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

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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.

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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.

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