Spain-headquartered clean power developer Matrix Renewables has secured financing for its 210MW Stillhouse Solar project, to be built in Bell County of the US state of Texas.
Financial support for the project comes from a number of sources, including US investor Acadia Infrastructure, which sourced equity and facilitated Microsoft’s purchase of environmental attribute certificates for the project. A total of US$376 million was provided in debt financing from four banks, Japan’s MUFG, the UK’s HSBC, the Netherlands’ ING and Spain’s BBVA.
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Matrix has also signed a 15-year power purchase agreement (PPA) with Korean automaker Hyundai to sell power generated at the project. Construction at the facility is currently underway, and Matrix expects to commission the project in the third quarter of 2025.
“We are incredibly pleased to report our financing and construction progress on our Stillhouse solar project,” said Matrix managing director and head of US, Cindy Tindell. “Construction started in Q2 2024, and we expect to start delivering power in 2025 to Hyundai, along with attributes to Microsoft.”
Matrix held a groundbreaking ceremony to mark the beginning of construction work with engineering, procurement and construction (EPC) contract SOLV Energy back in August. The Spanish developer currently has a pipeline of 8.7GW of solar projects across the US, alongside a domestic portfolio that saw announcements made for around 500MW of new capacity in August and April of this year.
