Matrix Renewables Secures $192 Million Financing for 239 MW Solar Projects

Matrix Renewables, the TPG Rise-backed renewable energy platform, secured €179 million (~$191.54 million) in non-recourse project financing with Banco Sabadell to develop 239 MW of solar projects in Spain.

The portfolio consists of five solar projects and is situated in the Palencia province of Castilla León and Badajoz province of Extremadura, Spain.

The construction phase of the solar projects commenced in December 2023 and the projects are expected to generate approximately 430 full-time jobs. The initial plants are expected to begin operations in the first quarter of 2025. The entire portfolio is projected to generate clean energy sufficient to power roughly 144.675 households annually.

Banco Sabadell was the Sole Loan Coordinator, providing full underwriting support.

Nicolas Navas, CFO of Matrix Renewables, emphasized the significance of this milestone for the company: “This non-recourse financial close reinforces Matrix Renewables’ position as a leader in the renewable energy sector. This accomplishment reaffirms the trust and confidence placed in Matrix Renewables by leading financial institutions, including Banco Sabadell. Adding these five solar plants to our growing portfolio is a significant accomplishment, and we are grateful to the committed team at Sabadell’s Corporate Banking for their diligence.”

Matrix was advised by Linklaters (Madrid office), and Sabadell was advised by Watson Farley Williams (Madrid and U.K. offices) on the legal side, and Altermia on the technical one.

According to Mercom’s Q1 2024 Solar Funding and M&A report, large-scale project funding announced in Q1 2024 came to $13 billion in 62 deals, a decrease of 24% QoQ compared to $17.1 billion in 60 deals in Q4 2023.

BRUC, a Spain-based renewable energy company that owns and operates solar and wind projects, secured €570 million (~$608.44 million) in financing for the construction of 842 MW of solar projects.