Matrix Renewables has completed the construction and financing of the Gaskell West 2 and 3 projects located in Kern County, California.
The developments include 143MWdc of solar energy plus an 80MWh energy storage system.
The projects are fully contracted, holding five long term PPAs with utilities and cities in California.
The site began construction on April 27, 2022, and reached commercial operation on May 5, 2023.
Following the completion of construction, Matrix Renewables closed on tax equity provided by Bank of America for a total of US$106m and permanent financing of US$99m with an additional US$25m letter of credit facility provided by MUFG, HSBC, National Bank of Canada and Commonwealth Bank of Australia.
Managing director and head of US for Matrix Renewables Cindy Tindell said: “We are thrilled to complete the construction of our first project in the US and to partner with such strong financial institutions for the closing and funding of financing and tax equity.”
Matrix Renewables continues to grow its presence across the US with an expanding team and portfolio, comprised of over 7GW of pipeline.
Its US platform closely collaborates with Matrix Renewables’ corporate goals of becoming a leading renewable energy platform across North America, Europe and Latin America, presently comprising a 11.7GW total pipeline.
Matrix was advised by CohnReznick Capital, which served as exclusive financial advisor, and Norton Rose Fulbright providing legal support.