Matrix Renewables puts 50-MW solar park in operation in Spain
Solar park. Author: iamme ubeyou. License: CC0 1.0 Universal.
October 5 (Renewables Now) - Madrid-based platform Matrix Renewables, created by asset manager TPG, has put its 50-MW Olivares solar photovoltaic (PV) park in commercial operation in southern Spain.
Located in the province of Jaen, Olivares is the company's first solar plant to achieve commercial operation in the Iberian country.
Matrix Renewables estimates that the solar farm will be capable of generating enough clean electricity to meet the annual power demand of 30,000 local homes.
Olivares already has a ten-year power purchase agreement (PPA) signed with an unnamed off-taker. The PPA will come into force in the fourth quarter of 2022.
In order to fund the project, the company signed earlier this year a long-term financing agreement with Spanish lender Banco Santander SA (BME:SAN) for an undisclosed amount.
At present, Matrix Renewables has 2.3 GW of operational, under construction, or near ready-to-build solar projects with a further 7.3 GW under its development pipeline, spread across Europe, North America and Latin America, it noted.