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    Matrix powers up 143 MWp of California PV parks with storage

    May 26, 2023 - SeeNews Renewables


      May 26 (Renewables Now) - Matrix Renewables energised its California-located Gaskell West 2 and 3 solar parks totalling 143 MW DC and completed the financing components for both projects.

      Madrid-based Matrix, established by TPG Inc (NASDAQ:TPG) via The Rise Fund, said last week that commercial operations at the two sites were achieved early in May. Construction was launched in April last year.

      Located in California’s Kern County, the Gaskell West 2 and 3 plans are coupled with 80 MWh of battery energy storage. Both plants are fully contracted, having in place five long-term power purchase agreements (PPAs) with utilities and cities in California. The combined annual output is expected to be enough to power about 16,800 California homes.

      After completing construction activities, Matrix has closed on tax equity deal with Bank of America for USD 106 million (EUR 98.6m) and secured USD 99 million in permanent financing, as well as an additional USD 25 million letter of credit facility provided by MUFG, HSBC, National Bank of Canada and Commonwealth Bank of Australia.

      At present, Matrix Renewables has more than 7 GW of projects in its US pipeline.

      (USD 1.0 = EUR 0.930)


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