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    BBVA completes a €40 million green loan with Matrix Renewables for 2 solar power facilities

    The global renewable energy platform Matrix Renewables, which is backed by TPG Rise, and BBVA have announced the closing of a €40 million sustainable financing deal.


    Two solar power facilities, Zaratán and Arroyadas, will now start to be built in the northwest Spanish municipality of Valladolid. 500 new employment in the area will be created while the new factories are being built.


    According to the Project Finance Agreement, the €40 million in long-term debt will be split between the two solar projects, which, when finished, would produce a total of 66MW.


    In accordance with the LMA Green Loan Principles, the financing has been set up as a green loan. As the sole coordinator of green loans, BBVA has overseen the financing.


    Underscoring the significance of the milestone, Matrix Renewables CFO, Nicolas Navas, commented “This is yet another important step for Matrix Renewables in consolidating its strong pipeline and portfolio across Europe. We feel very proud to add these projects to the existing €1.2 billion we have financed since our inception in September 2020.”


    BBVA Corporate Banking Director in Central Spain, Elena López Nieto, remarked that “sustainability continues to be a key growth lever and BBVA provides innovative financing solutions to accelerate the transition to a decarbonized economy. The Matrix Renewables project, financed by BBVA, is an example of our focus on this area and reinforces the bank’s leadership in sustainable financing.”


    In addition to producing fresh green electricity, the project will also add more than 500 construction jobs to the neighbourhood. The plants are anticipated to begin operating at the end of 2023 after construction got under way in December 2022.


    Ontier advised Matrix, and Watson Farley Williams advised BBVA.


    Matrix Renewables, the renewable energy platform created and backed by global alternative asset manager TPG, current portfolio is comprised of 9.3 GW in renewable energy and storage projects in Europe, North America, and Latin America.


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