Matrix Renewables, the TPG Rise-backed renewable energy platform, acquired a controlling interest in the 261 MW Pleasant Valley Solar Project from rPlus Energies in Idaho. Construction of the project is expected to commence in Q3 2023.
Upon completion, the project will deliver energy to the Idaho Power system and also contribute to Meta’s goal to support 100% of its operations with renewable energy. Specifically, output from the project will go into the same grid that supports Meta’s new data center in Kuna, ID.
The Pleasant Valley Solar project was awarded a Power Purchase Agreement (PPA) through a negotiated process with Meta and Idaho Power. This PPA was made possible through the collaborative efforts between Meta and Idaho Power to develop a special Energy Services Agreement allowing Meta access to renewables to support its local operations.
“We are very pleased with the acquisition of the Pleasant Valley Solar Project and look forward to begin construction and finalize project financing over the coming months,” said Cindy Tindell, Managing Director and Head of U.S. for Matrix Renewables. “We highly value rPlus as a partner, including the deep connection with the community that they bring to the table. Matrix is excited to be part of this landmark project in Idaho.”
“rPlus is proud to partner with Matrix Renewables on this impactful project for Idaho and its growing renewable energy infrastructure,” said Luigi Resta, rPlus Energies President & CEO. “This project represents a significant investment in the region’s energy independence and continued economic development. Both companies are committed to growing and partnering with the Ada County community as this solar project is brought online and through the lifespan of the project.”
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, in 1H 2023, there were 116 project acquisitions for 25.5 GW of solar projects compared to 148 project acquisitions totaling 37.8 GW in 1H 2022.
Nautilus Solar Energy, a community solar company, recently acquired a 28.7 MW portfolio of six community solar projects in Delaware from TurningPoint Energy (TPE). The projects, located in Kent, New Castle, and Sussex Counties, were in the late stages of development and are expected to start construction in 2024. The six projects were developed by TPE as part of Delaware’s community solar program.