The California Gaskell 2 & 3 Solar and Storage Projects, owned by the Spanish renewables platform Matrix Renewables, have now been fully completed and are contributing clean energy to California’s grid.
These projects represent a major milestone for Matrix Renewables as its flagship solar and storage development in the United States. The company is considerd one of the US’s largest solar developers with over 1GW installed solar capacity.
Project Financing and Partners
To bring these projects to fruition, Matrix Renewables secured a total of US$309 million in financing.
-
In June 2022, Bank of America provided US$92 million.
-
An additional US$217 million was contributed by MUFG, HSBC, National Bank of Canada, and Commonwealth Bank.
This funding package covered the construction loan, tax equity bridge loan, and a back-levered term loan, ensuring the smooth completion and commissioning of the projects.
Project Capacity and Impact
Combined, the Gaskell 2 & 3 sites deliver 143 MW of solar PV capacity and feature an 80 MWh energy storage system. This integrated storage helps balance supply and demand, supporting grid stability and renewable integration in California.
Electricity generated by these projects is delivered through five Power Purchase Agreements (PPAs) with utilities and community partners in California, providing clean, reliable energy to thousands of households and businesses.
A Milestone for Matrix Renewables
Cindy Tindell, Managing Director and Head of US for Matrix Renewables, highlighted the significance of this achievement, noting it as the company’s first non-recourse financing in the US. She credited the collaboration with MUFG, HSBC, National Bank of Canada, and Commonwealth Bank for crafting a financing solution that made the project possible.
Strengthening a Global Renewable Portfolio
With Gaskell 2 & 3 now operational, Matrix Renewables reinforces its presence in the US renewable energy market. The company continues to grow its North American portfolio alongside projects in Europe and Latin America.
Matrix Renewables’ operational, under-construction, and near-ready assets now total 2.3 GW of solar PV and storage, with a further 7.3 GW pipeline under development. Recently, Matrix Renewables also announced the acquisition of a 4.6 GW development portfolio of utility-scale solar projects in the central United States.
The platform was launched and sponsored by TPG Rise and the global alternative asset management firm TPG, which have committed significant capital to expanding Matrix Renewables’ footprint and accelerating the transition to clean energy.
