Spanish developer Matrix Renewables has signed its first US tax equity financing for two solar PV and energy storage system (ESS) projects in California.
The solar PV projects, Gaskell West 2 and 3, will have a total capacity of 143MWdc and incorporate an 80MWh ESS, while the tax equity will be provided by an affiliate of Bank of America for a value of US$92 million.
The developer had already secured five long-term power purchase agreements (PPAs) with utilities and cities in California for the plants, which it acquired from Canadian Solar in April.
With construction underway, the plants are expected to be operational by the end of 2022.
Cindy Tindell, managing director and head of US at Matrix Renewables, said: “The team achieved a new milestone for Matrix Renewables in signing our first US tax equity commitment for our flagship Gaskell solar power project. We are grateful to have the continued support of our financing partner Bank of America.”
Meanwhile in Europe, Matrix Renewables has awarded Spanish renewables firm Global Energy Services (GES) a contract to construct three solar plants in Huelva, Spain.
The total capacity of the projects will be 129MWp, with completion set for the first quarter of 2023.