Matrix Renewables secures $1.3 billion for US solar-storage portfolio

Matrix Renewables, the TPG Rise-backed global renewable energy platform, has closed a $1.3 billion financing package consisting of construction-to-term loans, tax equity bridge loans, and preferred equity for an 859 MW (DC) solar and 167 MWh battery energy storage system (BESS) portfolio in the United States. 

The transaction spans four utility-scale assets across California, Idaho, and Texas, covering two projects currently under construction and the refinancing of two operational facilities. 

The debt facilities total over $970 million, comprising $470 million of construction-to-term loan financing, approximately $400 million of tax equity bridge loan financing, and $100 million in letters of credit. MUFG, HSBC, Nomura, and Santander acted as coordinating lead arrangers for the debt issuance. 

In tandem with the debt structure, D. E. Shaw Renewable Investments (DESRI) committed $210 million in preferred equity to support the two construction-stage projects. CG/ CRC-IB, which was acquired by Canaccord Genuity Group in January 2026, served as the exclusive financial advisor to Matrix Renewables for the transaction. 

The financing backs the following asset portfolio: 

• Tormes Solar (Texas): A 457 MW solar project currently under construction in Navarro County. It represents the largest operational asset in Matrix Renewables’ global fleet and is scheduled to achieve commercial operations in the first half of 2027. 
• Alamo BESS (California): An 86.5 MWh standalone storage project under construction in Kern County, sited adjacent to the existing Gaskell West projects. Commercial operations are expected by August 2026. 
• Gaskell West (California): An operating facility in Kern County combining 143 MW of solar and 80 MWh of BESS, which achieved commercial operations in May 2023. 
• Pleasant Valley Solar (Idaho): A 261 MW operational solar project located in Ada County, which entered service in March 2025

Matrix Renewables manages a global portfolio of 15.5 GW of solar, energy storage, and green hydrogen projects across Europe, North America, and Latin America.

From pv magazine USA