- Led by MUFG, HSBC, Nomura, and Santander, the multi-asset financing supports a diversified portfolio across California, Idaho, and Texas
Miami, FL – June 23, 2026: Matrix Renewables, the TPG Rise-backed global renewable energy platform, today announced the successful closing of construction to term loan financing, securing tax equity commitments and refinancing operating projects for a portfolio of utility-scale solar and storage projects in the United States. The portfolio includes 859 MWdc of solar and 167 MWh of battery energy storage systems (BESS) across California, Idaho, and Texas. It includes two operating assets that have been refinanced, as well as two projects currently under construction. The construction assets have also secured commitments from a tax equity and minority equity investor.
MUFG, HSBC, Nomura, and Santander acted as Coordinating Lead Arrangers for the transaction. The debt facilities are comprised of over $470 million of construction-to-term loan financing, approximately $400 million of tax equity bridge loan financing, and approximately $100 million of Letters of Credit.
In addition, DESRI has committed $210 million for a preferred equity investment in the two construction projects.
The total portfolio, when completed, will represent over $1.3 billion in investment and includes the following assets:
- Tormes Solar, a 457 MWdc PV project currently under construction in Navarro County, Texas. Upon commissioning, it will be the largest operational project in Matrix Renewables’ fleet globally and is expected to achieve commercial operations in the first half of 2027.
- Alamo BESS, an 86.5 MWh BESS project, located in Kern County, California, currently under construction adjacent to our existing Gaskell West projects. It is expected to achieve commercial operations by August 2026.
- Gaskell West, combining 143 MWdc PV and 80 MWh BESS operating projects located in Kern County California. The projects entered commercial operations on May 16, 2023.
- Pleasant Valley Solar, a 261 MWdc PV project located in Ada County, Idaho, which entered commercial operations on March 2, 2025.
“This transaction marks a significant milestone for Matrix Renewables in the United States, optimizing the financing of two of our existing assets while establishing an efficient, scalable structure for our construction portfolio,” said Cindy Tindell, Managing Director and Head of the U.S. at Matrix Renewables. “By transitioning from single-asset financings to a multi-asset approach that combines operating and under-construction projects, we are unlocking additional value and strengthening the foundation for our continued growth in the market. This milestone brings our U.S. portfolio to approximately 1.5 GW of operating, under-construction, and ready-to-build projects.”
Fred Zelaya, Managing Director –MUFG Project Finance, said, “MUFG is pleased to support Matrix Renewables on its latest landmark transaction. The Matrix portfolio will help provide the community with reliable, carbon-free energy while enhancing the resiliency of the grid. We look forward to continuing to support Matrix Renewables’ ambitious growth in the renewable energy sector.”
“Reaching financial close on a multi-asset solar and storage portfolio takes disciplined structuring and strong collaboration. We’re pleased to support Matrix Renewables on this transaction, which will deliver dependable energy across California, Idaho and Texas, and we look forward to supporting their continued growth in the U.S.,” said Paul Snow, Head of Renewables, Americas, HSBC Infrastructure Finance.
“DESRI is pleased to provide preferred equity financing for the Tormes and Alamo projects and support Matrix Renewables in the continued growth of their U.S. business,” said Peter Koczanski, Head of Corporate Development at DESRI. “This investment underscores DESRI’s abilities as a capital provider for renewable energy projects.”
Norton Rose Fulbright acted as legal counsel and CG/ CRC-IB serrved as financial advisor to Matrix Renewables with respect to the construction financing, refinancing and the tax equity commitments. Latham & Watkins represented the lenders, while King & Spalding provided legal counsel to DESRI. Overseeing the projects' EPC needs are SOLV Energy for Tormes Solar and BEI Construction, Inc. for Alamo BESS. Equipment suppliers include American manufacturers First Solar, Nextpower, and Tesla, allowing the projects to achieve U.S. domestic content status under U.S. Treasury guidelines. Finally, Aurora Energy Research performed the merchant forecast and transmission analysis for part of the portfolio.
In the United States, Matrix Renewables owns over 8.7 GW of projects in operation and in various stages of development across five regional markets—ERCOT, CAISO, MISO, WECC, and SPP—and continues to expand its pipeline to capitalize on the country's growing demand. Globally, the platform, which is backed by TPG and its $32 billion impact-investing platform, manages a portfolio exceeding 15.5 GW of solar, battery storage, and green hydrogen projects across Europe, the United States, and Latin America.
About Matrix Renewables
Matrix Renewables is a renewable energy platform created and backed by global alternative asset manager TPG and its $32 billion impact-investing platform. Matrix Renewables’ current portfolio is comprised of 15.5 GW of solar, storage, and green hydrogen projects in Europe, United States, and Latin America. For more information, visit www.matrixrenewables.com or send an email tomedia@matrixrenewables.com
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