TPG Rise-backed Matrix Renewables has closed on its first US construction loan, tax equity bridge loan and back-levered term loan facility for the Gaskell West 2 and Gaskell West 3 projects.
The Gaskell West 2 and 3 projects total 143 MWdc of solar energy and incorporate an 80MWh energy storage system, located in Kern County, California.
The projects are fully contracted, holding five long-term PPAs with utilities and cities in California.
The projects are well advanced in construction, Matrix added.
The financing of US$217m (€217m) was provided by MUFG, HSBC, National Bank of Canada and Commonwealth Bank, and follows the US$92m in tax equity financing Matrix received from Bank of America in June 2022.
Matrix Renewables managing director and head of US Cindy Tindell said: “The team has achieved another new milestone for Matrix Renewables in closing the platform’s first non-recourse financing in the US 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.