September 25 (Renewables Now) - Spain-based renewables platform Matrix Renewables will carry out a capital increase of around EUR 300 million (USD 318.8m) to EUR 500 million directed at a minority investor, with the aim of raising funds for further project development, Spanish business daily Expansion reported on Monday, citing market sources.
US private equity firm TPG Inc (NASDAQ:TPG), which founded Matrix through its TPG Rise fund in 2020, has appointed investment bank Citi as financial advisor to help find a partner for the renewables firm, the report states.
The size of the stake will depend of Matrix Renewables’ valuation, but the deal will be aimed at a minority participation, according to Expansion’s sources. The platform is estimated to be worth more than EUR 2 million, the newspaper said.
Matrix, according to its website, boasts a portfolio with 14.3 GW of operational assets and projects under construction or development. Most of the projects are solar or solar-plus-storage combinations. The Madrid-based firm operates in Spain, Italy, Colombia, Chile and the United States.
(EUR 1.0 = USD 1.063)