Alternative asset manager TPG’s The Rise Fund has acquired a portfolio of solar projects from Trina Solar totalling 1GW for a new renewables vehicle.
The solar facilities will be the first within the portfolio of the newly created, Madrid-based Matrix Renewables.
They include operational, under construction or in late stage development nearing ready-to-build status across Spain, Chile, Colombia and Mexico.
No details of the price of the deal were disclosed.
TPG and The Rise Fund are assembling a management team for Matrix Renewables.
They will also leverage the firm’s investing and business building experience, global network, and deep cross-platform infrastructure and renewable energy expertise to develop and acquire additional solar projects globally.
TPG partner Ed Beckley said: “We are excited to launch Matrix Renewables with such a geographically diverse set of high-quality solar PV projects.
“Trina is one of the leading manufacturers of solar PVs, with a history of developing world-class solar PV projects in key markets.
“With the establishment of Matrix Renewables and the leadership of a seasoned management team, we are actively looking for additional strategic opportunities to grow our global portfolio and build out the platform.”
The Rise Fund managing partner Steve Ellis said: “The global solar PV market continues to grow rapidly as it benefits from a number of secular tailwinds including the accelerating shift to decarbonisation.
“Solar PV development is one of the many ways The Rise Fund is tackling climate change and addressing the climate, energy, and responsible consumption-focused United Nations Sustainable Development Goals.
“We look forward to growing the Matrix Renewables portfolio to accelerate positive environmental impact well-beyond this initial 1GW of clean energy generation.”