Matrix Renewables has successfully finished the construction and securing of funding for the Gaskell West 2 and 3 projects in Kern County, California.
These projects consist of a solar energy capacity of 143MWdc, accompanied by an energy storage system with a capacity of 80MWh.
The projects have been fully contracted, with five long-term Power Purchase Agreements in place with utilities and cities in California.
Construction of the projects commenced on April 27, 2022, and they officially started commercial operations on May 5, 2023.
After the completion of construction, Matrix Renewables finalized the tax equity arrangement with Bank of America, totaling US$106m. Additionally, permanent financing of US$99m was secured, supplemented by a letter of credit facility worth US$25m provided by MUFG, HSBC, National Bank of Canada, and Commonwealth Bank of Australia.
Managing director and head of US for Matrix Renewables, Cindy Tindell, said “We are thrilled to complete the construction of our first project in the US and to partner with such strong financial institutions for the closing and funding of financing and tax equity.”
Matrix Renewables is actively expanding its operations in the United States, with a growing team and an increasing portfolio that encompasses more than 7GW of projects in development.
The US platform of Matrix Renewables closely aligns with the company’s overall objectives of becoming a prominent renewable energy platform in North America, Europe, and Latin America. The combined pipeline across these regions currently totals 11.7GW.
CohnReznick Capital provided exclusive financial advisory services to Matrix during this process, while Norton Rose Fulbright offered legal support.
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