Matrix Renewables, a global renewable energy platform backed by TPG Rise, has completed the construction and financing of the Gaskell West 2 and 3 projects in Kern County, California.
The projects include 143 MW of DC solar power and an 80 MWh energy storage system and are fully contracted and have five long-term power purchase agreements with state utilities and cities.
Construction on the Gaskell West projects began last year and was opened for commercial use this month. Matrix Renewables subsequently closed a total of $106 million in tax equity and $99 million in permanent financing from Bank of America and an additional $25 million letter of credit from MUFG, HSBC, National Bank of Canada and Commonwealth Bank of Australia.
Cindy Tindell, CEO and U.S. Director of Matrix Renewables, says, “We are excited to complete construction of our first project in the U.S. and to partner with such strong financial institutions.”
With an expanding team and a portfolio that includes more than 7 GW of pipeline, Matrix Renewables continues to grow across the US and advance its goal of becoming the leading renewable energy platform in North America, Europe and Latin America.
Matrix was advised by CohnReznick Capital, which acted as exclusive financial advisor, and Norton Rose Fulbright, which provided legal support.