Matrix Renewables steps towards new energy consortium
Matrix Renewables, the TPG Rise-backed global renewable energy platform, has announced that it has secured financing for the 210 MW Stillhouse Solar project. Acadia Infrastructure sourced preferred equity and separately facilitated Microsoft’s purchase of environmental attribute certificates. In addition, MUFG, HSBC, ING, and BBVA provided US$376 million debt financing.
The Stillhouse project, located in Bell County, Texas, is a solar PV plant with a total nameplate capacity of 210 MW and includes a 15 year power purchase agreement (PPA) with affiliates of Hyundai. In addition, the project has partnered with Sustain Our Future Foundation, contributing nearly US$3 million to support community benefits through its community engagement program. Stillhouse Solar will provide clean power to the equivalent of 48 862 homes, deliver grid resiliency, avoid 185 598 tpy of CO2e, and deliver meaningful community benefits. Construction is progressing with a scheduled commercial operation date in 3Q25.
“We are incredibly pleased to report our financing and construction progress on our Stillhouse solar project. Construction started in 2Q24, and we expect to start delivering power in 2025 to Hyundai, along with attributes to Microsoft,” said Cindy Tindell, Managing Director and Head of US for Matrix Renewables. “We thank Microsoft and MUFG for their ongoing support and look forward to a long relationship with our partners.”
“MUFG is pleased to have led this financing for Matrix. Stillhouse will make an important contribution to the energy transition” added Fred Zelaya, Managing Director, MUFG.
“The Stillhouse transaction introduces an innovative path for delivering tangible community benefits through renewable energy projects,” noted Yinka N. Bode-George, Founder and CEO of Sustain Our Future Foundation. “In addition to stewarding financial contributions for community impact, our team conducted an environmental justice diligence report, assessed alongside traditional financial, legal, and technical reviews, to ensure that equity and environmental justice are embedded throughout the project lifecycle.”
In the US, Matrix owns over 8.7 GW of projects in operation and in various stages of development across four different regions (CAISO, MISO, ERCOT, and WECC) and continues to expand its pipeline and team to capitalise on the large demand for renewable energy in the US globally, Matrix’s portfolio already surpasses 15.6 GW of solar power, battery storage and green hydrogen projects.
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
Energy Global’s Autumn 2024 issue
Dive into the latest renewable energy insights in the Autumn issue of Energy Global, out now! The issue starts with an insightful guest comment from Cristiano Spillati, Managing Director at Limes Renewable Energy where he discusses the need for European renewable energy suppliers to accelerate the rate of the energy transition. This is followed by a regional report from Cornwall Insights on the battery energy storage industry in Australia. This issue explores key topics including offshore wind subsea cables, offshore wind support vessels, digitalisation, wind turbine components, and more!
Read the article online at: https://www.energyglobal.com/solar/04122024/matrix-renewables-steps-towards-new-energy-consortium/
