long-term power purchase agreements with utilities and cities in California. The projects are well advanced in construction.
Cindy Tindell, Managing Director and Head of U.S. for Matrix Renewables, said, “The team has achieved another new milestone for Matrix Renewables in closing the platform’s first non-recourse financing in the U.S. for our flagship Gaskell solar power project. We are glad to have partnered on this project with MUFG, HSBC, National Bank of Canada and Commonwealth Bank which together provided a unique financing solution.”
Matrix was advised by Cohn Reznick Capital and Norton Rose Fulbright. Latham & Watkins acted as lenders’ counsel.
Matrix Renewables continues to grow its presence across the U.S. with a growing team and portfolio including the recently announced 4.6 GW acquisition of a development portfolio of utility-scale solar energy projects across the central U.S., contributing to its position as a leading global renewable energy platform across North America, Europe and Latin America. Matrix Renewables’ current portfolio is comprised of 2.3 GW of operational, under construction, or near ready-to-build solar PV and storage projects, with a further 7.3 GW pipeline.
About Matrix Renewables
Matrix Renewables is a renewable energy platform created and backed by global alternative asset manager TPG and its $15 billion impact investing platform TPG Rise. Matrix Renewables’ current portfolio is comprised of 2.3 GW of operational, under construction, or near ready-to-build solar PV projects and a further 7.3 GW pipeline of renewable energy projects under development, across North America, Europe, and Latin America. For more information, visit matrixrenewables.com or send an email to email@example.com.