Matrix Renewables closes €47 million non-recourse financing with Banco Sabadell for the construction of a 50MW solar plant in Seville
Madrid – September 5, 2023 – Matrix Renewables (“Matrix”), the TPG Rise-backed global renewable energy platform, and Banco Sabadell have successfully closed a project financing of €47 million meeting all Matrix ESG polices. The funds will be used for the construction of a solar PV plant in the municipality of La Rinconada, located in the province of Seville, Spain. The solar PV plant will have a capacity of 50MW and will generate clean and renewable electricity, contributing to a reduction in carbon emissions.
During the construction phase of the project, approximately 250 full-time local jobs will be created, providing a significant economic boost to the region. Construction began in May 2023 and the plant is expected to start operations in Q1 2024. The plant is estimated to produce clean energy equivalent to supplying approximately 29,500 households annually, avoiding emissions of over 34,900 tons of CO2-eq per year.
Banco Sabadell has played a key role in the financing as the Sole Loan Coordinator.
Nicolas Navas, CFO of Matrix Renewables, emphasized the significance of this milestone for the company: “This is yet another important step for Matrix Renewables in consolidating its strong pipeline and portfolio across Europe. We feel very proud to add this project to the existing €1.4 billion we have financed since our inception in September 2020. We extend our gratitude to Sabadell’s Corporate Banking team for their hard work and commitment on this project.”
“Matrix Renewables is a key partner for Banco Sabadell given its extensive experience in the sector and, as such, this operation is part of the bank’s strategy of collaborating with specialist companies that can provide differential value to its customers,” said Roger Font, head of Project Finance Energy at Banco Sabadell. “It also allows the bank to progress in its aim of promoting the use of renewable energy by providing financing support, reinforcing Banco Sabadell’s commitment to sustainability and energy efficiency, and aligning with its goal of achieving a more efficient and responsible economy.”
Matrix was advised by Linklaters (Madrid office) and Sabadell was advised by Watson Farley Williams (Madrid and UK offices) on the legal side and Altermia on the technical one.
About Matrix Renewables
Matrix Renewables is a renewable energy platform created and backed by global alternative asset manager TPG and its $17 billion impact-investing platform TPG Rise. Matrix Renewables’ current portfolio is comprised of 13 GW of solar, storage and green hydrogen projects in Europe, United States, and Latin America. For more information, visit www.matrixrenewables.com or send an email to firstname.lastname@example.org