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September 20, 2022

Matrix Renewables buys 4.6GW solar portfolio from SolarStone

The two companies have also signed a broader development joint venture.

Spanish energy platform Matrix Renewables has acquired a 4.6GW portfolio of utility-scale solar energy projects across the US’ central region.

The company bought the portfolio from US-based solar energy company SolarStone for an undisclosed sum.

In addition to the acquisition, Matrix has signed a broader development joint venture with SolarStone Partners.

This will allow Matrix to increase its backlog of renewable projects in the US and develop new projects in partnership with SolarStone.

The projects will be developed across several central US states.

Matrix Renewables US managing director and head Cindy Tindell said: “Matrix is very excited to partner with SolarStone in the further development of this portfolio and looks forward to our ongoing collaboration on new opportunities across the country.” 

SolarStone CEO Joe DeVito said: “We could not ask for a better partner than Matrix Renewables to help SolarStone expand its US utility-scale renewables business.” 

Cohn Reznick Capital and Norton Rose Fulbright served as the financial and legal advisors to Matrix for the deal.

Founded in 2014, SolarStone has developed and sold more than 30 community solar projects currently under construction or in operation.

The company is presently focused on expanding its activities into utility-scale renewable energy projects.

Matrix currently has 2.3GW of renewable capacity currently operational, under construction or nearly ready to build.

This capacity consists of solar photovoltaic (PV), wind and storage projects located across North America, Europe and Latin America.

The company also has a further 7.3GW of capacity in the pipeline and is supported by global alternative asset manager TPG.

In January this year, Matrix signed an agreement to acquire a 440MW solar portfolio in Spain and Italy for an undisclosed sum.

Construction works on the first phase of these projects are expected to begin this year.

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