Matrix Renewables, the TPG Rise-backed global renewable energy company, announced the closing of €40 million (~$41.36 million) in non-recourse financing with UniCredit. The funding will support the construction and development of a solar project portfolio totaling 40 MW.
The portfolio comprises six projects located across various regions of Italy, including Sicily, Campania, and Lombardia. The projects began construction in September 2024, and commercial operations are expected to start in the first quarter of 2025.
UniCredit acted as the sole global coordinator and book-runner for the financing round. Greenhorse advised Matrix, and Legance advised UniCredit on the legal matters. Fitchner provided counsel on the technical side, and Baringa served as the market advisor for the transaction.
Nicolas Navas, CFO of Matrix Renewables, emphasized the significance of this milestone for the company: “This non-recourse financial close not only strengthens Matrix Renewables’ position as a leader in the renewable energy sector but also marks a crucial step in our expansion strategy. This is our first financing in Italy, an exciting milestone as we enter a new and strategically significant market. The addition of these six solar plants to our portfolio is an important accomplishment, and we are grateful for the dedicated support of the team at Unicredit throughout this process.”
According to Mercom’s 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.
In January 2025, Matrix announced the closing of €124 million (~$130 million) in non-recourse financing to construct a portfolio of three solar projects with a total capacity of 157 MW in Spain.
