US independent power producer (IPP) Matrix Renewables has begun commercial operations at the 210MW Stillhouse solar PV project in Bell County, Texas.
With the start of commercial operations, Matrix said it has successfully secured Investment Tax Credit (ITC) funding and the conversion of the project’s construction financing—secured in 2024—to long-term debt.
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The project is contracted under a 15-year power purchase agreement (PPA) with Japanese auto manufacturer Hyundai for a portion of its output. Matrix completed construction on the site back in November 2025, and the project was built by engineering, procurement and construction (EPC) contractor SOLV Energy.
“We were able to work with our partners and stakeholders to optimise the capital structure to deliver stable, renewable energy generation within the ERCOT market,” said Matrix managing director Cindy Tindell.
The project secured the 30% ITC incentive for solar developments, which was introduced under the Biden administration’s Inflation Reduction Act (IRA). That incentive is set to expire on 4 July under new legislation from the current government—US solar projects looking to access it must either become operational, like the Stillhouse project, or secure “safe harbour” by meeting the Treasury’s regulations on the “start of construction”.
Meeting those requirements could be complex, as the Treasury has set out a range of criteria ranging from material and component sourcing to requiring “meaningful” on-site construction in its guidance on the subject. Projects attaining safe harbour between 1 Jan and 4 July 2026 must also meet the new Foreign Entity of Concern (FEOC) rules around product sourcing and intellectual property.
Matrix said it owns over 8.5GW of projects either in development or operations across the US, in five regional transmission markets: ERCOT, CAISO, MISO, WECC and SPP.
