Matrix Renewables, an independent power producer, has secured £245 million (~$332 million) in non-recourse financing. The funding package was structured as an underwritten project finance facility, provided by CIBC (London Branch), MUFG Bank, and NatWest, with NatWest also acting as facility agent. The financing will support the construction of a 500 MW/1,000 MWh battery energy storage system in Eccles–Leitholm, southern Scotland. Construction of the project began in November 2025, with commercial operations expected in the third quarter of 2027.
ILOS Projects, a pan-European independent power producer, has upsized its structured credit facility to €450 million (~$529 million) with EIG, an institutional investor in the global energy and infrastructure sectors, and La Caisse, a global investment group. The upsizing follows the initial €250 million (~$294 million) tranche provided by EIG. The expanded facility will support the development and operation of over 2 GW of solar and battery energy storage capacity across Europe by 2028.
TotalEnergies, a diversified multinational energy company, and Nextnorth, a Philippines-based renewable energy project developer, have reached financial close and started construction of a 440 MWp solar power project in the Philippines. The project has an estimated cost of about $300 million. It is being financed by Sumitomo Mitsui Banking Corporation, ING Bank NV, and Standard Chartered. The project is located in the City of Ilagan, in the Province of Isabela. TotalEnergies owns 65% of the project, while Nextnorth owns the remaining 35%.
Aspen Power, a distributed generation platform, announced the acquisition of two operating rooftop solar projects totaling 6.44 MW from real estate developer The Avidan Group. The solar projects provide a majority of the buildings’ electricity needs. Originally developed through PSE&G’s Solar Loan Program, the systems were designed to deliver long-term energy cost stability.
For reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors, click here.
Read last week’s project finance brief.
