Matrix Renewables, the TPG Rise-backed global renewable energy platform, has signed a $92 million tax equity funding for the Gaskell West 2 and Gaskell West 3 projects in the U.S.
An affiliate of Bank of America is providing the tax equity.
The Gaskell West 2 and 3 projects have an installed capacity of 143 MW of solar 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.
Both projects are in progress and are expected to achieve commercial operation in late 2022. Matrix was advised by CohnReznick Capital, which served as a financial advisor, and Norton Rose Fulbright.
Combining solar and energy storage projects helps the energy flow in the grid.
Matrix Renewables currently owns a portfolio of 2.3 GW of operational, under construction, or near ready-to-build solar PV and storage projects, with a further 3 GW pipeline.
Last week, Canadian Solar, a vertically integrated manufacturer of silicon ingots, wafers, and PV cells and modules, has secured BRL 136 million (~$28 million) non-recourse project financing from Banco do Nordeste do Brasil (BNB) to the support the construction and operation of its 79 MW Lavras II solar project in Brazil. The project is expected to reach commercial operation in the second quarter of 2022 and will be powered by Canadian Solar high-efficiency BiHiKu modules.
Recently, NADBank, a binational financial institution, announced a loan for up to $65.7 million to support the implementation of a 160 MW solar project and a 40 MW, two-hour battery energy storage system to be built approximately six miles west of Brackettville in Kinney County. The project is expected to generate around 414.31 GWh of electricity during the first year of operation, equivalent to the annual consumption of 30,286 households.
According to Mercom’s Q1 2022 Solar Funding and M&A report, announced large-scale project funding in Q1 2022 came to $9.1 billion, a 27% increase compared to $7.1 billion in Q4 2021.