Matrix Renewables announces the completion of its first bridge loan for the construction of Gaskell West 2 and 3 in the United States.
Contractualized projects
Matrix Renewables closes its first retroactive tax equity bridge loan, relating to Gaskell West 2 and Gaskell West 3. The $217 million in financing came from MUFG, HSBC, National Bank of Canada and Commonwealth Bank. It follows the $92 million equity financing from Bank of America in June.
Matrix Renewables’ Gaskell West2 and 3 projects are located in Kern County, California. They total 143MWdc of solar energy for an energy storage system of 80MWh. The projects are under contract for five long-term power purchase agreements with California utilities.
A new step
Cindy Tindell, managing director and U.S. manager for Matrix Renewables, says:
“The team reached another milestone for Matrix Renewables by closing the platform’s first non-recourse financing in the U.S. for our flagship Gaskell solar project.”
Matrix Renewables is advised by Cohn Reznick Capital and Norton Rose Fulbright. In addition, Latham & Watkins acts as counsel to the lenders.
Matrix Renewables is supported by alternative asset managers TPG and its $15 billion investment platform TPG Rise. The company’s portfolio includes 2.3GW of solar photovoltaic projects operational or under construction. The group also has a total of 7.3GW of renewable energy projects under development.
