Matrix Renewables acquires 4.6 GW solar portfolio from SolarStone

Matrix Renewables, a Spanish energy company, has purchased a 4.6 GW portfolio of utility-scale solar energy projects spread across the central US. For an undisclosed sum, the company bought the portfolio from SolarStone, a US-based provider of solar energy. In addition to the acquisition, Matrix and SolarStone Partners have agreed to establish a larger joint venture for development. As a result, Matrix will be able to add new renewable energy projects to its backlog in the US and collaborate with SolarStone on existing projects. The projects will be constructed across several central US states. The deal’s financial and legal advisors to Matrix were CohnReznick Capital and Norton Rose Fulbright. 

Since its establishment in 2014, SolarStone has developed and sold more than 30 community solar projects that are either under construction or are already operational. The company’s primary concern is to expand its activities to include utility-scale renewable energy projects. Matrix presently has 2.3 GW of operational, under construction, or nearly ready-to-build renewable capacity. This capacity is composed of storage, wind, and solar photovoltaic (PV) projects spread across North America, Europe, and Latin America. The company is supported by TPG, a leading worldwide alternative asset management, and has a further 7.3 GW of capacity anticipated.

In January 2022, Matrix signed an agreement to acquire a 440 MW solar portfolio in Spain and Italy for an undisclosed sum. Construction works on the first phase of these projects are expected to begin in 2022. The portfolio comprises five solar assets, with around 400 MW of the solar photovoltaic capacity located in Spain and the remaining 40 MW in Italy. The financial details of the transaction have not been disclosed.