Matrix Renewables, the TPG Rise-backed global renewable energy company, announced the closing of a €124 million (~$130 million) non-recourse financing to construct a portfolio of three solar projects with a total capacity of 157 MW in Spain. The portfolio is located in the Palencia province of Castilla León and the Cuenca province of Castilla La Mancha.
BBVA, NORD/LB, and Rabobank provided the financing. Linklaters advised Matrix Renewables, Watson Farley Williams provided legal advice to BBVA, NORD/LB, and Rabobank, and Altermia served as the technical advisor on the transaction.
Construction of the projects began in November 2024 and is expected to reach commercial operation in the first quarter of 2026. According to Matrix Renewables, the portfolio will produce enough clean electricity to power approximately 78,000 households per year.
Nicolas Navas, CFO of Matrix Renewables, emphasized the importance of this financing, “This financing structure, involving BBVA, NORD/LB, and Rabobank, showcases the growing interest and investment in renewable energy projects by major financial institutions, further strengthening Matrix Renewables’ ability to scale its impact in the renewable energy market. The addition of these three solar plants to our growing portfolio will accelerate our efforts to provide clean energy while advancing our commitment to sustainability.”
In December 2024, Matrix Renewables secured $376 million in financing to develop the 210 MWac Stillhouse solar project. Acadia Infrastructure provided preferred equity and separately facilitated Microsoft’s purchase of environmental attribute certificates.
According to Mercom’s recently released Annual and Q4 2024 Solar Funding and M&A report, large-scale project funding deals in 2024 totaled $53.8 billion in 259 deals, up from $44.5 billion raised in 229 deals in 2023.
This week, Cenergy Power, a solar project developer, announced the closing of a preferred equity investment from Aiga Capital Partners, a minority-owned investment advisor. The financing will support the development of the company’s solar project portfolio, totaling more than 300 MW of capacity.
