The financing of $217 million was provided by MUFG, HSBC, National Bank of Canada and Commonwealth Bank, and follows the $92 million in tax equity financing Matrix received from Bank of America N.A. in June 2022.
The Gaskell West 2 and 3 projects total 143 MWdc of solar energy and incorporate an 80 MWh energy storage system, located in Kern County, California. The projects are fully contracted, holding five long-term power purchase agreements with utilities and cities in California. The projects are well advanced in construction.
Cindy Tindell, Managing Director and Head of U.S. for Matrix Renewables, said, “The team has achieved another new milestone for Matrix Renewables in closing the platform's first nonrecourse financing in the U.S. for our flagship Gaskell solar power project. We are glad to have partnered on this project with MUFG, HSBC, National Bank of Canada and Commonwealth Bank which together provided a unique financing solution.”
Matrix was advised by Cohn Reznick Capital and Norton Rose Fulbright. Latham & Watkins acted as lenders' counsel.
Matrix Renewables continues to grow its presence across the U.S. with a growing team and portfolio including the recently announced 4.6 GW acquisition of a development portfolio of utility-scale solar energy projects across the central U.S., contributing to its position as a leading global renewable energy platform across North America, Europe and Latin America. Matrix Renewables' current portfolio is comprised of 2.3 GW of operational, under construction, or near ready-to-build solar PV and storage projects, with a further 7.3 GW pipeline.
