Spanish renewables platform Matrix Renewables has completed construction and financing of two 143MW/80MWh solar-plus-storage projects in California, with five power purchase agreements (PPA) in place with utilities and cities across the state.
The Gaskell West 2 and 3 projects are in Kern County, California, and began construction in April 2022. They reached operations on the 5 May. Matrix Renewables closed construction financing on the projects last October with a US$217 million loan from MUFG, HSBC and others.
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The original financing for the projects was the first tax equity funding that Matrix received in the US.
Upon the recent completion of construction Matrix closed on US$106 million of tax equity from the Bank of America and permanent financing of US$99 million provided by MUFG, HSBC, National Bank of Canada and Commonwealth Bank of Australia.
Cindy Tindell, managing director and head of US for Matrix Renewables said: “We are thrilled to complete the construction of our first project in the US and to partner with such strong financial institutions for the closing and funding of financing and tax equity.”
In September last year, Matrix Renewables acquired a 4.6GW US solar portfolio from developer SolarStone Partners.