Matrix Renewables, the TPG Rise-backed renewable energy platform, closed a long-term financing agreement of $290 million under a non-recourse US Private Placement scheme for a 328 MW solar distributed generation project portfolio in Chile.
Matrix Renewables said that the long-term financing agreement was oversubscribed and will have a tenor of more than 20 years.
With 48 PV projects part of the Chilean PMGD program for small DG plants, it will be the most extensive portfolio of PMGDs ever financed in the country and the first long-term US Private Placement for this type of asset.
These projects are part of the previously announced development agreements with Trina Solar and Verano Capital, the portfolio under operation, and the remainder under construction or late-stage development.
The portfolio comprises operational, under construction, or late-stage development projects, including schemes acquired from Trina Solar and Verano Capital.
Matrix Renewables has more than 1.4 GW of renewable projects in Latin America, Europe, and the US.
Sergio Arbelaez, Director and Head of Project Finance at Matrix Renewables, commented, “This deal represents a major step-forward for Matrix Renewables in Chile as it allows us to continue our portfolio growth here. The novel structure we have implemented brings differentiated value thanks to the incorporation of institutional investors with a long-term approach”.
Milbank and Guerrero Olivos acted as counsel to Matrix Renewables.
According to Mercom’s recently published annual and Q4 Solar Funding and M&A Report, announced large-scale project funding came to $18.7 billion in 2021 compared to $18 billion in 2020.