Matrix Renewables, the TPG Rise-backed renewable energy platform, closed an $89 million long-term financing with Natixis for a 129 MW solar PV project in Almonte (Huelva), Spain. The financing has been certified as a Green Loan and complies with all the Green Loan Principles, aiming to promote sustainability and projects with clear environmental benefits.
The project is expected to reach commercial operations by Q1 2023.
This transaction finances a part of Matrix Renewables’ existing portfolio and footprint across Europe, the U.S., and Latin America.
“This agreement represented the power of collaboration and continued support for renewable energy development. The support from the financial industry, national and international, to Matrix represents the fourth long-term financing completed across three countries in the last six months totaling more than $578M. Spain is our home market, so this milestone is quite significant for our growth ambitions in the country, as we hope to be able to close more of these long-term financing agreements in the near future,” said Nicolas Navas, CFO at Matrix Renewables.
According to Mercom’s Q1 2022 solar funding and M&A report, in January 2022, Matrix Renewables closed a long-term financing agreement with Banco Santander for its 50 MW Olivares solar project.
According to the report, announced large-scale project funding in Q1 2022 came to $9.1 billion in 36 deals.
Origis Energy, a vertically integrated renewable energy platform and a solar project developer, recently closed a $375 million credit facility for its solar and energy storage development project pipeline.