Matrix Renewables, a global renewable energy platform, closed $217 million in construction loans, tax equity bridge loans, and back-levered term loans for the Gaskell West 2 and Gaskell West 3 projects.

The financing was provided by MUFG, HSBC, National Bank of Canada, and Commonwealth Bank and follows the $92 million in tax equity financing Matrix received from Bank of America N.A. in June 2022.

The solar portfolio comprises 143 MW of solar projects and an 80 MWh energy storage system located in Kern County, California. The projects are fully contracted, holding five long-term power purchase agreements with utilities and cities in California. The projects are further along in the construction process.

Cindy Tindell, Managing Director and Head of U.S. for Matrix Renewables, said, “The team has achieved another new milestone for Matrix Renewables in closing the platform’s first non-recourse financing in the U.S. for our flagship Gaskell solar power project. We are glad to have partnered on this project with MUFG, HSBC, National Bank of Canada, and Commonwealth Bank, which together provided a unique financing solution.”

Lightsource bp, a solar project developer, recently closed R$800 million (~$148.7 million) financing for its 210  MW of Milagres Solar project in Brazil. Banco do Brasil provided R$423 million (~$78.6 million) in debt financing through the Northeast Development Fund (Fundo de Desenvolvimento do Nordeste, or FDNE), which is managed by the Brazilian governmental agency Superintendência de Desenvolvimento do Nordeste (Sudene).

According to Mercom’s 9M and Q3 2022 Solar Funding and M&A Report, large-scale project funding in the first nine months of 2022 came to $22.8 billion in 128 project funding deals, a 97% increase compared to $11.6 billion in 138 projects in 9M 2021.