Matrix Renewables, the TPG Rise-backed renewable energy company dedicated to acquiring and developing solar, clean energy infrastructure projects, and renewable energy assets, secured €40 million (~$43 million) project financing to begin the construction of Zaratán and Arroyadas, two solar projects totaling 66 MW, in the municipality of Valladolid, in northwest Spain.

Under the project finance agreement, the €40 million (~$43 million) of long-term debt will be divided between the two solar projects, generating a total of 66 MW when completed. The financing has been structured as a green loan aligned with the LMA Green Loan Principles. BBVA has led the financing as Sole Green Loan Coordinator.

Navas, CFO of Matrix Renewables, said: “This is yet another important step for Matrix Renewables in consolidating its strong pipeline and portfolio across Europe. We feel very proud to add these projects to the existing €1.2 billion we have financed since our inception in September 2020.”

Elena López Nieto, BBVA Corporate Banking Director in Central Spain, said that “sustainability continues to be a key growth lever, and BBVA provides innovative financing solutions to accelerate the transition to a decarbonized economy. The Matrix Renewables project, financed by BBVA, is an example of our focus on this area and reinforces the bank’s leadership in sustainable financing.”

According to Mercom Annual and Q4 2022 Solar Funding and M&A report, large-scale project funding in 2022 came to $32.1 billion in 179 project funding deals, compared to $18.7 billion in 185 projects in 2021. Grenergy, a Spain-based solar project developer and an independent power, recently secured $96 million in financing for the construction of its 150 MW of solar project in Spain. The loan was provided by two banking entities, the bank Norddeutsche Landesbank Girozentrale (NORD/LB) and Bankinter, and also includes other complementary credit lines for the construction and development of the park. Each of the two entities will assume half (of) the senior debt of approximately $48 million.