Matrix Renewables secures €179 million financing to build 239MW of Spanish PV

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The solar portfolio consists of five projects to be built in the regions of Extremadura and Castille and León. Image: Matrix Renewables.

Spanish developer Matrix Renewables has secured €179 million (US$191 million) in financing for a 239MW Spanish solar PV portfolio.

The non-recourse financing was made with Spanish bank Banco Sabadell – as the sole loan coordinator – and will be allocated to the development and construction of five solar PV plants. The projects will be located in the central regions of Castille and León and Extremadura, Spain’s solar hotbed which added over 1GW of PV capacity in 2023.

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Construction of the portfolio started in December 2023, while operations are expected to start in the first quarter of 2025.

In Castille and León, Matrix Renewables secured a 10-year virtual power purchase agreement (VPPA) with Merck, a science and technology company, for 102MW of solar PV. The offtake agreement consists of three solar projects, with the offtake scheduled to start in 2025, however Matrix Renewables has not disclosed if the financing secured with Banco Sabadell is for the same projects as the VPPA offtake.

Moreover, the Spanish developer has a current portfolio comprised of 14GW of solar PV, storage and green hydrogen projects across Europe, the US and Latin America.

Recent data from Spain’s transmission system operator, Red Eléctrica, showed that the country added 5.6GW of ground-mounted capacity in 2023, up 28% from 2022. Nearly half of the solar capacity installed last year came from a single region, Castilla-La Mancha, in central Spain. The southern region of Andalusia (1.1GW) and central region of Extremadura (+1GW) closed the podium in 2023.

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