Matrix bags USD-217m construction loan for solar-storage pair
Global renewable energy platform Matrix Renewables said on Tuesday that it has secured USD 217 million (EUR 220m) in construction money for a pair of solar power projects with energy storage in California.
The borrowing includes the firm’s first US construction loan, tax equity bridge loan and back-levered term loan facility. The total amount was provided by lenders MUFG (TYO:8306), HSBC (LON:HSBA), National Bank of Canada (TSE:NA) and Commonwealth Bank, Matrix Renewables said.
The funds will support the Gaskell West 2 and 3 projects, which will feature 143 MW of direct current (DC) solar power generating capacity and 80 MWh of energy storage. Construction at the site in California’s Kern County is “well advanced”, according to the statement from the company.
The Gaskell West projects are fully contracted, having in place five long-term power purchase agreements (PPAs) with utilities and cities in California.
The latest loan follows a tax equity financing of USD 92 million that Matrix secured in June 2022 to back the Gaskell West schemes.
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