TPG Rise-backed Matrix Renewables has begun commercial operations at its 281MW-direct current/210MW-alternating current Stillhouse Solar photovoltaic (PV) project in Bell County, Texas.
The project required an investment exceeding $380m (€322.56m) and represents one of the company’s major recent developments in the US.
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The start of commercial operations follows the transition of construction financing for the project into long-term debt and the successful securing of Investment Tax Credit funding.
Matrix Renewables managing director and US head Cindy Tindell said: “This transaction marks the major milestone in the project’s life cycle, transitioning from construction into long-term operations, where we were able to work with our partners and stakeholders to optimise the capital structure to deliver stable, renewable energy generation within the ERCOT [Electric Reliability Council of Texas] market.”
Stillhouse Solar is underpinned by 15-year power purchase agreements (PPAs) with Hyundai Motor Group affiliates.
Matrix Renewables acquired the project from OCI Solar Power during late-stage development in June 2023.
The Stillhouse Solar project is expected to provide electricity to the equivalent of 48,862 homes, while avoiding 185,598 tonnes of CO2 equivalent annually.
In November 2025, Matrix Renewables announced the completion of the solar power plant, which supported more than 320 jobs.
SOLV Energy handled the engineering, procurement and construction works for the project.
Financial support for the Stillhouse Solar project included term debt and letter of credit support from MUFG, HSBC and ING Capital, with Northleaf Capital acting as a minority investor.
Meanwhile, Acadia Infrastructure enabled the sale of environmental attribute certificates for the project.
Last month, Matrix Renewables signed a long-term agreement with EDF to optimise a 500MW/1GW-hour battery energy storage system under construction in Eccles, Scotland.
EDF will deliver route-to-market services for the battery once operational, with commercial operation targeted for summer 2027.
Within the US, Matrix Renewables owns and develops more than 8.7GW of projects across five regional markets. Its international portfolio comprises more than 15.5GW of solar, battery storage and green hydrogen projects.
