Matrix Renewables, a global renewable energy company, secured $376 million in financing for the development of the 210 MWac Stillhouse solar project. Acadia Infrastructure provided preferred equity and separately facilitated Microsoft’s purchase of environmental attribute certificates. Additionally, MUFG, HSBC, ING, and BBVA provided $376 million in debt funding.
The Stillhouse solar project, located in Bell County, Texas, includes a 15-year power purchase agreement with affiliates of Hyundai.
The project is under construction and is expected to reach commercial operation in the third quarter of 2025.
“We are incredibly pleased to report our financing and construction progress on our Stillhouse solar project. Construction started in Q2 2024, and we expect to start delivering power in 2025 to Hyundai, along with attributes to Microsoft,” said Cindy Tindell, Managing Director and Head of U.S. for Matrix Renewables. “We thank Microsoft and MUFG for their ongoing support and look forward to a long relationship with our partners.”
According to the company, it owns over 8.7 GW of projects in operation and in various stages of development across four different regions, including CASIO, MISO, ERCOT, and WECC, in the U.S. Matrix has a global portfolio of over 15.6 GW of solar, battery storage, and green hydrogen projects.
In February, the company secured construction-to-term loan financing of $283 million for a 260 MW solar project in Idaho. It also executed a production tax credit (PTC) transfer agreement for this project.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, large-scale project funding in 9M 2024 totaled $34.3 billion in 180 deals, up from $27.5 billion in 169 deals in 9M 2023.
In December, Yinson Renewables, an independent renewable power producer, secured a $59 million senior secured green financing for the 97 MWp Matarani solar project located near Arequipa, Peru.
