Matrix Renewables has closed financing and secured tax equity commitments for a US portfolio comprising 859MWdc of solar and 167MWh of battery energy storage systems across California, Idaho and Texas.
The company said the portfolio includes two operating assets that have been refinanced and two projects under construction, with debt facilities comprising more than $470 million of construction-to-term loan financing, about $400 million of tax equity bridge loan financing and around $100 million of letters of credit.
Matrix Renewables added that DESRI has committed $210 million in preferred equity for the two construction projects and that the completed portfolio will represent more than $1.3 billion in investment.
MUFG, HSBC, Nomura and Santander acted as coordinating lead arrangers for the transaction.
The portfolio includes the 457MWdc Tormes Solar project in Navarro County, Texas, which is under construction and is expected to enter commercial operations in the first half of 2027.
The 86.5MWh Alamo BESS project in Kern County, California, is under construction adjacent to the Gaskell West projects and is expected to enter commercial operations by August 2026.
Gaskell West comprises 143MWdc of solar and 80MWh of battery storage in Kern County, California, and entered commercial operations on May 16, 2023.
The 261MWdc Pleasant Valley Solar project in Ada County, Idaho, entered commercial operations on March 2, 2025.
Cindy Tindell, managing director and head of the US at Matrix Renewables, said: “This transaction marks a significant milestone for Matrix Renewables in the United States, optimizing the financing of two of our existing assets while establishing an efficient, scalable structure for our construction portfolio.”
“By transitioning from single-asset financings to a multi-asset approach that combines operating and under-construction projects, we are unlocking additional value and strengthening the foundation for our continued growth in the market.”
“This milestone brings our U.S. portfolio to approximately 1.5 GW of operating, under-construction, and ready-to-build projects.”
Peter Koczanski, head of corporate development at DESRI, said: “DESRI is pleased to provide preferred equity financing for the Tormes and Alamo projects and support Matrix Renewables in the continued growth of their U.S. business.”
“This investment underscores DESRI’s abilities as a capital provider for renewable energy projects.”
Matrix Renewables said it owns more than 8.7GW of projects in operation and at various stages of development across ERCOT, CAISO, MISO, WECC and SPP.
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