TPG Rise-backed Matrix Renewables has completed a financing package totalling more than $1.3bn (€1.14bn) for a portfolio of utility-scale solar and battery storage projects across the US.
The portfolio comprises four projects with a combined capacity of 859MW-direct current (MWdc) of solar power and 167MW-hours (MWh) of battery energy storage in California, Idaho and Texas.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The assets include Tormes Solar, a 457MWdc photovoltaic (PV) project currently under construction in Navarro County, Texas.
It is set to become the largest operational site in Matrix Renewables’ global portfolio once completed. Commercial operations are anticipated in the first half of 2027.
The Alamo BESS, an 86.5MWh battery energy storage system (BESS) in Kern County, California, is being built next to the existing Gaskell West projects and aims to begin commercial operations by August 2026.
The Gaskell West projects, which include 143MWdc of solar generation and 80MWh of battery storage, became operational on 16 May 2023.
Pleasant Valley Solar, a PV site with a capacity of 261MWdc in Ada County, Idaho, started commercial operations in March 2025.
The transaction includes more than $470m in construction-to-term loan financing, around $400m in tax equity bridge loans and approximately $100m in letters of credit.
These facilities are coordinated by MUFG, HSBC, Nomura and Santander.
DE Shaw Renewable Investments (DESRI) has also committed $210m in preferred equity for two projects under construction.
Norton Rose Fulbright served as legal counsel to Matrix Renewables in relation to the construction financing, project refinancing and tax equity arrangements, with CG/CRC-IB acting as the company’s financial advisor.
Latham & Watkins represented the group of lenders, and King & Spalding advised DESRI.
Oversight of engineering, procurement and construction is provided by SOLV Energy for Tormes Solar, and BEI Construction for the Alamo BESS.
Equipment required for the projects is being sourced from US-based manufacturers First Solar, Nextpower and Tesla, enabling the projects to meet US Treasury domestic content requirements.
In the US, Matrix holds more than 8.7GW of projects in various development stages in five regional electricity markets and has a global portfolio exceeding 15.5GW, also covering Europe and Latin America.
Matrix Renewables US managing director and head Cindy Tindell said: “This transaction marks a significant milestone for Matrix Renewables in the US, optimising the financing of two of our existing assets while establishing an efficient, scalable structure for our construction portfolio.
“By transitioning from single-asset financings to a multi-asset approach that combines operating and under-construction projects, we are unlocking additional value and strengthening the foundation for our continued growth in the market.”
In March 2026, the company signed a long-term battery optimisation agreement with EDF for a 500MW/1GW-hour BESS currently under construction in Eccles, Scotland.
