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.
The transaction combines operating assets with projects currently under construction, creating a diversified structure designed to support both near-term execution and long-term growth. The deal ranks among Matrix Renewables’ largest U.S. financing transactions to date and highlights sustained demand for utility-scale renewable energy investments.
The TPG Rise-backed renewable energy platform said the transaction combines operating assets with projects currently under construction, creating a diversified portfolio designed to support both near-term execution and long-term growth. The deal represents one of Matrix Renewables’ largest U.S. financing transactions to date and highlights continued investor confidence in utility-scale renewable energy infrastructure.
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.
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. The package also includes Alamo BESS, an 86.5MWh battery storage project under construction in Kern County, California; Gaskell West, a 143MWdc solar-plus-storage project with 80MWh of battery capacity in Kern County, California; and Pleasant Valley Solar, a 261MWdc photovoltaic facility in Ada County, Idaho.
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. Matrix said the projects utilize equipment from U.S. manufacturers including First Solar, Nextpower and Tesla, helping them qualify for domestic content status under Treasury guidelines.
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 Secures Financing for $1.3 Billion Solar and Storage Portfolio spanning 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.
Why it matters: Highlights continued investor confidence in large-scale U.S. solar and storage projects and growing demand for flexible clean energy infrastructure.
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