More than $1.3 billion in capital has been committed to a four-project solar and battery storage portfolio spanning California, Idaho and Texas, underscoring continued investor confidence in large-scale U.S. renewable energy infrastructure despite a challenging financing environment.
The portfolio includes 859MWdc of solar generation capacity and 167MWh of battery energy storage across a mix of operating and under-construction assets. Matrix Renewables, the TPG Rise-backed renewable energy platform behind the projects, said it has closed portfolio financing and secured tax equity commitments to support the development package.
Contacted by Construction Review Online, Matrix Renewables referred the publication to its official announcement of 23 June 2026 confirming the transaction. The deal combines operating assets with projects currently under construction, creating a diversified structure designed to support both near-term execution and long-term growth. It ranks among Matrix Renewables’ largest U.S. financing transactions to date and highlights sustained demand for utility-scale renewable energy investments.
The financing package includes more than $470 million in construction-to-term debt, approximately $400 million in tax equity bridge financing and nearly $100 million in letters of credit. DESRI has also committed $210 million in preferred equity for the two projects currently under construction.
“This transaction marks a significant milestone for Matrix Renewables in the United States, optimizing the financing of two of our existing assets while establishing an efficient, scalable structure for our construction portfolio,” said Cindy Tindell, Managing Director and Head of the U.S. at Matrix Renewables, adding that the multi-asset approach brings the company’s U.S. portfolio to approximately 1.5 GW of operating, under-construction and ready-to-build projects.
859MWdc Across Four Assets
The portfolio includes two operating assets and two projects under development. The largest is Tormes Solar, a 457MWdc photovoltaic project under construction in Navarro County, Texas; upon commissioning, expected in the first half of 2027, it will be the largest operational project in Matrix Renewables’ global fleet. The package also includes Alamo BESS, an 86.5MWh battery storage project under construction in Kern County, California, adjacent to the existing Gaskell West projects and expected to reach commercial operations by August 2026; Gaskell West, a 143MWdc solar-plus-storage project with 80MWh of battery capacity in Kern County, California, operational since May 2023; and Pleasant Valley Solar, a 261MWdc photovoltaic facility in Ada County, Idaho, operational since March 2025.
The transaction strengthens Matrix Renewables’ growing U.S. platform, bringing its domestic portfolio to approximately 1.5GW across operating, under-construction and ready-to-build assets. The company said its broader U.S. development pipeline now exceeds 8.7GW across five regional power markets.
The financing also underscores the growing role of battery storage in large-scale renewable energy portfolios. By pairing solar generation with storage, developers can shift electricity delivery into periods of higher demand, improving both project economics and grid reliability. The approach has become increasingly attractive to investors and utilities seeking flexible clean energy resources.
Coordinating lead arrangers
MUFG, HSBC, Nomura and Santander acted as coordinating lead arrangers for the transaction. On the delivery side, SOLV Energy is handling EPC for Tormes Solar and BEI Construction for Alamo BESS, while equipment is supplied by U.S. manufacturers First Solar, Nextpower and Tesla, helping the projects qualify for domestic content status under U.S. Treasury guidelines. Norton Rose Fulbright acted as legal counsel and CG/CRC-IB as financial advisor to Matrix Renewables, with Latham & Watkins representing the lenders and King & Spalding advising DESRI.
The deal adds to a growing wave of utility-scale renewable energy financings across the United States, where developers continue to expand solar and storage capacity to meet rising electricity demand. As utilities, corporations and data center operators seek additional clean energy resources, investors remain willing to back large portfolios that combine operating assets with projects under construction.
Additionally, the Matrix transaction reflects a broader acceleration in U.S. solar and storage development. While financing continues to flow into new renewable energy portfolios, major projects are also entering service. Recent examples include rPlus Energies’ launch of commercial operations at Utah’s largest solar-plus-storage facility within PacifiCorp territory, underscoring the growing role of integrated solar and battery systems in the nation’s evolving power grid.
Factsheet: Matrix Renewables $1.3 Billion Solar and Storage Portfolio (California, Idaho and Texas)
Company: Matrix Renewables.
Backer: TPG Rise.
Transaction type: Portfolio financing with tax equity commitments.
Total capacity: 859MWdc of solar and 167MWh of battery storage.
States: California, Idaho and Texas.
Financing mix: More than $470 million construction-to-term debt, approximately $400 million tax equity bridge financing and nearly $100 million in letters of credit.
Preferred equity: $210 million from DESRI.
Portfolio value: More than $1.3 billion.
Key projects: Tormes Solar, Alamo BESS, Gaskell West and Pleasant Valley Solar.
Lead arrangers: MUFG, HSBC, Nomura and Santander.
EPC contractors: SOLV Energy (Tormes Solar); BEI Construction (Alamo BESS).
Why it matters: Highlights continued investor confidence in large-scale U.S. solar and storage projects and growing demand for flexible clean energy infrastructure.
About Matrix Renewables
Matrix Renewables is a renewable energy platform created and backed by global alternative asset manager TPG and its $32 billion impact-investing platform. Matrix Renewables’ current portfolio is comprised of 15.5 GW of solar, storage, and green hydrogen projects in Europe, United States, and Latin America.
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