Matrix Renewables secures construction financing for 143MW/80MWh US hybrid project

Facebook
Twitter
LinkedIn
Reddit
Email
The Gaskell 2 and 3 projects have a combined capacity of 143MW of solar PV alongside an 80MWh storage system. Image: Unsplash.

Spanish renewables platform Matrix Renewables has closed financing for construction of its California-based Gaskell 2 and 3 solar-plus-storage projects, which are already in an advanced construction phase.

US$217 million was provided by MUFG, HSBC, National Bank of Canada and Commonwealth Bank to finance the construction loan, tax equity bridge loan and back-levered term loan for the projects on top of US$92 million received from Bank of America in June.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The projects have a combined capacity of 143MW of solar PV alongside an 80MWh storage system. Five power purchase agreements (PPAs) are in place with utilities and cities in California to offtake the power generated.

Cindy Tindell, managing director and head of US for Matrix Renewables, said: “The team has achieved another new milestone for Matrix Renewables in closing the platform’s first non-recourse financing in the US for our flagship Gaskell solar power project. We are glad to have partnered on this project with MUFG, HSBC, National Bank of Canada and Commonwealth Bank which together provided a unique financing solution.”

In September, MUFG financed the construction of another US project with HSBC also backing solar PV projects this year.  

Matrix Renewables recently acquired a 4.6GW utility-scale solar PV development portfolio across the central US to be developed jointly with SolarStone Partners.

The acquisition meant that Matrix had 7.3GW of pipeline renewable projects across North America, Latin America and Europe, and the Gaskell projects are now part of its 2.3GW portfolio of operational, under construction or near ready-to build projects.

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

September 15, 2025
Sunrun has priced a securitisation of leases and power purchase agreements, taking its non-recourse debt capital raised in Q3 above US$1.5 billion. 
September 15, 2025
Norwegian energy firm Statkraft has agreed to divest a portion of its renewable energy portfolio to Serentica Renewables.
September 15, 2025
UNSW spin-out company Lab360 Solar has been awarded funding from ARENA to bring its drone-based PV inspection technology to market.
September 15, 2025
Vikram Solar has secured a contract to supply 200MW of modules to AB Energia, a domestic solar engineering, procurement, and construction (EPC) solutions provider. 
September 12, 2025
Colombian energy supplier Celsia is seeking more than US$1.2 billion in investment to build wind and solar generation projects in Peru. 
September 12, 2025
ACME Venus Urja has secured INR3.8 billion (US$43 million) to develop and construct a solar-plus-storage project in Barmer, Rajasthan.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines