Matrix Renewables has closed a $1.3 billion financing package for a US portfolio comprising 859 MWdc of solar and 167 MWh of battery energy storage projects (BESS) across Texas, California, and Idaho. The transaction includes over $470 million in construction-to-term loans, around $400 million in tax equity bridge financing, and approximately $100 million in letters of credit. The financing was arranged by MUFG, HSBC, Nomura, and Santander, while DESRI committed $210 million in preferred equity for the portfolio’s construction-stage projects.
The portfolio includes the 457 MWdc Tormes Solar project in Texas, the 86.5 MWh Alamo BESS project in California, the operating 143 MWdc PV and 80 MWh BESS Gaskell West project in California, and the 261 MWdc Pleasant Valley Solar project in Idaho. The Tormes Solar project is expected to commence operations in the first half of 2027. The Alamo BESS project is scheduled to reach commercial operation by August 2026, while the Gaskell West and the Pleasant Valley Solar projects have been operational since 2023 and 2025, respectively.
In April 2026, Matrix Renewables secured £245 million in non-recourse financing for a 500 MW/1,000 MWh battery energy storage system project located in Eccles-Leitholm, Scotland. The project, being developed in partnership with EDF, commenced construction in November 2025. Commercial operations are expected to commence in the third quarter of 2027.
