Matrix gets USD 92m in tax equity financing for Gaskell solar project

Matrix Renewables, the TPG Rise-backed renewable energy platform, has agreed USD 92 million (EUR 87m) in tax equity financing from an affiliate of Bank of America NA for its Gaskell West 2 and Gaskell West 3 solar projects in California.

The two schemes envisage the installation of 143 MW of direct current (DC) solar power generating capacity in Kern County along with 80 MWh of energy storage. Together, they have five long-term power purchase agreements (PPAs) in place with utilities and cities in California.

The Gaskell plants are currently under construction and are expected to reach commercial operation in late 2022.

This is the first US tax equity commitment secured by the company, according to the managing director and head of US for Matrix Renewables, Cindy Tindell. The renewables platform’s current portfolio includes 2.3 GW of operational, under construction, or near shovel-ready solar photovoltaic (PV) and storage projects. It also has a 3-GW pipeline.

(USD 1.0 = EUR 0.948)

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