Matrix Renewables Secures €179M for Construction Of 5 Solar Plants in Spain  

Matrix Renewables, the TPG Rise-backed global renewable energy platform, and Banco Sabadell have closed a project financing of €179 million fully aligning with all Matrix ESG policies. The financing will be allocated towards the development and construction of five solar photovoltaic plants.
Matrix Renewables Secures €179M for Construction Of 5 Solar Plants in Spain  

Situated in the Palencia province of Castilla León and Badajoz province of Extremadura, Spain, these plants have a combined capacity of 239 MW.

During the construction phase of the project, which commenced in December 2023, the projects are expected to create approximately 430 full-time jobs, significantly boosting the region's economy.

The initial plants are expected to begin operations in the first quarter of 2025. The entire portfolio is projected to generate clean energy sufficient to power roughly 144.675 households annually, thereby avoiding over 57,040 tons of CO2-equivalent emissions each year, according to the 2023 ratio of CO2eq emissions avoided per kWh produced provided by Red Eléctrica de España.

Banco Sabadell has played a key role in the financing as the Sole Loan Coordinator, providing full underwriting support.

Nicolas Navas, CFO of Matrix Renewables, said, "This accomplishment reaffirms the trust and confidence placed in Matrix Renewables by leading financial institutions, including Banco Sabadell. Adding these five solar plants to our growing portfolio is a significant accomplishment, and we are grateful to the committed team at Sabadell's Corporate Banking for their diligence."

"Matrix Renewables is a key partner for Banco Sabadell given its extensive experience in the sector and, as such, this operation is part of the bank's strategy of collaborating with specialist companies that can provide differential value to its customers," said Roger Font, head of Project Finance Energy at Banco Sabadell. "

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