Matrix Renewables, the TPG Rise-backed renewable energy platform, secured €47 million (~$50.47 million) non-recourse financing for constructing a 50 MW solar power project in the La Rinconada municipality area in Seville province of Spain.
The project funding was provided by Banco Sabadell, which also acted as the sole loan coordinator.
The project construction began in May 2023 and is expected to start operating by the first quarter of 2024.
The project is estimated to produce clean energy equivalent to supplying approximately 29,500 households annually, avoiding emissions of over 34,900 tons of CO2 annually.
Nicolas Navas, CFO of Matrix Renewables, emphasized the significance of this milestone for the company: “This is yet another important step for Matrix Renewables in consolidating its strong pipeline and portfolio across Europe. We feel very proud to add this project to the existing €1.4 billion (~$1.50 billion) we have financed since our inception in September 2020. We extend our gratitude to Sabadell’s Corporate Banking team for their hard work and commitment on this project.”
Matrix was advised by Linklaters (Madrid office), Sabadell was advised by Watson Farley Williams (Madrid and UK offices) on the legal side, and Altermia on the technical side.
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, the announced large-scale project funding in Q2 2023 reached $9.5 billion in 51 deals, a 79% increase QoQ compared to $5.3 billion raised in 62 deals in Q1 2023.
Recurrent Energy, a wholly-owned subsidiary of Canadian Solar, a vertically integrated silicon ingot, wafers, and PV cells and modules manufacturer, recently secured $112 million project financing for its 160 MWdc (120 MWac) North Fork Solar project in Oklahoma City. NordLB acted as Coordinating Lead Arranger and Joint Lead Arranger. Rabobank acted as Joint Lead Arranger. The project is expected to be operational in 2024.