What are the key components of Matrix Renewables' $1.3 billion financing package for its US solar and battery portfolio?

Matrix Renewables put together a financing package that, once the whole portfolio is built out, will represent more than $1.3 billion in total investment [1][17][34].

The money is going into a 859 MWdc solar + 167 MWh battery energy storage portfolio scattered across Texas, California, and Idaho [2][3][28].

Debt and credit facilities (roughly $970 million)

• Construction-to-term loans – more than $470 million [4][19]
• Tax equity bridge financing – around $400 million [5][20]
• Letters of credit – about $100 million [6][21]

These pieces were arranged by MUFG, HSBC, Nomura, and Santander as coordinating lead arrangers [7][22].

Tax equity and preferred equity

• The package also includes tax equity commitments (the exact dollar value of the permanent tax equity isn’t called out in the available excerpts) [31][38][39][41].
• DESRI committed $210 million in preferred equity to support the two construction-stage projects [8][23].

Projects the financing supports

The portfolio contains two operating assets and two projects under construction [29].

Under construction

• Tormes Solar – 457 MWdc in Texas, expected online in the first half of 2027 [9][13][24]
• Alamo BESS – 86.5 MWh battery storage in California, commercial operation scheduled for August 2026 [10][14][25]

Operating (refinanced as part of the deal)

• Gaskell West – 143 MWdc solar + 80 MWh battery storage in California; up and running since 2023 [11][15][26]
• Pleasant Valley Solar – 261 MWdc in Idaho; operational since 2025 [12][16][27]

The package also refinances the two operating projects, and the overall milestone takes Matrix’s U.S. portfolio to roughly 1.5 GW of operating, under-construction, and ready-to-build projects [28][30].