Matrix Renewables, a renewable energy company, acquired a 4.6 GW portfolio of utility-scale solar projects across the central U.S. from SolarStone Partners. Matrix and SolarStone will jointly develop the 4.6 GW portfolio while exploring and originating additional opportunities across different markets in the U.S.
The transaction details were not disclosed. The acquisition will allow Matrix to increase its backlog of renewable projects in the US and develop new projects in partnership with SolarStone. The projects will be developed across several central US states.
Founded in 2014, SolarStone has developed and sold more than 30 community solar projects. The company is presently expanding its activities into utility-scale renewable energy projects.
Cindy Tindell, Managing Director and Head of U.S. for Matrix Renewables, said, “Matrix is very excited to partner with SolarStone in the further development of this portfolio and looks forward to our ongoing collaboration on new opportunities across the country.”
In January this year, Matrix signed an agreement to acquire a 440 MW solar portfolio in Spain and Italy for an undisclosed sum.
Recently, ABO Wind, a Wiesbaden-based project developer, sold 200 MW of solar projects to the South African SOLA Group, an independent power producer in South Africa. The South African SOLA Group has already concluded a private Power Purchase Agreement (PPA) for the projects with the mine operator Tronox.
According to Mercom’s 1H and Q2 2022 report, 66 large-scale solar project acquisitions in Q2 2022 compared to 82 transactions in Q1 2022. Atrato Onsite Energy, an investment company, acquired 33 MW of installed solar projects across 32 the UK from Macquarie’s Green Investment Group for $36.19 million. Cypress Creek Renewables, a project developer and an independent power producer, acquired a 100 MW solar transmission project from Carson Power, a solar and storage developer. The project is in Rochester, New York, U.S., currently in the early stages of development and is expected to be operational by 2026.