Matrix Renewables, the TPG Rise-backed renewable energy platform, announced the acquisition of 284 MW of late-stage development of the Stillhouse solar project in Texas from OCI Solar Power, a utility-scale solar project developer.
The transaction follows up on Matrix’s Gaskell West Project (totaling 142 MWdc solar with 80 MWh of battery storage in CAISO) achieving Commercial Operation Date (“COD”) earlier this month and shows strong continuity in Matrix’s plan to become a leading clean energy platform in the U.S. Construction of the project is slated for 2024 with commercial operations commencing in 2025.
Cindy Tindell, Managing Director and Head of U.S. for Matrix Renewables said, “We are very pleased with the acquisition of the Stillhouse project, and we look forward to completing power offtake, procurement and financing for the project in the coming months. We appreciate the partnership with the OCI team and their efforts to get the projects to this stage.”
“We have been working to develop the Stillhouse Solar Project for over two years. All land acquisition, environmental review and electrical interconnection studies are complete. It is a massive project, and we’re excited to pass the baton to Matrix to take the project through construction and into operations, providing more clean energy to the Texas electrical grid,” said Charles Kim, President & CEO of OCI Solar Power.
According to Mercom’s Q1 2023 Solar Funding and M&A Report, there were 67 large-scale solar project acquisitions in Q1 2023, compared to 61 transactions in Q4 2022.
European Energy, a solar project developer, recently signed an agreement with IREN, an Italian energy group, to sell the ready-to-build 20.39 MW Noto solar project in Sicily. This agreement falls within the framework of the partnership signed between European Energy and IREN in January 2022 concerning the pipeline of more than 437.5 MW photovoltaic projects on sites in Lazio, Puglia and Sicily.