Matrix Renewables, a TPG-backed renewable energy platform, agreed with Solaer to acquire a 91 MW solar portfolio in Italy. The portfolio consists of 15 different assets, with the first phase of these projects scheduled to begin in 2022.

Earlier in 2021, Matrix announced its entry into the Italian market with projects based in Sicily and Lazio while planning to operate at least 500 MW in the country’s solar, storage, and wind sectors. The new acquisition contributes significantly to reaching the target.

“Through this agreement with Solaer, Matrix continues to accelerate its growth towards becoming a leading renewable energy platform in Italy and around the world. We continue to explore additional opportunities in Europe, the United States, and Latin America in our international expansion,” said Inigo Asensio, Head of M&A and Investments at Matrix Renewables.

“This agreement demonstrates the excellent collaboration between our teams and is a great example of our collective potential for partnership as Matrix Renewables continues to execute its growth strategy. We are excited to be working together to deliver more renewable energy capacity across Italy,” said Ignacio Arganza, Solaer co-founder.

In June 2021, Matrix Renewables entered into an agreement with Alten Renewable Energy to acquire a 300 MW solar portfolio across Spain and Portugal. The portfolio, which comprises five different assets with a capacity of 300 MW, includes 210 MW of solar PV in Spain and 90 MW in Portugal.

According to Mercom’s 9M and Q3 2021 Solar Funding and M&A Report, there were 29 solar M&A transactions in Q3 2021 compared to 34 M&A transactions in Q2 2021. By comparison, there were 17 transactions in Q3 2020. In 9M 2021, there were 83 transactions compared to 42 deals in 9M 2020.