Matrix Renewables has started commercial operations at the 281MWdc Stillhouse Solar PV project in Bell County, Texas.
The company also completed Investment Tax Credit funding and converted construction financing into long-term debt, it said.
The project represents an investment of over $380m, it added.
Stillhouse Solar has a capacity of 281MWdc and 210MWac and includes 15-year power purchase agreements with affiliates of Hyundai Motor Group.
The project will provide clean power equivalent to 48862 homes and avoid 185598 metric tons of CO2 each year.
Matrix Renewables partnered with Sustain Our Future Foundation and is contributing nearly $3m to support community benefits.
Northleaf Capital participated as a minority investor while MUFG, HSBC and ING Capital LLC provided term debt and letter of credit support.
Cindy Tindell, managing director and head of US at Matrix Renewables, said: “This transaction marks a major milestone in the project’s lifecycle, transitioning from construction into long-term operations, where we were able to work with our partners and stakeholders to optimize the capital structure to deliver stable, renewable energy generation within the ERCOT market.”