The construction of the California Gaskell 2 & 3 solar and storage projects owned by Spanish renewables platform Matrix Renewables has closed financing. The projects are already far along in the building process.
The company received US$92 million from Bank of America in June. Additionally, US$217 million was given by MUFG, HSBC, National Bank of Canada, and Commonwealth Bank. This was to fund the construction loan, tax equity bridging loan and back-levered term loan for the projects.
An overview of the California Gaskell 2 & 3 solar and storage projects
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The projects’ total solar PV capacity is 143 MW, and they also include an 80 MWh energy storage system. To offtake the created power, five power purchase agreements (PPAs) with utilities and communities in California are in place.
“The team has reached another significant milestone for Matrix Renewables by completing the platform’s first non-recourse financing in the US for our flagship Gaskell solar power project,” said Cindy Tindell, managing director and head of US for Matrix Renewables.
“We are happy to have worked on this project in collaboration with MUFG, HSBC, National Bank of Canada, and Commonwealth Bank since their combined efforts offered a special financing solution.”
Matrix Renewables portfolio
The company has a growing team and portfolio. This includes the recently announced 4.6 GW acquisition of a development portfolio of utility-scale solar energy projects across the central U.S. Matrix Renewables continues to expand its presence across the U.S.
This strengthens its position as a top global renewable energy platform across North America, Europe, and Latin America. Furthermore, the present portfolio of Matrix Renewables comprises 2.3 GW of solar PV and storage projects. They are operational, under construction, or almost ready to build, with an additional 7.3 GW pipeline.
The $15 billion impact investing platform TPG Rise and the global alternative asset management TPG have launched and sponsored Matrix Renewables, a platform for renewable energy.
