MIAMI, June 23, 2026 /PRNewswire/ — Matrix Renewables, the TPG Rise-backed global renewable energy platform, today announced the successful closing of construction to term loan financing, securing tax equity commitments and refinancing operating projects for a portfolio of utility-scale solar and storage projects in the U.S.. The portfolio includes 859MWdc of solar and 167MWh of battery energy storage systems across California, Idaho, and Texas. It includes two operating assets that have been refinanced, as well as two projects currently under construction. The construction assets have secured commitments from a tax equity and minority equity investor.
MUFG, HSBC, Nomura, and Santander acted as Coordinating Lead Arrangers for the transaction. The debt facilities are comprised of over $470million of construction-to-term loan financing, approximately $400million of tax equity bridge loan financing, and approximately $100million of Letters of Credit.
DESRI has committed $210million for a preferred equity investment in the two construction projects.
The total portfolio will represent over $1.3billion in investment and includes the following assets:
- Tormes Solar, a 457MWdc PV project currently under construction in Navarro County, Texas.
- Alamo BESS, an 86.5MWh BESS project, located in Kern County, California, currently under construction adjacent to our existing Gaskell West projects.
- Gaskell West, combining 143MWdc PV and 80 MWh BESS operating projects located in Kern County California.
- Pleasant Valley Solar, a 261MWdc PV project located in Ada County, Idaho.
Cindy Tindell – Matrix Renewables: “This transaction marks a significant milestone for Matrix in the U.S., optimizing the financing of two existing assets while establishing an efficient, scalable structure for our construction portfolio. By transitioning to a multi-asset approach, we are unlocking additional value and strengthening the foundation for our growth. This milestone brings our U.S. portfolio to approximately 1.5 GW of operating, under-construction, and ready-to-build projects.”
Fred Zelaya – MUFG Project Finance: “MUFG is pleased to support Matrix Renewables on its latest landmark transaction. The Matrix portfolio will help provide reliable, carbon-free energy while enhancing grid resiliency, and we look forward to supporting their continued growth in the sector.”
Paul Snow – HSBC Infrastructure Finance: “Reaching financial close on a multi-asset solar and storage portfolio takes disciplined structuring and strong collaboration. We’re pleased to support Matrix on this transaction, which will deliver dependable energy across California, Idaho and Texas.”
Peter Koczanski – DESRI: “DESRI is pleased to provide preferred equity financing for the Tormes and Alamo projects, supporting Matrix Renewables in the continued growth of their U.S. business and underscoring our abilities as a capital provider.
Norton Rose Fulbright acted as legal counsel and CG/ CRC-IB served as financial advisor to Matrix Renewables with respect to the construction financing, refinancing and the tax equity commitments. Latham & Watkins represented the lenders, while King & Spalding provided legal counsel to DESRI. Overseeing the projects’ EPC needs are SOLV Energy for Tormes Solar and BEI Construction, Inc. for Alamo BESS. Equipment suppliers include American manufacturers First Solar, Nextpower, and Tesla, allowing the projects to achieve U.S. domestic content status under U.S. Treasury guidelines. Finally, Aurora Energy Research performed the merchant forecast and transmission analysis for part of the portfolio.
In the United States, Matrix Renewables owns over 8.7GW of projects in operation and in various stages of development across five regional markets—ERCOT, CAISO, MISO, WECC, and SPP—and continues to expand its pipeline. Globally, the platform manages a portfolio exceeding 15.5GW of solar, battery storage, and green hydrogen projects across Europe, the U.S., and Latin America.
View original content:SOURCE Matrix Renewables
